Recreational vehicle and bus maker Thor Industries Inc. said Monday (Dec. 1) its fiscal first-quarter income plunged 87%, as demand dried up in the crippled RV market.
Thor’s earnings for the quarter ended Oct. 31 declined to $5.1 million, compared with $38.2 million in the same quarter last year. Sales shrank 43% to $438.8 million.
Analysts polled by Thomson Reuters expected higher earnings on $439.2 million in sales, according to Forbes.
Thor said its RV sales declined 50% to $330.4 million during the quarter. A bright spot was bus sales, which rose 9% to $108.4 million.
The company said its cash, cash equivalents and investments grew to $299 million from $265 million a year ago.