Shares of recreational vehicles manufacturer Thor Industries (NYSE:THO) are on the rise today after the company announced better-than-expected third-quarter numbers.
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During the quarter, revenue declined 37.1% year-over-year to $2.93 billion but outperformed estimates by $110 million. Additionally, EPS at $2.24 too landed past expectations by about $1.17.
Despite a challenging macro environment, the company saw robust gains in its European segment while the North American segment also witnessed a moderately higher production uptick.
In the current business environment, THO is working towards rightsizing its inventory and product offerings according to demand trends. With the anticipation of continued macro challenges, it has updated its fiscal 2023 outlook.
The company now expects net sales to range between $10.5 billion and $11 billion (earlier expectations between $10.5 billion and $11.5 billion). EPS is seen landing between $5.80 and $6.50 (prior expectation between $5.50 and $6.50).
Overall, the Street has an $84.50 consensus price target on THO alongside a Moderate Buy consensus rating.
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