THOR announces second fiscal quarter results

Goshen News, Ind.
·2 min read

Mar. 8—ELKHART — On Wednesday THOR Industries, Inc. announced financial results for its second fiscal quarter ended Jan. 31.

Fiscal Second Quarter 2024 Highlights include:

* Consolidated net sales for the second quarter were $2.21 billion;

* Consolidated gross profit margin for the second quarter was 12.3%;

* Net income attributable to THOR Industries, Inc. and diluted earnings per share for the second quarter of fiscal 2024 were $7.2 million and $0.13, respectively, inclusive of a $14.7 million charge related to the November 15, 2023 refinancing of the Company's debt facilities;

* The company revised its full-year fiscal 2024 consolidated net sales and diluted earnings per share guidance to a consolidated net sales range of $10.0 billion to $10.5 billion and diluted earnings per share in the range of $5.00 to $5.50.

Consolidated net sales were $2.21 billion in the second quarter of fiscal 2024, compared to $2.35 billion for the second quarter of fiscal 2023. Consolidated gross profit margin for the second quarter of fiscal 2024 was 12.3%, an increase of 20 basis points when compared to the second quarter of fiscal 2023.

"Our fiscal second quarter, similar to the prior-year period, presented a challenging operating environment as seasonally lower retail demand and cautious dealer sentiment impacted our results," said Bob Martin, President and CEO in a news release. "As macro conditions continue to pressure the top-line, our teams proactively navigated through the retail offseason to improve the competitive positioning of our operating companies and independent dealer partners.

"Notably, we continued to work with our North American independent dealer partners to closely match wholesale production with the pace of retail sales and we enacted promotional programs to assist independent dealers in moving prior-model-year units and stimulate retail demand. With the rapid increase in interest rates over the past year, dealers face elevated floorplan financing costs that have put substantial pressure on their operations.

"As a result, we currently believe that even though the levels and mix of channel inventory are well-positioned ahead of the retail selling season, dealers will remain focused on limiting inventory levels as they manage interest expense."

To learn more, visit ir.thorindustries.com/home/default.aspx.