Tue, Sep 24, 10:33 AM (88 days ago)
In fiscal 2024, Thor Industries reported a consolidated net sales decline of 9.7% to $10,043,408, primarily due to reduced demand in North American recreational vehicle (RV) segments, which saw a decrease in sales of 18.5%. The North American Towable segment generated $3,679,671, down 12.4%, while North American Motorized sales fell 26.2% to $2,445,850. European sales, however, rose 10.8% to $3,364,980. Gross profit decreased by 9.0% to $1,451,962, with a slight increase in gross margin to 14.5%. Selling, general, and administrative expenses increased by 2.9%, leading to a 30.1% drop in income before taxes to $348,844. The company’s order backlog decreased significantly, down 40.9% to $3,280,075, reflecting lower dealer orders amid rising interest costs. Operational challenges included supply chain disruptions, particularly in chassis availability, and inflationary pressures affecting consumer confidence. Thor's long-term debt stood at $1,151,279, with a focus on managing cash flows and maintaining adequate liquidity. Future outlook remains cautious due to macroeconomic uncertainties impacting consumer spending and dealer inventory levels.