Group 1 - Cintas Corp. is expected to report quarterly earnings of $1.19 per share on revenue of $2.70 million [2] - Micron Technology Inc. reported fourth-quarter revenue of $11.32 billion, exceeding analyst estimates of $11.22 billion, with adjusted earnings of $3.03 per share, surpassing expectations of $2.86 per share [2] - Thor Industries Inc. is anticipated to post earnings of $1.24 per share on revenue of $2.33 billion for the latest quarter [2] - AAR Corp. reported positive earnings for the first quarter, although shares fell by 0.7% in after-hours trading [2] - KB Home is expected to report quarterly earnings of $1.50 per share on revenue of $1.59 billion [2]

Core Viewpoint - Thor Industries, Inc. is a leading player in the recreational vehicle (RV) industry, showing strong financial health and positive market momentum despite some cautious outlooks from analysts [1][5]. Company Overview - Thor Industries is known for its diverse range of RV products, including travel trailers and motorhomes, and operates in the U.S., Canada, and Europe [1]. - The company competes with other RV manufacturers such as Winnebago Industries and Forest River [1]. Market Performance - The consensus price target for Thor Industries' stock has increased from $91.36 to $104 over the past year, indicating analysts' optimism about the company's growth potential [2][6]. - Citigroup has set a lower price target of $86, reflecting a more cautious outlook, particularly as the company is expected to report a decline in fourth-quarter earnings [3][6]. - Despite the cautious outlook, Thor's stock price increased by 3.2% in the last trading session, driven by higher-than-average trading volume [3][6]. Financial Performance - Thor Industries has demonstrated strong momentum with a year-to-date stock increase of 17% and a 37% surge over the past three months [4][6]. - The company's third-quarter performance was robust, with net sales rising by 3.3% and the North America Towable segment boosting the gross margin to 15.3% [4]. - Financial health remains solid, with increased cash reserves and positive free cash flow, alongside stock buybacks to enhance share prices [5][6]. Segment Analysis - Backlogs have decreased across all segments, although the European segment showed quarter-over-quarter improvement [4].

Group 1 - THOR Industries is set to release its fourth-quarter earnings on September 24, with expected earnings of $1.23 per share, a decrease from $1.68 per share in the same period last year [1] - The company projects quarterly revenue of $2.32 billion, down from $2.53 billion a year earlier [1] - On June 23, THOR Industries announced a re-authorization of a $400 million share buyback [1] Group 2 - THOR Industries shares fell 0.9% to close at $102.73 [2] - Analysts have provided various ratings and price targets for THOR Industries, with Citigroup maintaining a Neutral rating and raising the price target from $100 to $112 [4] - Truist Securities maintained a Hold rating and increased the price target from $86 to $115, while Roth Capital cut the price target from $82 to $77 [4] - Baird downgraded the stock from Outperform to Neutral and cut the price target from $100 to $85, and BMO Capital maintained an Outperform rating but reduced the price target from $120 to $105 [4]

Core Insights - Thor Industries (THO) is expected to report quarterly earnings of $1.16 per share, reflecting a year-over-year decline of 31% [1] - Revenue projections stand at $2.31 billion, down 8.7% from the same quarter last year [1] - Analysts have adjusted the consensus EPS estimate upward by 30.9% over the past 30 days, indicating a reassessment of initial projections [1][2] Revenue and Sales Projections - The consensus estimate for 'Net Sales- Recreational Vehicles- North American Towable' is $853.43 million, indicating a decline of 8.4% year-over-year [4] - 'Net Sales- Total Recreational Vehicles' is projected to reach $2.17 billion, down 9.3% from the prior year [4] - 'Net Sales- Recreational Vehicles- North American Motorized' is expected to be $455.49 million, reflecting a 12% decrease from the previous year [5] - 'Net Sales- Other' is estimated at $201.27 million, suggesting a slight increase of 0.5% year-over-year [5] - 'Net Sales- Recreational Vehicles- European' is projected at $861.41 million, down 8.7% from the year-ago quarter [5] - Combined 'Net Sales- Recreational Vehicles- Total North America' is expected to be $1.31 billion, indicating a decline of 9.7% year-over-year [6] Units Sales Projections - 'Units sales - Recreational Vehicles - European' is estimated at 13,647, down from 14,982 in the same quarter last year [6] - 'Units sales - Recreational Vehicles - North American Towable' is projected to be 26,945, compared to 28,572 reported last year [7] - Total 'Units sales - Total' is expected to reach 43,995, down from 47,331 in the same quarter last year [7] - 'Units sales - Total Recreational Vehicles (Total North America)' is forecasted at 30,348, down from 32,349 in the same quarter last year [8] - 'Units sales - Recreational Vehicles - North American Motorized' is estimated at 3,403, compared to 3,777 reported last year [8] Profit Projections - 'Gross Profit- Recreational Vehicles- European' is expected to be $143.84 million, down from $176.14 million in the previous year [9] Stock Performance - Over the past month, shares of Thor Industries have returned -1.3%, while the Zacks S&P 500 composite has increased by 3% [10] - Currently, THO holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [10]

Group 1 - BRP Inc. announced the closing of a bought deal secondary offering, where Bain Capital sold 1,500,000 subordinate voting shares at C$90.71 each, generating total gross proceeds of C$136,065,000 [1][3] - The offering was conducted under a prospectus supplement dated September 10, 2025, as part of an effective registration statement with the U.S. SEC and Canadian securities authorities [2] - Bain and its affiliates now hold 10,496,629 multiple voting shares, representing approximately 14.35% of the total issued shares and about 24.39% of the voting power [4] Group 2 - BRP is a global leader in powersports products, with annual sales of $7.8 billion and a workforce of approximately 16,500 as of January 31, 2025 [5]

Core Viewpoint - THOR Industries, Inc. will release its fiscal 2025 fourth quarter earnings on September 24, 2025, before the market opens [1]. Group 1: Earnings Release Information - The earnings release will be accompanied by a comprehensive question and answer document and a slide presentation available on the company's website [2]. - Interested parties can access the quarterly earnings documents at http://ir.thorindustries.com/ [2]. Group 2: Company Overview - THOR Industries is the sole owner of operating subsidiaries that collectively represent the world's largest manufacturer of recreational vehicles [3].

Financial Data and Key Metrics Changes - Consolidated net sales for Q3 2025 were $644.9 million, up from $579.4 million in Q3 2024, representing a 20.5% increase when excluding the impact of the exited E and C transit bus business [14] - Consolidated adjusted EBITDA increased to $64.1 million from $45.2 million in Q3 2024, a year-over-year increase of 66.1% when excluding the $6.6 million impact from the divested bus business [15][16] - Trade working capital decreased to $191.6 million from $248.2 million at the end of fiscal 2024, primarily due to lower inventory balances and increased customer advances [24] Business Line Data and Key Metrics Changes - Specialty Vehicles segment sales were $483.3 million, an increase of 11.8% compared to the prior year, with adjusted EBITDA of $64.6 million, up 71.4% year-over-year [17][18] - Fire unit shipments increased by 11% and ambulance unit shipments increased by 7% compared to the previous year, reflecting operational resilience and increased throughput [6][18] - Recreational Vehicle segment sales rose to $161.7 million, a 9.7% increase, but adjusted EBITDA decreased by 13.8% due to increased dealer assistance and tariff impacts [21][22] Market Data and Key Metrics Changes - Specialty Vehicles segment backlog at the end of the quarter was $4.3 billion, with a decrease in the number of units in backlog by approximately 4% sequentially and 6% year-over-year [19][22] - Recreational Vehicle segment backlog declined by 7% year-over-year, reflecting soft end market demand and dealer caution [22] Company Strategy and Development Direction - The company is focused on reinvesting in its businesses to drive long-term growth, pursuing opportunistic share repurchases, and maintaining a sustainable dividend while evaluating M&A opportunities [13] - A significant investment of approximately $20 million is being made to expand the Spartan Emergency Response facility, increasing fire apparatus production capacity by 40% [8][9] - The company aims to improve operational efficiency and quality through targeted capital investments across its fire and ambulance groups [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage tariff impacts and maintain strong performance, raising the fiscal 2025 outlook based on year-to-date performance [13][27] - The company anticipates continued demand for fire apparatus and ambulance units, with expectations for low single-digit sequential revenue growth in the Specialty Vehicles segment for Q4 [20] - Management acknowledged the challenges in the Recreational Vehicle segment due to macroeconomic uncertainty but remains optimistic about the long-term outlook [21][23] Other Important Information - The company completed the sale of its Lance Camper business, streamlining its RV portfolio to focus on motorized RVs [11] - Year-to-date cash flow has strengthened the balance sheet, allowing for continued investments and enhancing financial flexibility [12] Q&A Session Summary Question: Were the record EBITDA margins in line with expectations? - Management confirmed that they are on track with their midterm targets and are pleased with the progression [31][32] Question: Will the first quarter of fiscal 2026 start slow due to tariffs? - Management expects a typical sequential decline in sales of 10-15% in the first quarter, with incrementals aligning with previous guidance [34] Question: How is pricing being managed in light of tariffs and inflation? - Management is actively reviewing pricing strategies to offset inflation costs but has not yet implemented price increases specifically due to tariffs [36][46] Question: Is the company seeing any impact from steel and aluminum tariffs? - Management indicated that they are managing costs through supplier relationships and have not seen a significant change in expected tariff impacts [41][43] Question: What is the outlook for the fire business and delivery timelines? - Management noted that delivery timelines are improving, and they expect to maintain competitive lead times while managing backlog normalization [51][53] Question: How is the company approaching capital deployment with strong cash flow? - Management emphasized the importance of investing in productivity improvements while remaining opportunistic regarding M&A opportunities [76][78]

Fiscal Third Quarter 2025 Highlights - REV Group experienced momentum in year-over-year throughput increases[7] - The company broke ground for a $20 million investment in the Brandon, SD facility[7] - REV Group completed the sale of Lance Camper[7] - The company demonstrated strong cash generation and a solid balance sheet position[7] - REV Group raised its fiscal year 2025 outlook[7] Third Quarter Fiscal 2025 Consolidated Results - Net sales increased to $644.9 million in Q3 2025, compared to $579.4 million in Q3 2024[9], a $109.7 million or 20.5% increase excluding Bus Manufacturing Businesses[13] - Adjusted EBITDA increased to $64.1 million in Q3 2025, compared to $45.2 million in Q3 2024[9], a $25.5 million or 66.1% increase excluding Bus Manufacturing Businesses[13] Full Year Fiscal 2025 Outlook - REV Group updated its net sales guidance to $2.40 to $2.45 billion, compared to the prior guidance of $2.35 to $2.45 billion and the 2024 actual of $2.38 billion[27] - The company updated its Adjusted EBITDA guidance to $220 to $230 million, compared to the prior guidance of $200 to $220 million and the 2024 actual of $162.8 million[27] - REV Group updated its Free Cash Flow guidance to $140 to $150 million, compared to the prior guidance of $100 to $120 million[27] Balance Sheet & Other Financial Items - Year-to-date cash from operations totaled $164.2 million[25] - Net debt was $54.0 million[25] - Trade working capital decreased by $56.6 million compared to 4Q24[26] - $117.6 million cash was returned to shareholders year to date[26]

Financial Data and Key Metrics Changes - The company reported revenue of $1.9 billion, a 4% increase year-over-year, primarily driven by stronger ORV shipments, offset by lower personal watercraft deliveries [6][22] - Normalized EBITDA was $213 million, and normalized EPS was $0.92, which included approximately $0.35 from tax credits recorded in the quarter [6][22] - Free cash flow from continuing operations reached $100 million, with over $270 million in cash at the end of the quarter, indicating strong financial flexibility [22] Business Line Data and Key Metrics Changes - North American powersports retail decreased by 11%, with Canada showing a 4% growth driven by ORV, while the U.S. experienced a 15% decline [7][8] - Year-round product revenue increased by 13% to $1.1 billion, driven by higher ORV shipments following last year's inventory reduction plan [15] - Seasonal product revenues decreased by 13% to $470 million, mainly due to a planned reduction in personal watercraft shipments [18] Market Data and Key Metrics Changes - Retail in Latin America grew by 22%, led by strong ORV performance, while Asia Pacific saw a 5% increase, marking the first growth in two years [8][9] - EMEA experienced a 13% decline in retail, consistent with industry trends [8] - The overall global industry trend showed slight improvement compared to previous quarters [9] Company Strategy and Development Direction - The company is focused on maintaining operational efficiency and managing shipments to improve network inventory positions [21][25] - A definitive agreement for the sale of Manitou was announced, expected to close in the coming weeks [6] - The introduction of new products, including the Can Am Defender, is aimed at capturing market share and enhancing dealer profitability [11][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second half of the year, citing improved visibility on expected deliveries and a strong product lineup [25][29] - The macroeconomic environment remains uncertain, but the company is well-positioned to capitalize on market opportunities [25][29] - The guidance for revenues is set between $8.15 billion and $8.3 billion, with normalized EBITDA expected to be between $1.04 billion and $1.09 billion [27] Other Important Information - The company has successfully reduced dealer inventory by 20% year-over-year, positioning itself to better align wholesale with retail [23][24] - The tariff impact for the year is estimated at $90 million, reflecting increased tariffs on steel, aluminum, and copper [27][50] - Management emphasized the importance of innovation and technology in sustaining profitable growth [30] Q&A Session Summary Question: What are the tariff scenarios being contemplated? - Management is in constant dialogue with Canadian and Mexican authorities regarding tariff regulations and believes they can adapt to any changes [33][36] Question: Can you elaborate on the current versus non-current inventory situation? - The company noted that most OEMs are cautious with shipments, and they are encouraged by the improved inventory ratios [41][44] Question: What is the outlook for retail sales in the second half? - Management expects retail to improve in the second half, particularly in ORV, driven by new product introductions and a cleaner inventory environment [46][70] Question: How does the company plan to mitigate tariff exposure? - Mitigation efforts include sourcing adjustments and production shifts to minimize tariff impacts [37][50] Question: What is the expected revenue profile outlook? - The company anticipates a recovery in revenue as inventory aligns with retail, with a potential tailwind of $400 million to $500 million from destocking [53][102] Question: What are the expectations for EPS growth in the coming years? - Management believes the company has the capacity to grow EPS significantly, depending on industry dynamics and macroeconomic conditions [97][99]

Financial Performance - Revenues increased by 4% to CA$1,888 million in FY26 Q2 compared to CA$1,811 million in FY25 Q2 [13] - Normalized EBITDA decreased by 9% to CA$213 million in FY26 Q2 [16] - Normalized diluted earnings per share decreased by 10% to CA$0.92 in FY26 Q2 [16] - Free cash flow generation increased by 54% to CA$99 million in FY26 Q2 [16] - Net income increased by 36% to CA$57 million, with diluted earnings per share at CA$0.79 [16] Retail Sales and Market Dynamics - North American Powersports retail sales declined by 11% in FY26 Q2, mainly due to softer trends in PWC and 3WV [16] - North American network inventory is down by 20% [16] - Year-Round Products revenues were up 13%, with revenues reaching CA$1,114 million in FY26 Q2 compared to CA$985 million in FY25 Q2 [37] - Seasonal Products revenues decreased by 13%, with revenues of CA$470 million [46] Guidance and Outlook - The company estimates a tariff impact of approximately CA$90 million for FY26 [65] - The company expects total revenues between CA$8,150 million and CA$8,300 million for FY26 [64] - The company expects net income between CA$430 million and CA$470 million for FY26 [64]