Thor Industries Profit Falls

Revenue slips but beats targets.
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Recreational-vehicle maker

Thor Industries

(THO) - Get Report

said Monday that its first-quarter earnings fell 24.8% from the year-ago period.

The Jackson Center, Ohio-based company earned $32.6 million, or 58 cents a share, in the quarter ended Oct. 31, compared with $43.4 million, or 76 cents a share, a year ago. Analysts polled by Thomson First Call expected earnings of 60 cents a share.

First-quarter revenue fell 4.4% from a year ago to $727.7 million as against analysts' estimate of $703.8 million.

RV sales fell 7% to $635.9 million and bus sales increased 16% to $91.8 million.

Gross profit in the quarter fell 17.3% to $92.4 million and gross profit margin declined 200 basis points to 12.7%.

The company has a backlog of $406 million, down 14% from a year-ago period.

Shares of Thor Industries were trading up 20 cents, or 0.5%, at $44.89 Monday.

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