Shares of Thor Industries, Inc. (NYSE: THO), a manufacturer of towable and motorized recreational vehicles in the U.S. and Canada, are bouncing 12.8% higher as of 1:30 p.m. EST, after the company topped Wall Street analysts' estimates on the bottom line.
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Investors and management teams love records, and Thor roped in a number of them during its first quarter of fiscal 2018. Its sales jumped 30.6% to a record $2.23 billion, followed by record net income of $128.4 million, a staggering 63.1% increase. That generated record earnings per share of $2.43, which easily thumped analysts' estimates calling for $1.83 per share.
Said Bob Martin, Thor President and CEO, in a press release:
Management believes the near term to be equally bright for the company's results. Thanks to industry fundamentals that are being fueled by positive employment, wage trends, and broad economic improvement, the company will likely be able to take advantage of enthusiastic dealer demand from its September open house event. At least one analyst agrees as Baird Equity Research's Craig Kennison maintained Thor's Outperform rating and boosted the price target from $136 to $160 -- a slight premium to Tuesday's $153 trading price, as of 1:45 p.m. EST.
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