Core Insights - Thor Industries reported revenue of $2.8 billion for the quarter ended April 2024, a decrease of 4.4% year-over-year, with EPS at $2.13 compared to $2.24 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $2.72 billion by 3.02%, while the EPS surpassed the consensus estimate of $1.89 by 12.70% [1] Revenue and Earnings Performance - Total unit sales for recreational vehicles reached 54,520, exceeding the average estimate of 51,791 by three analysts [3] - Net sales for recreational vehicles in Europe were $931.06 million, surpassing the average estimate of $832.54 million, reflecting a year-over-year increase of 7.4% [3] - Net sales for North American recreational vehicles totaled $1.72 billion, falling short of the $1.77 billion estimate, representing a year-over-year decline of 10.5% [3] Segment Performance - North American Towable unit sales were 34,193, exceeding the average estimate of 31,760 [3] - North American Motorized unit sales were 4,964, slightly below the average estimate of 5,121 [3] - Net sales for North American Motorized recreational vehicles were $646.95 million, below the estimated $690.56 million, marking an 18.7% decline year-over-year [3] Stock Performance - Thor Industries' shares have decreased by 5.3% over the past month, contrasting with a 3.4% increase in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - Thor Industries reported quarterly earnings of $2.13 per share, exceeding the Zacks Consensus Estimate of $1.89 per share, but down from $2.24 per share a year ago, indicating a 4.9% year-over-year decline in earnings [1][2] Financial Performance - The company achieved revenues of $2.8 billion for the quarter ended April 2024, surpassing the Zacks Consensus Estimate by 3.02%, but down from $2.93 billion in the same quarter last year, reflecting a year-over-year revenue decline of 4.4% [2] - Over the last four quarters, Thor Industries has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Performance - Thor Industries shares have declined approximately 18.9% since the beginning of the year, contrasting with the S&P 500's gain of 10.9% [3] - The current Zacks Rank for Thor Industries is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.10 on revenues of $2.71 billion, and for the current fiscal year, it is $5.12 on revenues of $10.13 billion [7] - The estimate revisions trend for Thor Industries is mixed, and future changes in estimates will be closely monitored following the recent earnings report [6][7] Industry Context - The Building Products - Mobile Homes and RV Builders industry, to which Thor Industries belongs, is currently ranked in the bottom 11% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Winnebago Industries, a competitor in the same industry, is expected to report a significant year-over-year earnings decline of 39% in its upcoming results [9]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended April 30, 2024. ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ____ to ____. COMMISSION FILE NUMBER 001-09235 THOR INDUSTRIES, INC. (Exact name of registrant as specified in its charter) | Delaware | 93-0768752 | | --- | --- | | (Stat ...

CONTINUES DISCIPLINED APPROACH IN SOFT RETAIL ENVIRONMENT, ADJUSTS GUIDANCE TO REFLECT CURRENT MARKET CONDITIONS Fiscal Third Quarter 2024 Highlights ELKHART, Ind., June 05, 2024 (GLOBE NEWSWIRE) -- THOR Industries, Inc. (NYSE: THO) today announced financial results for its third fiscal quarter ended April 30, 2024. "We are proud of our teams' performance as they have executed our variable cost model and driven operating efficiencies and enabled THOR to perform relatively well in a difficult market. Indicat ...

Thor Industries (THO -14.20%) is sounding the alarm on recreational vehicle (RV) demand, and investors are taking the message to heart. Shares of Thor were down 13% as of 2 p.m. ET Wednesday after the manufacturer missed expectations and lowered full-year guidance.Higher rates lead to inventory cutsThor is the world's largest RV manufacturer, owner of brands including Airstream, Dutchmen, and Thor Motor Coach. The company earned $0.13 per share in its fiscal second quarter ending Jan. 31 on revenue of $2.21 ...

Market Performance - THOR's North American market share for travel trailers and fifth wheels was approximately 42.2%, and for motorhomes, it was approximately 49.0% as of September 30, 2023[67]. - North American RV independent dealer inventory decreased by 31.5% to approximately 83,800 units as of October 31, 2023, compared to 122,300 units a year earlier[72]. - THOR's North American RV backlog decreased by $2,398,793, or 54.1%, to $2,033,345 as of October 31, 2023, compared to $4,432,138 a year prior[73]. - North American wholesale unit shipments for THOR decreased by 47.4% to 94,603 units for the nine months ended September 30, 2023, compared to 180,020 units in the same period of 2022[78]. - North American retail unit registrations for THOR decreased by 16.8% to 131,974 units for the nine months ended September 30, 2023, compared to 158,556 units in the same period of 2022[80]. - The RVIA projects a 39.8% decrease in total annual wholesale unit shipments for 2023, estimating approximately 297,100 units[74]. - The RVIA's most likely forecast for 2024 anticipates a 24.4% increase in total annual towable and motorized unit shipments to approximately 369,700 units[75]. Economic Factors - Inflation and higher interest rates are expected to negatively impact demand for RVs in fiscal 2024, affecting both wholesale and retail levels[70]. - The overall effective income tax rate increased to 24.2% from 23.3% due to the jurisdictional mix of pre-tax income[109]. Company Strategy and Operations - The company’s growth strategy includes innovation, quality manufacturing, and strategic acquisitions to enhance profitability[68]. - The company does not directly finance independent dealers but provides repurchase agreements to their floor plan lenders[69]. - The company plans to expand its retail customer reach through data-based and digital marketing strategies targeting new consumer segments[94]. - The company continues to work closely with suppliers to minimize supply chain constraints and has identified alternative suppliers for certain components[85][100]. European Market Insights - The company's European RV backlog increased by $345,966, or 11.6%, to $3,331,171 as of October 31, 2023, compared to $2,985,205 in the previous year[89]. - Independent dealer inventory of European RV products as of October 31, 2023, was approximately 21,900 units, showing growth from previous low levels[88]. - European unit registrations for motorcaravans and campervans decreased by 6.6% to 22,415 units for the nine months ended September 30, 2023, compared to 24,005 units in 2022[93]. - The European RV market is facing supply chain challenges, including chassis supply constraints and labor shortages, which may impact production levels[98][101]. - The European RV market's long-term outlook remains positive as more consumers discover RVs for lifestyle independence and outdoor exploration[95]. Financial Performance - Consolidated net sales for the three months ended October 31, 2023 decreased by $607,325, or 19.5%, compared to the same period in 2022[105]. - Total North American recreational vehicle sales decreased by $784,712, or 32.1%, with North American Towable down 28.3% and North American Motorized down 36.7%[105]. - Consolidated gross profit for the three months ended October 31, 2023 decreased by $128,544, or 26.4%, with a gross profit margin of 14.3% compared to 15.7% in the prior year[106]. - Income before income taxes decreased by $106,689, or 59.5%, primarily driven by the decrease in consolidated net sales[108]. - The order backlog for North American Towable decreased by $772,031, or 49.2%, and for North American Motorized decreased by $1,626,762, or 56.8%[104]. - Selling, general and administrative expenses decreased by $23,728, or 9.8%, due to lower sales and related commissions[107]. - Cash and cash equivalents decreased to $425,828 as of October 31, 2023, from $441,232 on July 31, 2023[138]. - Net cash provided by operating activities was $59,668 for the three months ended October 31, 2023, down from $94,016 in the prior year[144]. Product Performance - North American Towable net sales decreased by 28.3% to $945,454 for the three months ended October 31, 2023, compared to $1,317,806 in the same period last year[113]. - Unit shipments for North American Towable decreased by 13.0% to 28,107 units, down from 32,291 units year-over-year[113]. - North American Motorized net sales decreased by 36.7% to $711,159 for the three months ended October 31, 2023, compared to $1,123,519 in the prior year[121]. - Unit shipments for North American Motorized decreased by 31.5% to 5,582 units, down from 8,150 units year-over-year[121]. - The gross profit for North American Towable decreased by $77,855, primarily due to lower net sales and increased cost of products sold percentage[117]. - The gross profit for North American Motorized decreased by $106,343, driven by the decline in net sales and increased cost of products sold percentage[125]. - Cost of products sold for North American Towable decreased by $294,497 to $827,443, representing 87.5% of net sales[115]. - Cost of products sold for North American Motorized decreased by $306,017 to $631,767, representing 88.8% of net sales[123]. - The overall net price per unit for North American Towable decreased by 15.3% due to changes in product mix and elevated sales discounts[113]. - The overall net price per unit for North American Motorized decreased by 5.2%, influenced by higher discounting levels and a shift towards more moderately-priced units[121]. - European Recreational Vehicles net sales increased by 40.4% to $708,201 for the three months ended October 31, 2023, compared to $504,302 for the same period in 2022[129]. - The increase in net sales was driven by a 19.5% rise in unit shipments and a 20.9% increase in overall net price per unit[130]. - Motorcaravan net sales rose by 44.5% to $346,511, while Campervan sales increased by 59.2% to $221,609[129]. - Cost of products sold increased to $585,373, representing 82.7% of net sales, down from 86.3% in the prior year[133]. - Gross profit increased by $53,963, attributed to higher net sales and improved gross profit percentage due to lower cost of products sold[135]. - Selling, general and administrative expenses rose by $16,793, primarily due to increased sales-related costs[136]. - Income before income taxes increased by $35,235, driven by higher net sales and reduced cost percentages[137].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended October 31, 2022. ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ____ to ____. COMMISSION FILE NUMBER 001-09235 THOR INDUSTRIES, INC. (Exact name of registrant as specified in its charter) | Delaware | 93-0768752 | | --- | --- | | (St ...

Market Performance - THOR's North American RV market share is approximately 41.9% for travel trailers and fifth wheels combined, and approximately 49.4% for motorhomes as of June 30, 2022[203]. - North American RV dealer inventory increased 117.8% to approximately 127,000 units as of July 31, 2022, compared to 58,300 units in the previous year[220]. - THOR's North American RV backlog decreased by $7,291,329, or 54.8%, to $6,007,638 as of July 31, 2022, compared to $13,298,967 in the prior year[221]. - For the six months ended June 30, 2022, THOR's wholesale RV shipments increased by 7.9% to 141,399 units compared to 131,087 units in the same period of 2021[227]. - The RVIA forecasts a 16.9% decrease in total North American wholesale unit shipments for calendar year 2022, projecting approximately 498,800 units[222]. - Retail registrations for North American RVs decreased by 24.3% to 251,515 units for the six months ended June 30, 2022, compared to 332,166 units in the same period of 2021[225]. - North American retail unit registrations for towable units decreased by 25.4% from 123,244 in 2021 to 91,932 in 2022[228]. - Motorized units registrations in North America fell by 7.8%, from 14,308 in 2021 to 13,190 in 2022[228]. - Total North American RV registrations dropped by 23.6%, from 137,552 in 2021 to 105,122 in 2022[228]. - THOR's European RV backlog decreased by $805,495, or 22.6%, from $3,559,097 in 2021 to $2,753,602 in 2022[237]. - European motorcaravan and campervan registrations fell by 26.5%, from 23,880 in 2021 to 17,540 in 2022[241]. - Total European unit registrations decreased by 17.8%, from 109,138 in 2021 to 89,760 in 2022[239]. Financial Performance - Consolidated net sales for fiscal 2022 increased by $3,995,145, or 32.4%, compared to fiscal 2021, driven by increased consumer demand and inventory restocking by dealers[256]. - North American Towables net sales rose to $8,661,945, a 39.2% increase from $6,221,928 in fiscal 2021[254]. - Total North America recreational vehicle sales reached $12,641,592, reflecting a 42.2% increase from $8,891,319 in the previous year[254]. - Consolidated gross profit for fiscal 2022 increased by $911,057, or 48.1%, with a gross profit margin of 17.2% compared to 15.4% in fiscal 2021[258]. - Selling, general and administrative expenses rose by $246,546, or 28.3%, to $1,116,462, representing 6.8% of consolidated net sales[259]. - Income before income taxes for fiscal 2022 was $1,459,864, an increase of $615,283, or 72.9%, compared to $844,581 in fiscal 2021[262]. - The order backlog decreased to $8,761,240, down $8,096,824, or 48.0%, from $16,858,064 in the previous year[255]. - Approximately 18% of net sales for fiscal 2022 were transacted in currencies other than the U.S. dollar, with a negative impact of $230,223 from currency exchange rate changes[257]. - Corporate costs included in selling, general and administrative expenses increased by $22,770 to $140,342, a 19.4% rise compared to fiscal 2021[265]. - Amortization of intangible assets expense increased by $39,763, or 33.9%, to $156,946, primarily due to the acquisition of Airxcel[260]. Acquisitions and Investments - The company acquired Togo Group for $16,144 in cash, achieving 100% ownership as of July 31, 2022[207]. - Capital acquisitions totaled $240,561 in fiscal 2022, primarily for land, production building improvements, and machinery replacement[206]. - The company plans to commit $275,000 for capital expenditures in fiscal 2023, focusing on building projects and machinery upgrades[298]. - Net cash used in investing activities was $1,049,257, primarily due to $781,967 for business acquisitions and $242,357 for capital expenditures[303]. Supply Chain and Economic Factors - The company anticipates ongoing chassis supply limitations to continue impacting production and sales throughout fiscal 2023[248]. - Supply shortages and delivery delays of non-chassis raw materials have led to increased work in process inventory as of July 31, 2022[249]. - Economic factors such as inflation, interest rates, and supply chain constraints are expected to influence future retail sales in both North America and Europe[245]. Marketing and Customer Reach - The company plans to expand its retail customer reach through data-based and digital marketing strategies targeting new consumer segments in Europe[243]. Cash Flow and Obligations - Net cash provided by operating activities increased to $990,253 in fiscal 2022 from $526,482 in fiscal 2021[300]. - Cash and cash equivalents decreased to $311,553 as of July 31, 2022, from $445,852 a year earlier[294]. - Total contractual cash obligations amount to $1,967,208, with significant debt principal payments due in the coming years[307]. - The total amount of standby repurchase obligations is $4,308,524, with $2,539,672 due in less than one year and $1,768,852 due in 1-3 years[309]. Risk Management - The company holds $528,010 of debt denominated in Euros, with a hypothetical 10% change in the Euro/U.S. Dollar exchange rate potentially impacting the debt balance by $52,801[326]. - As of July 31, 2022, the company has approximately $273,325 in notional amounts hedged through interest rate swaps, which will decrease to zero by August 1, 2023[327]. - A one-percentage-point increase in interest rates could result in an estimated $10,656 reduction in income before income taxes over a one-year period[328]. - The company has foreign currency forward contracts with a notional value of $33,997 to exchange Pound Sterling into Euros, with a fair value liability of $80 as of July 31, 2022[325]. - The company does not use financial instruments for trading or speculative purposes, focusing instead on hedging transactions to mitigate market risks[324]. Goodwill and Warranty Liabilities - The carrying value of goodwill as of July 31, 2022, is $1,804,151, with the European reporting unit's fair value exceeding its carrying value by less than 10%[314][315]. - The warranty liability recorded as of July 31, 2022, totals $317,908, based on estimates of existing and future claims[321].

THOR INDUSTRIES THIRD QUARTER OF FISCAL 2022 FINANCIAL RESULTS www.thorindustries.com 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 futu ...

FIRST QUARTER OF FISCAL 2022 FINANCIAL RESULTS SPORTTRE THO LISTED NYSE www.thorindustries.com ere. Stay Anywhere." 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 forwardlooking statements are made based on management's current expectatio ...