Nov. 27 (Bloomberg) -- Thor Industries Inc. fell the most in almost seven months after the maker of Airstream recreational vehicles and Champion buses reported a fiscal first-quarter profit that fell short of analysts’ estimates.
The shares slid 11 percent to $38.60 at the close in New York, the biggest one-day decline since May 3. The company has gained 41 percent this year, while the Standard & Poor’s Midcap Consumer Discretionary Index has risen 21 percent.
Thor, based in Jackson Center, Ohio, reported quarterly net income of $31 million, or 58 cents a share, in a statement after the markets closed yesterday. The average of six analysts’ projections compiled by Bloomberg was 62 cents a share for the period ended Oct. 31.
Sales of recreational vehicles are monitored as a sign of an improving economy because motor homes and travel trailers are discretionary purchases that consumers defer during a slump.
“The RV and bus markets remain very competitive, with heightened discounting and aggressive bidding affecting sales and margins,” Chief Operating Officer Bob Martin said in yesterday’s statement.
The company said in preliminary quarterly results on Nov. 5 that quarterly sales increased 30 percent, which spurred the shares to gain 10 percent the following day.
To contact the reporter on this story: Bill Koenig in Southfield, Michigan, at email@example.com
To contact the editor responsible for this story: Jamie Butters at firstname.lastname@example.org