Fiscal Year 2025 Highlights - REV Group returned $120.5 million cash to shareholders in Fiscal Year 2025[7, 30] - The company achieved record consolidated free cash flow[7, 30] - Fire & ambulance throughput & efficiency gains were realized[7, 25] - REV Group continues to invest in its facilities[7, 30] - Consolidated adjusted EBITDA margin expansion was achieved[7] - A strategic merger with Terex Corporation was announced[7] Fiscal Year 2025 Consolidated Results - Net sales were $2,464 million, compared to $2,380 million in FY'24[9], excluding Bus Manufacturing Businesses, net sales were $2,217 million[9] - Adjusted EBITDA was $229.5 million, compared to $162.8 million in FY'24[10], excluding Bus Manufacturing Businesses, adjusted EBITDA was $145.2 million with a margin of 6.5%[10] Fourth Quarter Fiscal 2025 Consolidated Results - Net sales were $664.4 million, compared to $597.9 million in Q4'24[16], excluding Bus Manufacturing Businesses, net sales were $588.1 million[16] - Adjusted EBITDA was $69.7 million, compared to $49.6 million in Q4'24[17], excluding Bus Manufacturing Businesses, adjusted EBITDA was $49.9 million with a margin of 8.5%[17] Fourth Quarter Fiscal 2025 Specialty Vehicles Results - Net sales were $507.4 million, compared to $439.9 million in Q4'24[23], excluding Bus Manufacturing Businesses, net sales were $430.1 million[23] - Adjusted EBITDA was $70.5 million, compared to $50.2 million in Q4'24[23], excluding Bus Manufacturing Businesses, adjusted EBITDA was $50.5 million with a margin of 11.7%[23] - The backlog is $4.4 billion, reflecting solid order revenue for fire apparatus and ambulances[24] Fourth Quarter Fiscal 2025 Recreational Vehicles Results - Net sales were $157.2 million, compared to $158.1 million in Q4'24[27] - Adjusted EBITDA was $9.0 million, compared to $8.1 million in Q4'24[27]

Core Insights - Marcus Lemonis will step down as CEO of Camping World Holdings Inc. on January 1, 2026, with current President Matthew Wagner named as his successor [1][2] - The leadership change comes as the RV industry shows signs of distress, reflecting broader economic challenges such as reduced consumer disposable income and high interest rates [2][3] - Camping World’s stock has seen a significant decline, trading near $10.30, which represents a roughly 50% drop over 2025, indicating a challenging retail environment [4][7] Company Transition - Matthew Wagner, who has been with Camping World since 2007 and served as President since July 2024, will officially take over as CEO at the end of the year [5] - Wagner expressed his honor in taking on the role despite the difficult macroeconomic conditions [5] - Brent Moody, a long-time company veteran, will become the Chairman of the Board [6] Economic Context - The RV industry is often seen as an indicator of the U.S. consumer economy, and recent trends suggest a "retail softening" in September and October, leading to a cautious outlook for 2026 [3] - The company is focusing on aggressive deleveraging of its balance sheet to address current economic challenges [4] Leadership Continuity - Marcus Lemonis will remain with the company as a non-executive Co-Founder and Special Advisor, maintaining a significant long-term shareholder role [7] - Lemonis expressed confidence in Wagner's leadership and shared philosophy regarding company growth and employee importance [6]

New Limited-Edition Grand Touring Model Combines One-of-a-Kind Style with Elevated Comfort; Polaris Amplifies 2026 Slingshot Style with Diverse Range of Premium Paint Options MINNEAPOLIS, Dec. 9, 2025 /PRNewswire/ -- Designed for those who chase life's greatest moments, the Polaris Slingshot delivers connection, excitement, and a thrill for the open road. Today, Polaris Slingshot introduces its 2026 model year lineup, complete with an exciting range of premium paint colors and the reintroduction of its excl ...

Core Insights - THOR Industries, Inc. reported earnings of 41 cents per share for Q1 fiscal 2026, exceeding the Zacks Consensus Estimate of a loss of 11 cents and up from 26 cents per share in the same quarter of fiscal 2025 [1] - The company achieved revenues of $2.39 billion for the fiscal first quarter, surpassing the Zacks Consensus Estimate of $2.12 billion, representing an 11.5% year-over-year increase [1] Segmental Results - North American Towable RVs segment revenues remained flat at $897.1 million, exceeding the estimate of $810.6 million [2] - North American Motorized RVs segment revenues totaled $661.1 million, a 30.9% year-over-year increase, surpassing the estimate of $520.3 million [4] - European RVs segment revenues reached $655.5 million, an 8.4% increase from the previous year, also beating the estimate of $617.1 million [5] Profitability Metrics - Gross profit for the company totaled $119 million, a 5.8% year-over-year increase, attributed to reduced warranty and promotional expenses [3] - The North American Motorized RVs segment gross profit was $71.6 million, up 67.6% year-over-year due to volume leverage and lower warranty costs [4] - The European RVs segment gross profit fell to $77.8 million, a 16% decline year-over-year, with a pretax loss of $26.6 million compared to a pretax income of $1.18 million in the previous year [6] Financial Position - As of October 31, 2025, THOR had cash and cash equivalents of $509.9 million and long-term debt of $913.1 million [7] - The company reported an operating cash outflow of $44.9 million, contrasting with an operating cash inflow of $30.7 million in the same quarter of 2025 [7] Guidance - THOR expects fiscal 2026 consolidated net sales to be in the range of $9-$9.5 billion, down from $9.6 billion in fiscal 2025, with EPS projected between $3.75-$4.25 compared to $4.84 in fiscal 2025 [8]

Financial Data and Key Metrics Changes - Revenue for Q3 2026 was CAD 2.3 billion, a 14% increase compared to the previous year, driven by stronger ORV shipments, partially offset by lower snowmobile deliveries [11][3] - Normalized EBITDA grew 21% to CAD 326 million, and normalized EPS rose 33% to CAD 1.59 [11][3] - Free cash flow from continued operations was CAD 320 million, with cash on hand at CAD 250 million [11][12] Business Line Data and Key Metrics Changes - ORV revenue increased by 22% to CAD 1.3 billion, with side-by-side retail up in high single digits, outperforming the industry [6][3] - Seasonal products revenue decreased by 2% to CAD 606 million due to planned reductions in snowmobile shipments [8][3] - Parts, accessories, and apparel revenue rose 18% to CAD 379 million, reflecting higher sales volumes as dealers replenished inventory [10][3] Market Data and Key Metrics Changes - North American retail sales decreased by 4%, with a 1% decline excluding snowmobiles, while Latin America saw a 13% increase in retail sales [4][3] - EMEA markets experienced a 4% decline in retail, and Asia-Pacific saw an 11% decrease [4][3] - Demand remained stronger for high-end products compared to entry-level models, which is favorable for the company’s new high-end model introductions [4][3] Company Strategy and Development Direction - The company is focused on disciplined execution and operational efficiency, with a strategic plan aiming for CAD 9.5 billion in revenue and CAD 8 in normalized EPS by the end of fiscal 2028 [16][17] - The company plans to enhance capital returns to shareholders by reactivating its share buyback program, allowing for the repurchase of up to 3.1 million shares over the next 12 months [12][3] - The company is well-positioned to capture demand upside as market conditions improve, supported by a strong product lineup and healthy network inventory levels [14][3] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving higher guidance for fiscal 2026, expecting approximately CAD 8.3 billion in revenue and CAD 5 in normalized EPS for the year [15][3] - The company anticipates a flat industry for ORV retail in the next 12 months, with expectations for improved dealer sentiment and strong product introductions [37][3] - Management noted that the promotional environment remains elevated, particularly for entry-level models, but high-end products are performing well [36][3] Other Important Information - The company has successfully reduced network inventory by 17% year-over-year, positioning dealers to take on new products as production ramps up [13][3] - The company is in the process of selling its marine business, with expected cash inflow of around CAD 200 million from the sale of Telwater, pending regulatory approval [81][3] - The company is actively monitoring macroeconomic conditions and tariff negotiations, focusing on supporting the industry and adapting to changes [41][3] Q&A Session Summary Question: Insights on ORV market share and inventory dynamics - Management noted strong engagement from dealers and positive retail trends for new models, with gains in current inventory but losses in non-current inventory as planned [20][21] Question: Dealer appetite for inventory investment - Management indicated that dealers are more willing to take on new models due to reduced inventory and strong product offerings, with good engagement observed [28][29] Question: Impact of promotional environment on sales - Management acknowledged that while the industry remains promotional, their sales programs are trending lower than the previous year, contributing to better performance [53][11] Question: Expectations for snowmobile market and inventory levels - Management expects to clear older models by the end of the snowmobile season, with a good start to the season and plans to realign inventory levels [49][50] Question: Future CapEx and investment plans - Management confirmed a focus on responsible CapEx spending, with expectations of around CAD 420 million for the next year, primarily for product and technology investments [83][3]

Core Insights - Airstream has launched the Stetson + 6666 Special Edition Travel Trailer, combining elements of American heritage with modern mobile living [1][4][10] - The collaboration involves Airstream, Stetson, and Four Sixes Ranch, each bringing their unique legacy to the design [3][4][10] Company Collaboration - The travel trailer is a result of collaboration between Airstream's design and engineering teams and experts from Stetson and Four Sixes Ranch, emphasizing a blend of exploration and Western heritage [3][4] - This model marks the beginning of Airstream's new Collaboration Series, which aims to introduce innovative designs in partnership with various brands [10][11] Design and Features - The interior design incorporates high-quality materials and Western iconography, including leather upholstery and custom artwork, reflecting the craftsmanship of Stetson and Four Sixes Ranch [5][6] - The exterior features weathered metal accents and a custom-designed awning, paying homage to ranching history [7] Specifications - The travel trailer measures 27 feet and accommodates couples, solo travelers, and families of up to four, with flexible sleeping arrangements [8][9] - It includes modern amenities such as lithium batteries, a solar charging system, and a Gross Vehicle Weight Rating (GVWR) of 7,600 pounds [9] Pricing and Availability - The Airstream Stetson + 6666 Special Edition Travel Trailer is priced at $169,900 and is available for order through Airstream's dealer network for a limited time [11]

Core Viewpoint - Winnebago Industries, Inc. is set to release its first quarter fiscal 2026 financial results on December 19, 2025, before the New York Stock Exchange opens [1]. Company Overview - Winnebago Industries, Inc. is a prominent North American manufacturer of outdoor recreation products, operating under brands such as Winnebago, Grand Design, Chris-Craft, Newmar, and Barletta [3]. - The company specializes in high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles [3]. - Winnebago is committed to sustainable innovation and vertical integration in key component areas, with multiple facilities located in Iowa, Indiana, Minnesota, and Florida [3]. - The company's common stock is traded on the New York Stock Exchange under the symbol WGO [3].

Core Viewpoint - BRP Inc. has received approval from the Toronto Stock Exchange for the renewal of its normal course issuer bid (NCIB) to repurchase up to 3,131,256 subordinate voting shares over a twelve-month period, which represents approximately 10% of its public float as of December 2, 2025 [1][6]. Group 1: NCIB Details - The NCIB will be executed through the TSX or other eligible Canadian trading systems, adhering to their regulations, and will involve open market transactions and other permitted means [2]. - BRP is allowed to purchase a maximum of 44,267 subordinate voting shares daily, which is 25% of the average daily trading volume of 177,071 shares over the last six months [3]. - The purchase price for shares will be the market price at the time of acquisition, plus brokerage fees, with potential discounts for certain types of purchases [4]. Group 2: Automatic Share Purchase Plan - BRP has established an automatic share purchase plan (APP) with a designated broker to facilitate share purchases during regulatory restrictions or blackout periods, effective January 24, 2026 [5]. - The APP allows BRP to instruct the broker to make purchases based on pre-established parameters before entering a blackout period, ensuring compliance with TSX rules and applicable securities laws [5]. Group 3: Previous NCIB Performance - Under the previous NCIB that expires on December 9, 2025, BRP did not purchase any subordinate voting shares as of December 2, 2025, despite being allowed to buy a total of 3,331,852 shares [6]. Group 4: Strategic Rationale - The Board of Directors believes that repurchasing subordinate voting shares could be a beneficial use of available cash to enhance shareholder value [7]. Group 5: Company Overview - BRP Inc. is a global leader in powersports products, with annual sales of CA$7.8 billion and a workforce of approximately 16,500 as of January 31, 2025 [8].

Core Insights - The company reported strong financial results for the third quarter and nine-month periods ended October 31, 2025, with significant increases in revenue, profitability, and free cash flow, driven by new product launches and market share gains in North America [3][8][12]. Recent Events - The company received NASDAQ approval to change its ticker symbol from "DOOO" to "DOO," effective December 8, 2025, aligning its stock market symbols across TSX and NASDAQ [2]. Financial Highlights - Revenues for the three-month period increased by 14.0% to CAD 2,250.3 million compared to CAD 1,973.5 million in the same period last year [6][14]. - Gross profit rose by 24.4% to CAD 541.2 million, with a gross profit margin of 24.1%, up from 22.0% [6][16]. - Net income surged by 150.0% to CAD 76.5 million, while normalized EBITDA increased by 21.3% to CAD 325.6 million [6][19]. - For the nine-month period, revenues increased by 3.5% to CAD 5,985.4 million, with net income rising by 156.0% to CAD 294.6 million [23][25]. Fiscal Year 2026 Guidance - The company has increased its guidance for FY26, projecting total revenues of approximately CAD 8,300 million and normalized diluted earnings per share of around CAD 5.00 [9][10]. - Key assumptions for FY26 include adjusted depreciation expenses of approximately CAD 445 million and net financing costs of around CAD 190 million [10]. Product Performance - Year-Round Products accounted for 56% of Q3 FY26 revenues, with a 22.1% increase to CAD 1,265.6 million, driven by higher unit sales and favorable product mix [14][21]. - Seasonal Products revenues decreased by 1.6% to CAD 606.2 million, primarily due to lower Snowmobile sales [21]. - Revenues from PA&A and OEM Engines increased by 17.8% to CAD 378.5 million, attributed to higher sales volume [21]. Retail Sales Trends - North American retail sales decreased by 4% for the three-month period, impacted by lower Seasonal Products sales, although SSV retail saw market share gains [13][15]. Cash Flow and Capital Expenditures - The company generated CAD 784.3 million in net cash flows from operating activities for the nine-month period, a significant increase from CAD 402.5 million in the previous year [27]. - Capital expenditures totaled CAD 196.9 million, focusing on new product introductions and software infrastructure modernization [28].

Core Insights - Winnebago Industries, Inc. has been recognized as one of America's Most Responsible Companies by Newsweek for the fourth consecutive year, emphasizing its commitment to corporate responsibility, sustainability, and social impact [1][2]. Corporate Responsibility Recognition - The recognition is based on key performance indicators from corporate social responsibility, sustainability, and corporate citizenship reports, along with an independent survey of U.S. residents [2]. Corporate Responsibility Strategy - Winnebago Industries focuses on four key areas in its corporate responsibility strategy: people, community, planet, and governance. Initiatives include reducing greenhouse gas emissions, promoting inclusivity, supporting local communities through volunteerism and philanthropy, and maintaining strong governance practices [3]. Additional Recognitions - In addition to being named one of "America's Most Responsible Companies," Winnebago Industries was also recognized as one of Newsweek's Most Trustworthy Companies in America, America's Greenest Companies, and America's Greatest Workplaces in Manufacturing for 2025 [4]. Company Overview - Winnebago Industries is a leading North American manufacturer of outdoor lifestyle products, including motorhomes, travel trailers, and powerboats, with a commitment to sustainable innovation and vertical integration [5].