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Thor Industries, Inc. (THO - Free Report) 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 year-ago 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.
Thor Industries, Inc. Price, Consensus and EPS Surprise
North American Towable RVs: Revenues from the segment came in at $931.9 million, up 0.1% year over year due to an increase in unit shipments. The figure also beat our estimate of $867 million.
Gross profit totaled $117.4 million, up 6% year over year. The pretax income totaled $50.9 million, down from $55.7 million recorded in the year-ago period, primarily due to an increase in selling, general and administrative costs. The unit’s total backlog was $552.4 million at the quarter's end, down from $756 million as of July 31, 2023.
North American Motorized RVs: Revenues from the segment totaled $517.3 million, which fell 21.2% year over year, owing to a decrease in unit shipments. The figure, however, surpassed our estimate of $506.4 million.
Gross profit totaled $65.9 million, up 16.8% year over year. Consequently, pretax profit came in at $29.8 million, up 41.7% from the year-ago period. The segment’s backlog was $776.9 million, down from $1.24 billion as of July 31, 2023.
European RVs: Revenues from the segment came in at $934.4 million, down 7.4% from the year-ago period due to a decline in unit shipments. The figure also missed our estimate of $986.5 million.
Gross profit of $176.1 million fell 8.9% year over year. The segment reported a pretax income of $87.2 million, lower than the year-ago pretax income of $101.7 million. The backlog of the segment was $1.95 billion, which declined from $3.55 billion recorded as of July 31, 2023.
Financials
As of July 31, 2024, Thor had cash and cash equivalents of $501.3 million and long-term debt of $1.1 billion. During the fourth quarter of fiscal 2024, THO repurchased 266,367 shares of its common stock.
Guidance for Fiscal 2025
Thor projects its fiscal 2025 consolidated net sales in the range of $9-$9.8 billion, down from $10 billion reported in fiscal 2024. The consolidated gross profit margin is expected in the band of 14.7-15.2%, up from 14.5% reported in fiscal 2024. Earnings per share (EPS) are now expected in the range of $4-$5 compared with $4.94 reported in fiscal 2024.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
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Thor Q4 Earnings Surpass Expectations, Revenues Decline Y/Y
Thor Industries, Inc. (THO - Free Report) 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 year-ago 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.
Thor Industries, Inc. Price, Consensus and EPS Surprise
Thor Industries, Inc. price-consensus-eps-surprise-chart | Thor Industries, Inc. Quote
Segmental Results
North American Towable RVs: Revenues from the segment came in at $931.9 million, up 0.1% year over year due to an increase in unit shipments. The figure also beat our estimate of $867 million.
Gross profit totaled $117.4 million, up 6% year over year. The pretax income totaled $50.9 million, down from $55.7 million recorded in the year-ago period, primarily due to an increase in selling, general and administrative costs. The unit’s total backlog was $552.4 million at the quarter's end, down from $756 million as of July 31, 2023.
North American Motorized RVs: Revenues from the segment totaled $517.3 million, which fell 21.2% year over year, owing to a decrease in unit shipments. The figure, however, surpassed our estimate of $506.4 million.
Gross profit totaled $65.9 million, up 16.8% year over year. Consequently, pretax profit came in at $29.8 million, up 41.7% from the year-ago period. The segment’s backlog was $776.9 million, down from $1.24 billion as of July 31, 2023.
European RVs: Revenues from the segment came in at $934.4 million, down 7.4% from the year-ago period due to a decline in unit shipments. The figure also missed our estimate of $986.5 million.
Gross profit of $176.1 million fell 8.9% year over year. The segment reported a pretax income of $87.2 million, lower than the year-ago pretax income of $101.7 million. The backlog of the segment was $1.95 billion, which declined from $3.55 billion recorded as of July 31, 2023.
Financials
As of July 31, 2024, Thor had cash and cash equivalents of $501.3 million and long-term debt of $1.1 billion. During the fourth quarter of fiscal 2024, THO repurchased 266,367 shares of its common stock.
Guidance for Fiscal 2025
Thor projects its fiscal 2025 consolidated net sales in the range of $9-$9.8 billion, down from $10 billion reported in fiscal 2024. The consolidated gross profit margin is expected in the band of 14.7-15.2%, up from 14.5% reported in fiscal 2024. Earnings per share (EPS) are now expected in the range of $4-$5 compared with $4.94 reported in fiscal 2024.
THO’s Zacks Rank & Key Picks
THO currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. (DORM - Free Report) , Blue Bird Corporation (BLBD - Free Report) and Douglas Dynamics, Inc. (PLOW - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.