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JACKSON CENTER, Ohio - Thor Industries Inc., which makes recreational vehicles and buses, said Tuesday its fiscal first-quarter sales tumbled on a steep drop in demand for recreational vehicles.
For the quarter ended Oct. 31, Thor said its sales totaled $439.2 million, down 43 percent from $763.7 million last year.
Analysts polled by Thomson Reuters expected higher sales of $484.7 million.
RV sales plummeted 50 percent to $331.2 million, while bus sales rose 9 percent to $108 million.
Backlog as of Oct. 31 totaled $381.2 million, down 20 percent from $476.1 million last year. RV backlog fell 50 percent to $124.5 million, while bus backlog rose 13 percent to $256.6 million.
Thor shares added 37 cents, or 2.1 percent, to $18.03 in afternoon trading.
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