Thor Industries(THO) - 2026 Q2 - Quarterly Results

Financial Performance - Net sales for the second quarter of fiscal 2026 were $2.13 billion, a 5.3% increase from $2.02 billion in the prior year[1] - Net income attributable to THOR was $17.8 million, compared to a loss of $0.6 million in the same quarter last year[1] - Adjusted EBITDA for the quarter was $98.1 million, reflecting a 12.7% increase from $87.0 million in the prior year[1] - Net sales for the three months ended January 31, 2026, were $2,125,856, an increase of 5.3% compared to $2,018,107 for the same period in 2025[23] - Net income attributable to THOR Industries, Inc. for the three months ended January 31, 2026, was $17,803, compared to a net loss of $551 in the same period of 2025[23] - Adjusted EBITDA for the three months ended January 31, 2026, was $98,054, up from $87,015 in the prior year, indicating a positive trend in operational performance[25] - The company reported a gross profit of $572,228 for the six months ended January 31, 2026, maintaining a gross margin of 12.7% consistent with the prior year[23] - Gross profit for the three months ended January 31, 2026, was $251,254, representing a gross margin of 11.8%, slightly down from 12.1% in the prior year[23] Sales and Market Trends - North American Motorized RVs segment saw a 29.3% increase in net sales to $577.1 million, driven by a 28.3% rise in unit shipments[10] - European RVs net sales increased by 11.8% to $684.5 million, supported by a 0.2% rise in unit shipments and favorable foreign exchange rates[11] - Order backlog for North American Towable RVs decreased by 42.1% to $621.5 million, while the backlog for North American Motorized RVs decreased by 7.3% to $1.04 billion[9][10] - The company anticipates a low- to mid-single digit retail decline in North America while maintaining stable market share[15] Financial Health and Guidance - The company reduced its debt by approximately $47.1 million during the quarter[7] - Long-term debt as of January 31, 2026, was $877,771, down from $919,612 as of July 31, 2025, reflecting improved financial health[24] - Total current assets as of January 31, 2026, were $2,716,295, a slight decrease from $2,777,975 as of July 31, 2025[24] - The company had cash and equivalents of $242,176 as of January 31, 2026, significantly lower than $586,596 as of July 31, 2025, indicating potential liquidity concerns[24] - Full-year fiscal 2026 guidance remains unchanged, with consolidated net sales expected to be between $9.0 billion and $9.5 billion[5] Operational Changes and Challenges - The strategic realignment of North American RV operations was announced, aimed at enhancing efficiency and collaboration[5] - The company anticipates continued challenges from inflation and supply chain constraints, which may impact future performance[20] - Selling, general and administrative expenses for the three months ended January 31, 2026, were $212,021, representing 10.0% of net sales, slightly down from 10.2% in the previous year[23]