Raising FY19 Estimate; Backlog up 34% Organically
- 2Q18 (Jan) EPS of $1.51 (vs $1.23 last year) rose 23% YoY, 36 cents below our estimate strictly on one-time impacts from the new U.S. tax law, but would have been $1.92 when adjusting for these impacts, 5 cents above our forecast;
- Backlog rose 34% organically YoY to $2.8 billion on January 31, 2018;
- Factoring in the 2Q18 one-time tax charges, we are reducing our FY18 EPS estimate to $9.10 (from $9.35), up 28% from FY17;
- Our FY19 EPS estimate is being raised to $11.39 (from $10.80), up 25% from FY18, aided by a tax rate of 24% for the year (from our previously unadjusted 33.5%).
Thor Industries is a manufacturer of recreational vehicles. The company has three segments: North American Towable Recreational Vehicles, which consists of: Airstream (towable), Heartland (including Bison, Cruiser RV and DRV), Jayco (including Jayco towable, Starcraft and Highland Ridge), Keystone (including CrossRoads and Dutchmen) and KZ (including Venture RV); North American Motorized Recreational Vehicle, which consists of: Airstream (motorized), Jayco (including Jayco motorized and Entegra Coach) and Thor Motor Coach; and European Recreational Vehicles, which consists of the Erwin Hymer Group business.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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