Shares of recreational vehicle makers mostly declined Wednesday, and some set lows, as an analyst pointed to data showing continued weakness in towable retail sales.
AvondalePartners analyst Kathryn Thompson, citing data from Statistical Surveys, said towable retail sales declined 16.1 percent in April. Travel trailer retail sales declined 17.8 percent to 14,060 units, Thompson added.
"April's double-digit towable retail sales decline is a modest sequential improvement from March's 30 percent decline, but still highlights the continued weakness in this RV segment," Thompson wrote in a client note.
Consumers nationwide have cut back on their spending, given higher gas prices, tighter credit and signs of a softening labor market.
Thompson also said towable manufacturers face rising commodity costs, like steel, which potentially could further pressure margins.
Fleetwood Enterprises Inc. slipped 31 cents, or 7.4 percent, to $3.86; Thor Industries Inc. declined $1.54, or 5.8 percent, to $24.86 and set a 52-week low of $24.68.
Winnebago Industries Inc. declined 60 cents, or 4.7 percent, to $12.38, and set a 52-week low of $12.28.
Coachmen Industries Inc. rose 13 cents, or 5.2 percent, to $2.63, also setting a 52-week low of $2.48 earlier in the session.
Terms & Conditions
RSS Headlines
Fool UK