Stock market today: S&P 500 drops for fifth day as focus shifts to Powell’s speech
ELKHART, IN – Shareholders of Thor Industries Inc. (NYSE:THO), a leading manufacturer of recreational vehicles with a market capitalization of $5.2 billion, participated in their annual meeting today, where they voted on several key proposals, including the election of board directors and the appointment of an independent auditor for the upcoming fiscal year. The meeting comes as the company's stock has experienced a challenging week, declining nearly 8% according to InvestingPro data.
In the election for the board of directors, all nine nominees were voted in favorably, with each receiving a significant majority of the votes cast. The directors elected will serve until the next annual meeting in 2025, or until their successors are appointed.
The detailed results for each nominee were as follows: Andrew Graves received 45,576,407 votes for and 157,489 withheld; Christina Hennington received 45,590,867 votes for and 143,029 withheld; and Amelia A. Huntington received 45,650,768 votes for and 83,128 withheld, among others.
The second proposal concerned the ratification of Deloitte & Touche LLP as Thor Industries’ independent registered public accounting firm for fiscal year 2025. This proposal passed with a commanding majority, receiving 45,981,754 votes for, 1,955,851 against, and 19,088 abstentions.
Additionally, shareholders cast their advisory vote on the compensation of the company's named executive officers. This proposal also passed with 44,324,796 votes for, 1,370,522 against, and 38,578 abstentions.
These voting results indicate shareholder confidence in the company's leadership and strategic direction. The appointment of Deloitte & Touche LLP as the independent auditor reflects the shareholders' trust in the firm's ability to conduct a thorough and impartial audit of Thor Industries' financial statements for the next fiscal year.
Today's shareholder decisions are integral to Thor Industries' governance and will influence the company's trajectory in the coming year. The elected directors are tasked with stewardship of the company, guiding it through the dynamics of the motor homes industry.
In other recent news, THOR Industries experienced lower-than-expected earnings and revenue for the first quarter, with an earnings per share (EPS) of $0.20 and a revenue of $2.14 billion. Despite falling short of the anticipated EPS of $0.71 and the projected revenue of $2.25 billion, the company has maintained its EPS guidance for fiscal year 2025 at $4.00 to $5.00 and revenue estimates between $9.0 billion and $9.8 billion.
THOR Industries also announced a quarterly dividend of $0.50 per share, continuing its 38-year streak of dividend payments. The company's Towables segment saw a slight recovery with a 6.8% increase, providing some balance to the overall performance. Jefferies, however, maintains a Hold rating on THOR Industries, expressing caution towards the company's recovery in the second half of the year due to uncertain macroeconomic conditions.
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