财务表现 - 2025财年第一季度净销售额为2,142,784千美元，同比下降14.3%[2] - 2025财年第一季度毛利率为13.1%，同比下降1.2个百分点[2] - 2025财年第一季度净亏损为1,832千美元，去年同期净利润为53,565千美元[2] - 2025财年第一季度调整后EBITDA为107,782千美元，同比下降35.4%[2] - 2025财年全年净销售额指引为90亿至98亿美元，毛利率指引为14.7%至15.2%，每股收益指引为4.00至5.00美元[2] - 北美拖挂式房车部门第一季度毛利率为12.5%，与去年同期持平，尽管净销售额下降了4.9%[43] - 北美自行式房车部门第一季度净销售额同比下降29.0%，单位出货量下降33.0%，但每单位净价格上涨4.0%[46] - 公司第一季度综合SG&A成本同比增加2230万美元，预计全年SG&A成本将略高于9%[51] - 公司维持2025财年全年财务指引，预计综合净销售额在90亿至98亿美元之间，综合毛利率在14.7%至15.2%之间，每股摊薄收益在4.00至5.00美元之间[53][54] - 调整后EBITDA从166,918千美元降至107,782千美元[69] 市场预测与行业数据 - 2024年9月，RVIA将2024年北美批发发货量预测下调至311,600至336,600单位，2025年预测为329,900至362,300单位，同比增长6.8%[4] - 公司北美运营计划与RVIA的行业批发发货预测基本一致，预计2025年批发发货量约为335,000单位[55] - 欧洲零售注册量在2024年前九个月增长5.6%，其中欧洲分部产品零售增长20.6%[12] - 欧洲分部在2024年第三季度实现了25.1%的房车市场份额，较2023年全年增长4.2个百分点[14] - 欧洲订单积压量同比下降38.7%，主要由于底盘短缺导致的生产影响[27] 库存与订单 - 2025财年第一季度北美经销商库存维持在75,000单位，欧洲经销商库存下降至25,400单位[20] - 2025财年第一季度北美拖挂式房车积压订单增加17.2%，而自行式房车积压订单减少22.2%[26] - 北美拖挂式房车市场订单积压增加17.2%，从795,798千美元增至933,051千美元[58] - 北美拖挂式房车市场份额下降，美国市场从40.8%降至38.5%，加拿大市场从42.0%降至39.0%[58] - 北美自行式房车市场销售总额下降29.0%，从711,159千美元降至505,208千美元[61] - 欧洲房车市场销售总额下降14.6%，从708,201千美元降至604,903千美元[65] - 欧洲房车市场订单积压减少38.7%，从3,331,171千美元降至2,043,636千美元[65] 产品与技术 - 公司计划在2025年日历年推出革命性的插电式混合动力Class A房车[29] - 公司通过RV Partfinder工具扩展产品和服务，预计到2025年底，北美零部件战略将提供全国供应[30][31][32] - 公司继续投资于新产品和生产流程改进，包括新型空气动力学旅行拖车、轻质建筑材料的使用以及混合动力Class A房车的引入[36][37][38] 运营与策略 - 欧洲部门第一季度业绩符合预期，通常第一季度受夏季工厂关闭和广告及贸易展览成本影响[49] - 北美拖挂式房车市场销售总额下降4.9%，从945,454千美元降至898,778千美元[58]

文章核心观点 公司2025财年第一季度业绩受宏观环境影响，但毛利率表现良好，战略行动虽影响短期业绩但有望带来长期收益，公司对全年业绩保持原有预期，预计市场在下半年好转 [2][3][22] 各部分总结 第一季度业绩亮点 - 2025财年第一季度净销售额21.42亿美元，2024财年同期为25.00亿美元，下降14.3% [1][7] - 2025财年第一季度毛利润2.81亿美元，2024财年同期为3.58亿美元；毛利率13.1%，2024财年同期为14.3% [1][7] - 2025财年第一季度归属于公司的净亏损183.2万美元，2024财年同期净利润5356.5万美元；摊薄后每股亏损0.03美元，2024财年同期为0.99美元 [1][8] - 2025财年第一季度经营活动现金流3074万美元，2024财年同期为5966.8万美元 [1] - 2025财年第一季度EBITDA为8173.3万美元，2024财年同期为1.60亿美元；调整后EBITDA为1.08亿美元，2024财年同期为1.67亿美元 [1][9] 关键要点 - 第一季度业绩受宏观环境影响，符合预期，毛利率在挑战市场中表现良好 [2] - 公司专注长期投资，重组领导团队，本季度战略非经常性成本影响业绩，但预计未来每年节省超1000万美元 [2] - 2025财年全年财务指引不变，净销售额90 - 98亿美元，综合毛利率14.7% - 15.2%，摊薄后每股收益4 - 5美元 [2][29] 管理层评论 - 第一季度业绩符合预期，公司在挑战市场中保持毛利率，尤其北美拖挂式房车业务 [19] - 欧洲业务面临困难对比，但团队表现良好，毛利率优于历史水平 [20] - 本季度每股收益令人失望但可预见，战略行动产生约1550万美元成本，预计未来每年节省超1000万美元 [21] - 公司预计2025财年上半年挑战，下半年好转，将专注长期价值和创新产品 [22] - 第一季度经营活动产生约3070万美元现金，继续平衡资本分配，包括再投资、偿债和向股东返还资本 [23] - 第一季度资本支出约2530万美元，战略性偿还约6180万美元债务，连续15年提高股息 [24][25] - 公司流动性强，10月31日约13.1亿美元，包括4.45亿美元现金和8.65亿美元信贷额度 [26] 各业务板块表现 - **北美拖挂式房车**：净销售额下降4.9%，出货量增加6.8%，但单价下降11.7%；毛利率保持12.5%；税前收入从4920万美元降至4680万美元 [12][13] - **北美机动房车**：净销售额下降29.0%，出货量减少33.0%，单价上涨4.0%；毛利率从11.2%降至8.5%；税前收入从3710万美元降至910万美元 [15] - **欧洲房车**：净销售额下降14.6%，出货量减少27.4%，单价上涨12.8%；毛利率从17.3%降至15.3%；税前收入从2880万美元降至120万美元 [16][17][18] 展望与指引 - 公司对2025财年看法与初始预测一致，RVIA预计2025年批发出货量超34.5万辆，公司更保守但看到市场上行潜力 [27] - 预计2025财年第二季度有挑战，第三、四季度好转，零售市场年底开始积极趋势，2026财年更强 [28]

Wall Street analysts expect Thor Industries (THO) to post quarterly earnings of $0.67 per share in its upcoming report, which indicates a year-over-year decline of 32.3%. Revenues are expected to be $2.25 billion, down 10.1% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a company reveals its earnings, it is v ...

ELKHART, Ind., Nov. 20, 2024 (GLOBE NEWSWIRE) -- THOR Industries, Inc. (NYSE: THO) today announced that the date for its fiscal 2025 first quarter earnings release will be on Wednesday, December 4, 2024, before the market opens. Upon the release of THOR's fiscal 2025 first quarter earnings, the Company will concurrently publish a copy of the earnings release, a comprehensive question and answer document and a slide presentation on the Company's website. To view the quarterly earnings documents, please go to ...

Company delivers world's first electric vehicle prototypes as leader in eMobility ELKHART, Ind., Oct. 29, 2024 /PRNewswire/ -- For nearly 45 years, THOR Industries has utilized responsible and sustainable business practices in its operations as its products inspire people to connect with nature and one another to Go Everywhere. Stay Anywhere®. Today, THOR Industries, Inc. (NYSE: THO), the world's largest recreational vehicle (RV) manufacturer, published its seventh annual sustainability report detailing the ...

A month has gone by since the last earnings report for Thor Industries (THO) . Shares have lost about 2.1% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Thor Industries due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Thor Q4 Earnings Beat EstimatesThor reported ...

Thor Industries ((THO) is the largest maker of recreational vehicles in the world, with $10 billion in annual sales through various subsidiaries including Airstream, Thor Motor Coach, Tiffin Motorhomes, DRV, Keystone, Heartland, KZ and Jayco. Thor was a giant winner in the pandemic environment when more people, from the retired to the merely remote, hit the road. Sales surged to over $16 billion and profit hit a trailing 12-month peak over $20 EPS. The Zacks Rank identified a downward revision trend in EPS ...

ELKHART, Ind., Oct. 08, 2024 (GLOBE NEWSWIRE) -- THOR Industries, Inc. (NYSE: THO) today announced that its Board of Directors approved, at its October 8, 2024 meeting, the payment of a regular quarterly cash dividend of $0.50 per share. The new quarterly dividend amount represents a 4.2% increase from the previous quarterly dividend amount of $0.48. The regular cash dividend is payable on November 15, 2024, to shareholders of record at the close of business on November 1, 2024. About THOR Industries, Inc. ...

THOR Industries (NYSE: THO ) has an impressive track record since its founding in 1980. The stock price has delivered cumulative returns of 2,900%, handily outperforming the S&P 500 over the same period. Associated with: The Merchant House Investor Self-taught Long term value investor looking to buy Great growing businesses at a reasonable price. Warning: The articles are for informational purposes only and should not be considered as investment advice. The author is not a registered financial advisor and d ...

Thor Industries, Inc. (THO) reported earnings of $1.68 per share for the fourth quarter of fiscal 2024 (ended July 31, 2024), which beat the Zacks Consensus Estimate of $1.35. The bottom line remained flat from the yearago quarter's earnings. The company registered revenues of $2.53 billion for the fiscal fourth quarter, surpassing the Zacks Consensus Estimate of $2.46 billion. The top line, however, declined 7.4% year over year. Segmental Results North American Towable RVs: Revenues from the segment came i ...