Thor Industries(US:THO)2025-06-04 10:31Financial 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]