Group 1 - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, with a focus on banks, telecommunications, logistics, and hotels [1] - The popularity of insurance companies in the Philippines has influenced investment strategies, leading to diversification beyond traditional savings in banks and properties [1] - The trend of investing in blue-chip companies has evolved, with a broader portfolio now including various industries and market capitalizations [1] Group 2 - The entry into the US market has been a strategic move, with insights gained from using a relative's trading account before establishing an independent account [1] - The analysis of US market stocks has been compared with those in the Philippine market, indicating a cross-market investment strategy [1] - The engagement with platforms like Seeking Alpha has facilitated knowledge sharing and enhanced investment decision-making [1]

Core Insights - Thor Industries reported revenue of $2.89 billion for the quarter ended April 2025, marking a year-over-year increase of 3.4% and exceeding the Zacks Consensus Estimate by 10.71% [1] - The earnings per share (EPS) for the same period was $2.53, compared to $2.13 a year ago, resulting in an EPS surprise of 41.34% over the consensus estimate of $1.79 [1] Financial Performance - Total unit sales for recreational vehicles reached 55,079, surpassing the average estimate of 53,379 from four analysts [4] - Net sales for recreational vehicles in North America totaled $1.84 billion, exceeding the average estimate of $1.59 billion and reflecting a year-over-year change of 6.8% [4] - Net sales for recreational vehicles in Europe were reported at $883.54 million, which is higher than the estimated $829.37 million but represents a decline of 5.1% compared to the previous year [4] - The total net sales for recreational vehicles amounted to $2.72 billion, exceeding the average estimate of $2.42 billion and showing a year-over-year increase of 2.6% [4] Market Performance - Shares of Thor Industries have returned +11% over the past month, outperforming the Zacks S&P 500 composite's +5.2% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [3]

THIRD QUARTER FINANCIAL RESULTS FISCAL 2025 FORWARD-LOOKING STATEMENTS This presentation includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their ...

Market Performance - THOR's North American market share for travel trailers and fifth wheels was approximately 38.2%, and for motorhomes, it was approximately 45.9% as of March 31, 2025[78]. - North American RV independent dealer inventory increased by 4.4% to approximately 91,800 units as of April 30, 2025, compared to 87,900 units in the previous year[80]. - THOR's North American RV backlog decreased by $149,074, or 8.9%, to $1,518,057 as of April 30, 2025, primarily due to a decrease in Towable backlog[81]. - North American wholesale unit shipments for the quarter ended March 31, 2025, totaled 97,848 units, an increase of 13.9% from 85,941 units in the same quarter of 2024[82]. - North American retail unit registrations for the quarter ended March 31, 2025, totaled 70,103 units, a decrease of 8.7% from 76,812 units in the same quarter of 2024[83]. - THOR's North American wholesale RV shipments for the quarter ended March 31, 2025, were 39,742 units, reflecting a 15.1% increase from 34,524 units in the same quarter of 2024[85]. - Retail statistics for THOR's North American RV products showed a total of 26,974 units registered for the quarter ended March 31, 2025, down 12.7% from 30,909 units in the same quarter of 2024[86]. - The RVIA projects total wholesale unit shipments for 2025 to be approximately 337,000 units, up 1.0% from 2024[82]. Financial Performance - North American recreational vehicle net sales increased by 6.8% to $1,835,564,000 for the three months ended April 30, 2025, compared to $1,718,341,000 for the same period in 2024[107]. - European recreational vehicle net sales decreased by 5.1% to $883,542,000 for the three months ended April 30, 2025, compared to $931,061,000 for the same period in 2024[107]. - Total recreational vehicle net sales rose by 2.6% to $2,719,106,000 for the three months ended April 30, 2025, compared to $2,649,402,000 for the same period in 2024[107]. - Consolidated net sales for the three months ended April 30, 2025 increased by $93,703, or 3.3%, compared to the same period in 2024[111]. - Consolidated gross profit for the three months ended April 30, 2025 increased by $21,267, or 5.0%, with a gross profit margin of 15.3% compared to 15.1% in the prior year[112]. - Income before income taxes increased by $13,230, or 9.3%, for the three months ended April 30, 2025, driven by higher consolidated net sales and improved gross profit percentage[115]. - The effective income tax rate decreased to 13.9% for the three months ended April 30, 2025, down from 20.2% in the prior year, due to a favorable jurisdictional mix of earnings[116]. Cost and Expenses - Selling, general and administrative expenses for European operations increased by 10.8% to $79,937,000 for the three months ended April 30, 2025, compared to $72,167,000 for the same period in 2024[109]. - The company anticipates continued downward pressure on overall sales volume in the short term due to the current macroeconomic environment and changing consumer preferences[101]. - Selling, general and administrative expenses increased by $20,156, or 3.0%, despite a decrease in net sales[152]. - Corporate costs in selling, general and administrative expenses increased by $10,097, driven by higher compensation costs and employee separation expenses[157]. Product Performance - North American Towable net sales increased by 9.1% to $1,168,878 for the three months ended April 30, 2025, supported by a 5.5% increase in unit shipments[121]. - The number of fifth wheel units sold increased by 35.2% compared to the prior-year quarter, contributing to the overall growth in North American Towable sales[121]. - North American Motorized net sales increased by 3.1% to $666,686, driven by a 10.9% increase in unit shipments despite a 7.8% decrease in overall net price per unit[129]. - Class A net sales decreased by 17.3% to $174,783, while Class C and Class B net sales increased by 8.8% to $340,530 and 23.4% to $151,373, respectively[129]. - Travel Trailers net sales decreased by $13,220, or 0.7%, while Fifth Wheels net sales increased by $161,327, or 17.2%[159]. European Market Insights - Independent dealer inventory of European RV products decreased by 6.9% to approximately 23,000 units as of April 30, 2025, compared to approximately 24,700 units as of April 30, 2024[95]. - THOR's European RV backlog decreased by $591,511, or 30.6%, to $1,343,608,000 as of April 30, 2025, compared to $1,935,119,000 as of April 30, 2024[96]. - European unit registrations for motorcaravans and campervans decreased by 10.4% to 31,838 units for the quarter ended March 31, 2025, compared to 35,528 units for the same quarter in 2024[97]. - Total European unit registrations decreased by 9.2% to 36,816 units for the quarter ended March 31, 2025, compared to 40,561 units for the same quarter in 2024[97]. - Total European Recreational Vehicle net sales fell by 13.2% to $2,100,910, driven by a 21.7% decrease in unit shipments[174]. Cash Flow and Capital Management - Cash and cash equivalents as of April 30, 2025, totaled $508,321, an increase of $7,005 from $501,316 on July 31, 2024, primarily due to cash provided by operations[183]. - Net working capital increased to $1,180,697 as of April 30, 2025, compared to $1,083,005 at July 31, 2024[184]. - Net cash provided by operating activities for the nine months ended April 30, 2025, was $319,249, up from $207,532 for the same period in 2024[189]. - Net cash used in investing activities was $67,342 for the nine months ended April 30, 2025, primarily due to capital expenditures of $85,050[192]. - Net cash used in financing activities was $244,090 for the nine months ended April 30, 2025, including debt payments and quarterly dividend payments totaling $79,755[193]. - The company plans to continue regular quarterly cash dividend payments, having increased the dividend from $0.48 to $0.50 per share in October 2024[195].

Financial Performance - Consolidated net sales for Q3 fiscal 2025 were $2.89 billion, a 3.3% increase from $2.80 billion in Q3 fiscal 2024[7] - Gross profit for Q3 fiscal 2025 was $443.1 million, reflecting a 5.0% increase from $421.9 million in Q3 fiscal 2024[2] - Net income attributable to THOR for Q3 fiscal 2025 was $135.2 million, an 18.1% increase compared to $114.5 million in Q3 fiscal 2024[8] - Diluted earnings per share for Q3 fiscal 2025 were $2.53, up 18.8% from $2.13 in Q3 fiscal 2024[8] - The company reported net sales of $2.89 billion for the three months ended April 30, 2025, with a gross profit margin of 15.3%[32] - Net income attributable to THOR Industries, Inc. for the three months ended April 30, 2025, was $135.2 million, representing a 4.7% net margin[32] - Net income for the three months ended April 30, 2025, was $133,928 thousand, compared to $113,577 thousand for the same period in 2024, representing a year-over-year increase of 17.4%[37] - Total revenue for the company was $7,170,290 thousand, an increase from $7,020,823 thousand in the previous period, reflecting a growth of 2.1%[35] Sales Performance - North American Towable RV net sales increased by 9.1% to $1.17 billion in Q3 fiscal 2025, driven by a 5.5% increase in unit shipments[10] - North American Motorized RV net sales rose 3.1% to $666.7 million in Q3 fiscal 2025, supported by a 10.9% increase in unit shipments[15] - European RV net sales decreased by 5.1% to $883.5 million in Q3 fiscal 2025, impacted by a 12.2% decline in unit shipments[16] Guidance and Projections - The company reaffirmed its full-year fiscal 2025 guidance, projecting consolidated net sales between $9.0 billion and $9.5 billion[6] - The company reaffirmed its revised financial guidance for fiscal 2025, expecting consolidated net sales in the range of $9.0 billion to $9.5 billion and a gross profit margin between 13.8% and 14.5%[28] - For fiscal 2025, diluted earnings per share are projected to be in the range of $3.30 to $4.00[28] - The company expects industry wholesale unit shipments for calendar 2025 to be approximately 337,000 units, aligning with its long-held view[21] Operational Efficiency and Challenges - Strategic organizational restructuring is expected to enhance operational efficiencies and align with current market conditions[6] - The company anticipates challenging market conditions in the next two fiscal quarters but remains confident in its long-term strategies[5] - The fourth quarter of fiscal 2025 and the first quarter of fiscal 2026 are anticipated to be challenging due to economic uncertainty impacting consumer confidence[22] Cash Flow and Liquidity - As of April 30, 2025, the company had liquidity of approximately $1.49 billion, including $508.3 million in cash and $985.0 million available under its revolving credit facility[19] - The company generated cash from operations of approximately $257.7 million in the third quarter, bringing the fiscal year-to-date total to $319.2 million, an improvement of over $100 million year-over-year[19] - Selective capital expenditures for the third quarter of fiscal 2025 amounted to approximately $85.1 million, with a focus on time-sensitive investments[20] - The company reduced total indebtedness by approximately $139.2 million through the first three quarters of fiscal 2025 and returned $79.8 million to shareholders via dividends[20] Other Financial Metrics - Adjusted EBITDA for the nine months ended April 30, 2025, was $449,620 thousand, down from $511,703 thousand in the same period of 2024, indicating a decrease of 12.1%[37] - Interest expense for the nine months ended April 30, 2025, was $38,383 thousand, a decrease from $70,256 thousand in the same period of 2024, showing a reduction of 45.4%[37] - Depreciation and amortization of intangible assets for the nine months ended April 30, 2025, was $199,828 thousand, slightly down from $203,548 thousand in the same period of 2024, a decrease of 1.1%[37] - Stock-based compensation expense for the three months ended April 30, 2025, was $8,188 thousand, compared to $9,351 thousand in the same period of 2024, a decrease of 12.5%[37] - The company reported a non-cash foreign currency gain of $2,665 thousand for the three months ended April 30, 2025, compared to a gain of $1,575 thousand in the same period of 2024, an increase of 69.2%[37] - The company incurred employee and facility strategic initiatives expenses of $12,722 thousand for the three months ended April 30, 2025, with no comparable expenses reported in the same period of 2024[37] - The market value loss on equity investments for the nine months ended April 30, 2025, was $1,066 thousand, compared to a gain of $2,820 thousand in the same period of 2024, indicating a significant shift in performance[37] - The company’s total equity investments and other amounted to $332,637 thousand, slightly up from $331,972 thousand in the previous period, reflecting a marginal increase of 0.2%[35]

Core Insights - THOR Industries reported strong financial results for the third quarter of fiscal 2025, with net sales of $2.89 billion, a 3.3% increase from the previous year, driven by effective execution of strategic initiatives and improved margins [4][6][5] Financial Performance - Consolidated net sales for the third quarter were $2,894,816, compared to $2,801,113 in the same quarter of fiscal 2024, reflecting a 3.3% increase [6] - Gross profit for the third quarter was $443,119, up 5.0% from $421,852 in the prior year, with a gross profit margin of 15.3%, an increase of 20 basis points [8][6] - Net income attributable to THOR was $135,185, an 18.1% increase from $114,511 in the previous year, with diluted earnings per share rising to $2.53 from $2.13 [8][6] - Cash flows from operations reached $257,667, a 2.4% increase from $251,732 in the prior year, contributing to a year-to-date total of $319,249, a 53.8% increase [6][19] Segment Performance - North American Towable RVs segment net sales increased by 9.1% to $1,168,878, driven by a 5.5% increase in unit shipments and a 3.6% rise in net price per unit [10][12] - North American Motorized RVs segment net sales rose by 3.1% to $666,686, with unit shipments increasing by 10.9% [11][15] - European RVs segment net sales decreased by 5.1% to $883,542, impacted by a 12.2% decline in unit shipments [14][16] Strategic Initiatives - The company is undergoing strategic organizational restructuring to align with current market conditions, aiming to achieve additional operating efficiencies [7][18] - Management emphasized the importance of maintaining strong relationships with independent dealers to ensure rational inventory levels [17][22] Guidance and Outlook - THOR reaffirmed its revised full-year fiscal 2025 financial guidance, projecting consolidated net sales between $9.0 billion and $9.5 billion, with a gross profit margin of 13.8% to 14.5% and diluted earnings per share in the range of $3.30 to $4.00 [7][28][23] - The company anticipates challenging market conditions in the upcoming quarters but remains confident in its strategies to navigate through economic uncertainties [21][22]

Core Insights - Keystone RV has announced a significant brand refresh with the new slogan "Proven in the Wild™," reflecting its commitment to outdoor adventurers and the RV community [1][2] - The rebranding emphasizes the company's long-standing identity and values, focusing on strength, stability, and practicality [2][4] - This is the first major design overhaul in Keystone's history, featuring a new logo and a modern visual system inspired by nature and utility [3] Company Overview - Keystone RV Company, founded in 1996 and headquartered in Goshen, Indiana, is the leading manufacturer of towable RVs in North America and a subsidiary of THOR Industries [5] - The company produces well-known brands such as Montana, Cougar, Outback, and Sprinter, offering a comprehensive range of travel trailers, fifth wheels, and toy haulers [5] - Keystone RVs are designed to meet the needs of outdoor enthusiasts who seek reliability and performance in their camping experiences [5]

Core Viewpoint - Thor Industries (THO) is expected to report a quarterly earnings per share (EPS) of $1.74, reflecting an 18.3% year-over-year decline, with revenues projected at $2.58 billion, down 7.7% from the previous year [1]. Earnings Estimates - The consensus EPS estimate has been adjusted downward by 0.4% over the past 30 days, indicating a reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts estimate 'Net Sales - Recreational Vehicles - North American Towable' to reach $1.04 billion, a decrease of 2.6% year-over-year [5]. - The total 'Net Sales - Recreational Vehicles' is projected at $2.42 billion, indicating an 8.6% decline compared to the prior year [5]. - 'Net Sales - Recreational Vehicles - North American Motorized' is expected to be $547.85 million, down 15.3% from the previous year [6]. - 'Net Sales - Recreational Vehicles - European' is forecasted at $829.37 million, reflecting a 10.9% decrease year-over-year [7]. Units Sales Estimates - Total units sales for recreational vehicles are estimated at 53,379, slightly down from 54,520 in the same quarter last year [9]. - Units sales for 'Recreational Vehicles - North American Towable' are projected at 36,196, compared to 34,193 in the same quarter last year [8]. - 'Units sales - Recreational Vehicles - North American Motorized' are expected to be 4,128, down from 4,964 in the same quarter last year [10]. Gross Profit Projections - Analysts project 'Gross Profit - Recreational Vehicles - European' to reach $136.23 million, compared to $162.92 million in the previous year [10]. Stock Performance - Over the past month, shares of Thor Industries have increased by 11.3%, outperforming the Zacks S&P 500 composite, which rose by 6.4% [11].

Company Overview - THOR Industries, Inc. is the world's largest manufacturer of recreational vehicles, owning multiple operating subsidiaries [2]. Upcoming Events - THOR management will participate in the Baird Global Consumer, Technology & Services Conference on June 5, 2025, in New York, NY, featuring a fireside chat and one-on-one meetings with analysts and institutional investors [1][4]. Management Team - The management team attending the conference includes Todd Woelfer, Senior Vice President & COO, and Seth Woolf, Head of Corporate Development & Investor Relations [4]. Investor Relations - For further inquiries, investors can contact Seth Woolf at swoolf@thorindustries.com or call (574) 294-7718 [8].

Core Insights - The article emphasizes the investment philosophy focused on small cap companies, highlighting the importance of identifying mispriced securities through understanding financial drivers and utilizing DCF model valuation [1] Investment Philosophy - The investment approach is not confined to traditional categories such as value, dividend, or growth investing, but rather considers all prospects of a stock to assess risk-to-reward [1]