THO - Why Thor Industries Stock Jumped This Week
2023-06-09 08:45:00 ET
Recreational vehicle (RV) specialist Thor Industries (NYSE: THO) beat the market this week. The stock was up 15% through Thursday trading, compared to a 0.3% increase in the S&P 500 . That rally put the stock well above the market so far, according to data provided by S&P Global Market Intelligence . Thor is now up 25% in 2023.
The rally was sparked by the company's fiscal third-quarter earnings update, which showed positive earnings despite a contraction in the RV industry.
The company revealed on Tuesday that sales fell a painful 37% in the selling period that ended in late April. RV demand continues to slump compared to soaring results over the past two years thanks to the combination of slowing consumer spending and rising interest rates. "Market conditions continue to be challenging," CEO Bob Martin said in a press release, "and consumers face increasing pressures from the macro environment."
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Why Thor Industries Stock Jumped This Week