THOR Industries slumps after trimming FY forecasts

THOR Industries

06/03/2024 15:13

** Shares of recreational vehicle maker THOR Industries
 THO.N  tumble 14% to more than a two-month low of $108.75 after
company lowers FY forecasts
    ** Stock set for its worst day since the sell-off sparked by
the COVID-19 pandemic in March 2020, if losses hold through
close
    ** Company expects FY revenue to be between $10 bln and
$10.5 bln vs prior range of $10.5 bln-$11 bln
    ** Sees profit-per-share in the range of $5-$5.5, vs
$6.25-$7.25 previously expected
    ** "North American dealers will maintain tight control over
inventory levels until retail demand firms," says CEO Bob Martin
    ** Customers are avoiding big discretionary purchases given
high interest rates - Martin
    ** Stock down 7.7% YTD 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))