Thor Industries (THO) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 net sales declined 9.7% year-over-year to $10.04B, with 186,908 unit shipments and a gross profit margin of 14.5%.

• Diluted EPS was $4.94, down 28.9% year-over-year, but exceeded recent guidance.

• Management emphasized disciplined production, operational efficiency, and strong liquidity to navigate macroeconomic headwinds.

• European segment delivered strong net sales and margin, while North American segments faced headwinds.

Financial highlights

• Fiscal 2024 net sales were $10.04B, down 9.7% year-over-year; Q4 net sales were $2.53B, down 7.4%.

• Gross profit margin improved to 14.5% for the year and 15.8% in Q4.

• Diluted EPS was $4.94; Q4 EPS was $1.68.

• Cash from operations totaled $545.5M for the year and $338.0M in Q4.

• Share repurchases totaled $68.4M for 720,997 shares.

Outlook and guidance

• FY2025 net sales expected between $9.0B–$9.8B, with gross margin of 14.7%–15.2%.

• Diluted EPS guidance is $4.00–$5.00 for FY2025.

• Management expects continued market headwinds in North America and Europe, with discounting to remain elevated in Motorized and moderate in Towable segments.

• Expects stronger retail environment in late calendar 2025 and early FY2026.