RV Maker Thor Industries Reports Drop In 3Q Profit

JACKSON CENTER, Ohio (AP) — Recreational vehicle and bus maker Thor Industries Inc. on Wednesday reported a 92 percent drop in third-quarter profit as its RV sales were nearly cut in half and the company incurred some one-time charges.

For the period ended April 30, Thor earned $2.1 million, or 4 cents per share, down from $27.9 million, or 50 cents per share, last year.

Excluding a $9.7 million RV non-cash goodwill impairment charge and a one time $4.7 million increase in bus self insurance and other reserves, per share earnings would have been about 30 cents.

Revenue fell 41 percent to $415.5 million from $707.9 million last year.

Analysts polled by Thomson Reuters, on average, were expecting earnings of 10 cents per share on $415.1 million in revenue.

RV sales dropped 49.6 percent to $312 million while bus sales fell 3 percent to $103.4 million.

Thor shares fell 86 cents, or 4.2 percent, to $19.66 in morning trading.