Shares of Thor Industries Inc. THO rose 1.5% in premarket trading Tuesday, after the recreational vehicle company reported fiscal third-quarter profit that dropped sharply but was well above expectations, as strength in Europe helped cushion the drop in North America sales. Net income for the quarter to April 30 fell to $120.7 million, or $2.24 a share, from $348.1 million, or $6.32 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.07. Sales dropped 37.
Net income for the quarter to April 30 fell to $120.7 million, or $2.24 a share, from $348.1 million, or $6.32 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.07. Sales dropped 37.1% to $2.93 billion, but were above the FactSet consensus of $2.81 billion, as North American Towable sales fell 57.4% to $1.12 billion and North American Motorized RV sales were down 24.4% to $795.9 million, while European RV sales increased 19.7% to $866.8 million.
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