Should you invest in Thor Industries stock after delivering solid FQ1 results?

On Wednesday, Thor Industries Inc. (NYSE:THO) shares declined slightly despite announcing solid fiscal first-quarter results. The company reported its most recent quarterly results before markets opened, outperforming the consensus analyst expectations on revenue and earnings. 

Thor posted FQ1 GAAP earnings per share of $4.34, outperforming the average for analyst estimates of $3.19. On the other hand, revenue for the quarter increased by 55.5% from the same quarter a year ago to $3.95 billion, exceeding consensus Street forecasts by $490 million.

Bob Martin, President, and CEO of THOR Industries said he expects current growth to continue in the company quarters despite persistent supply chain challenges and rising inflation.

Is Thor a growth stock?

From an investment perspective, analysts expect Thor Industries’ earnings per share to spike by more than 194% this year before rising at an average annual rate of nearly 6% over the next five years.

Therefore, the stock could be an exciting option for growth investors.

In addition, its compelling trailing 12-month and forward P/E ratios of 8.98 and 8.08, respectively could gain the attention of bargain hunters. 

Technically, Thor Industries shares seem to be trading within a descending channel formation in the intraday chart. As a result, the stock has recently dropped closer to the oversold conditions of the 14-day RSI.

Therefore, investors could target potential rebound profits at about $109.18, or higher at $112.62. On the other hand, if the decline continues, the stock could find support at about $102.76, or lower at $99.44.