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 ...

Key Takeaways Airstream parent Thor Industries cut costs and inventories in the fourth quarter, helping the RV maker beat profit and sales forecasts. The company's gross profit margin increased 140 basis points from 2023. Thor's COO predicted a rebound in the slumping RV industry "in the latter half of calendar 2025 and the beginning of our fiscal 2026." Airstream parent Thor Industries (THO) shares jumped Tuesday when the maker of recreational vehicles (RVs) reported better-than-expected results and gave a ...

THOR Industries, Inc. (THO) has solidified its leadership in recreational vehicle (RV) innovation by introducing the THOR Test Vehicle, the world's first hybrid Class A motorhome. Built on an electric vehicle (EV) platform developed in collaboration with EV manufacturer Harbinger, the vehicle features a lowemissions gasoline range extender capable of recharging the battery system, with an estimated range of 500 miles. The hybrid RVs will be available in 2025 through the THOR family of companies and are expe ...

Thor Industries (THO) reported $2.53 billion in revenue for the quarter ended July 2024, representing a yearover-year decline of 7.5%. EPS of $1.68 for the same period compares to $1.68 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $2.45 billion, representing a surprise of +3.23%. The company delivered an EPS surprise of +24.44%, with the consensus EPS estimate being $1.35. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall St ...

Thor Industries (THO) came out with quarterly earnings of $1.68 per share, beating the Zacks Consensus Estimate of $1.35 per share. This compares to earnings of $1.68 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 24.44%. A quarter ago, it was expected that this recreational vehicle maker would post earnings of $1.89 per share when it actually produced earnings of $2.13, delivering a surprise of 12.70%. Over the last four qu ...

行业地位和经营模式 - 公司是全球最大的休闲车(RV)制造商，在北美和欧洲市场占据领先地位[182][183] - 公司采取分散的经营模式，主要通过独立经销商销售RV产品，同时也销售零部件给其他制造商[184] 北美市场情况 - 2024年上半年北美RV批发出货量同比增长8.4%，但零售销量同比下降11.2%[192][197] - 公司2024年上半年北美RV批发出货量同比增长10.6%，零售销量同比下降16.1%[200][202] - 公司预计2024年下半年及2025年北美RV市场需求将受到高通胀、高利率等因素的持续负面影响[204] - 但长期来看公司对北美RV市场的增长前景保持乐观,认为消费者对户外生活方式的偏好将推动行业需求持续增长[204] 欧洲市场情况 - 公司在欧洲市场的销售占比超过90%来自10个不同的欧洲国家[209] - 公司在欧洲的经销商库存水平基本符合历史季节性水平[209] - 公司在欧洲的订单量从2023年7月31日的3,549,660美元下降45.0%至2024年7月31日的1,950,793美元,主要由于底盘供应状况有所改善[210] - 欧洲房车市场2024年上半年的零售注册量同比增长9.4%[212] - 公司在欧洲的房车零售注册量同比增长23.0%[213] - 公司预计未来将继续面临底盘供应和其他原材料供应短缺及延迟的问题,这将对欧洲业务的生产效率和盈利能力产生负面影响[219][220] - 公司正在寻找第二供应商以缓解供应链制约,但替代底盘的工程要求限制了这些替代供应商的作用[220] - 公司目前还面临欧洲地区熟练工人短缺的问题[220] - 公司预计欧洲房车市场的长期增长前景仍然乐观[216] - 公司将通过参加各类房车展会和加强数字营销活动来拓展欧洲市场[217] 北美可拖拽房车业务 - 2024财年北美可拖拽房车销售额下降12.4%，主要由于产品组合和价格变化导致平均售价下降18.3%[236,237,238] - 2024财年北美可拖拽房车销量增加5.9%，主要由于低价旅行拖车需求增加[236,237] - 2024财年北美可拖拽房车分部毛利率下降0.4个百分点至11.5%[223] - 2024财年北美可拖拽房车分部销售费用和管理费用增加1.1%，占销售额比重上升0.9个百分点至6.2%[223] - 2024财年北美可拖拽房车分部税前利润下降39.9%，主要由于销售额下降和费用上升[224] - 2024年7月31日北美可拖拽房车订单量下降33.5%[224] 欧洲房车业务 - 2024财年欧洲房车分部销售额和毛利率均有所增长[223,224] - 2024财年欧洲房车销售、一般及管理费用增加2.6975万美元,主要是由于欧洲房车销售净额和税前利润增加导致相关佣金、奖励和其他薪酬增加6,732美元[263] - 2024财年欧洲房车税前利润增加5.1752万美元,主要是由于欧洲房车销售净额增加,以及产品销售成本占比下降[264] 财务状况 - 2024财年公司进行了信贷协议的再融资，延长了贷款期限并降低了利率[186][188] - 截至2024年7月31日,公司现金及现金等价物为5.01316亿美元,其中3.73031亿美元在美国,1.28285亿美元主要以欧元形式持有在欧洲[265] - 2024财年资本支出1.39635亿美元,主要用于生产厂房的添建和改造,以及更换生产设备[266] - 公司计划2025财年资本支出2.25亿美元,主要用于建筑项目、自动化项目以及更新设备[269] - 公司计划继续派发季度现金股利,但需满足信贷协议中的最低调整后可用现金和固定费用覆盖率要求[270] - 2024财年经营活动产生的现金流入5.45548亿美元,主要来自于净利润调整后的非现金项目[271] - 2024财年投资活动产生的现金流出1.46812亿美元,主要用于资本支出[272] - 2024财年筹资活动产生的现金流出3.37677亿美元,主要用于偿还贷款和支付股息[273] 整体经营情况 - 2024财年公司整体销售额下降9.7%，主要由于北美可拖拽和可动房车需求下降[226] - 2024财年公司整体毛利率小幅上升0.1个百分点至14.5%[227] - 2024财年公司整体税前利润下降30.1%，主要由于销售额下降和费用上升[231] 成本管理 - 原材料和人工成本上涨是影响公司盈利的主要因素,公司将通过多种措施应对成本压力[205] - 北美可拖式房车销售成本下降4.47百万美元至32.52百万美元,占销售净额的88.4%,主要是材料、人工、运费和质保成本的下降[240] - 北美可拖式房车毛利下降7.61万美元,主要是由于销售净额下降,毛利率下降是由于产品销售成本占比上升[243] 风险管理 - 公司为零售客户提供1年或2年的产品质保服务，某些结构性部件或其他项目的质保期更长[290] - 公司根据已售出产品的历史数据、经销商库存、平均维修成本等因素估算质保负债为31,162.7万美元[290] - 维修费用大幅上升或索赔频率增加

财务业绩 - 2024财年第四季度净销售额为25.34亿美元，同比下降7.4%[3] - 2024财年第四季度综合毛利率为15.8%，同比提升140个基点[3] - 2024财年第四季度每股收益为1.68美元，与上年同期持平[3] - 2024财年全年净销售额为100.43亿美元，同比下降9.7%[4] - 2024财年全年每股收益为4.94美元，同比下降28.9%[4] - 公司在2024财年第四季度和全年期间进行了股票回购[3][4] - 公司2024财年第四季度收入为25.11亿美元，同比增长0.7%[37] - 2024财年全年收入为100.11亿美元，同比增长3.5%[37] - 2024财年第四季度净利润为9.15亿美元，同比增长3.6%[37] - 2024财年全年净利润为26.53亿美元，同比增长2.6%[37] - 2024财年第四季度每股收益为1.70美元，同比增长0.6%[37] - 2024财年全年每股收益为4.98美元，同比增长4.8%[37] 分部经营情况 - 2024财年第四季度北美可拖式RV销量增长16.3%，但平均售价下降16.2%[10] - 2024财年第四季度北美机动式RV销量下降25.1%，但毛利率提升420个基点至12.8%[14] - 2024财年第四季度欧洲RV销量下降14.6%，但毛利率仅下降30个基点至18.7%[16] - 第四季度北美可拖拽房车分部销售额持平,毛利率提升70个基点[19] - 第四季度北美机动车分部销售额下降21%,可负担性仍是挑战[19] - 欧洲分部第四季度毛利率下降30个基点,但全年市场份额增加3.5%成为欧洲市场领导者[21] 现金流与财务状况 - 全年经营活动产生现金5.455亿美元,偿还债务2.242亿美元,回购股票6840万美元[22][23] - 2024年7月31日现金及等价物余额为5.01亿美元，较上年同期增加13.6%[38] - 2024年7月31日存货净额为13.67亿美元，较上年同期下降17.3%[38] - 2024年7月31日总资产为70.21亿美元，较上年同期下降3.3%[39] - 2024年7月31日股东权益为40.74亿美元，较上年同期增加2.3%[38] 未来展望 - 2025财年预计北美市场批发出货量在330,000-345,000辆,欧洲市场销售额将下降[29] - 2025财年预计合并净销售额90-98亿美元,毛利率14.7%-15.2%,每股收益4.00-5.00美元[30] - 预计2026财年将迎来更强劲的零售环境,公司有望获得市场份额增长和每股收益大幅提升[30] - 公司管理层表示将保持谨慎的生产策略以应对当前的市场挑战[6][7]

2024 Highlights ($ in thousands, except for per share data) | --- | --- | --- | --- | --- | --- | --- | |---------------------------------|---------------|--------------------------------|----------|------------------------------------|----------------|---------| | | 31, \n2024 | Three Months Ended July \n2023 | Change | Fiscal Years Ended July 31, \n2024 | 2023 | Change | | Net Sales | $ 2,534,167 | $ 2,738,066 | (7.4)% | $ 10,043,408 | $ 11,121,605 | (9.7)% | | Gross Profit | $ 401,331 | $ 394,305 | 1.8% ...

"Electrification will play a central role in the future of mobility, including RVing," said THOR Industries President and CEO Bob Martin. "This first-of-its-kind hybrid platform and our ongoing collaboration with Harbinger are reinforcing THOR's leadership in this segment and creating major points of product differentiation for our family of companies." THOR's Test Vehicle is a demonstration hybrid RV constructed on a Harbinger platform, which was purposebuilt for the unique range requirements of the RV ind ...