Wed, Jun 5, 10:35 AM (138 days ago)
Thor Industries, Inc. reported a decline in net sales and income for the quarter ending April 30, 2024, compared to the same period in 2023. Net sales dropped by 4.4% to $2.8 billion, driven by a 27.4% decrease in North American Motorized RV sales and a 16.0% drop in North American Towable RV sales, partially offset by a 20.0% increase in European RV sales. Gross profit also declined by 2.5% to $421.9 million, with a slight increase in gross profit margin to 15.1%. Selling, general, and administrative expenses rose by 7.8% to $226.5 million, primarily due to higher compensation, legal, and research and development costs. Consequently, income before income taxes fell by 8.4% to $142.4 million. The effective tax rate decreased to 20.2% from 23.0%. Cash and cash equivalents decreased by $69.4 million to $371.8 million, primarily due to capital expenditures and stock repurchases. The company also reported a significant reduction in its backlog, down 34.4% to $3.6 billion, reflecting lower dealer orders.