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Thor (THO) Q1 Earnings Top Estimates, Up Y/Y, Backlog Jumps

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Thor Industries, Inc. (THO - Free Report) reported first-quarter fiscal 2021 (ended Oct 31, 2020) adjusted earnings of $2.05 per share, which surpassed the Zacks Consensus Estimate of $1.46. This outperformance can be attributed to higher-than-anticipated revenues across all its segments. The bottom line also jumped 123% from the year-ago profit of 92 cents.

This recreational vehicle (RV) maker registered revenues of $2,537 million for the quarter under review, beating the Zacks Consensus Estimate of $2,379 million. Moreover, the top line recorded a 17.5% year-over-year increase.

As of Oct 31, 2020, Thor — which shares space with Winnebago Industries (WGO - Free Report) , LCI Industries (LCII - Free Report) and Skyline Corporation (SKY - Free Report) — had cash and cash equivalents of $340.2 million and a long-term debt of $1,585 million. Consolidated backlog totaled $8.92 billion at quarter-end, representing a 194.5% jump from the year-ago period. Thor currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Thor Industries, Inc. Price, Consensus and EPS Surprise

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 $1,392 million, up 15.8% year over year on the back of robust shipments. The top line also surpassed the Zacks Consensus Estimate of $1,353 million. Pretax profit totaled $141.2 million, up from $104.3 million recorded in the year-ago period. At quarter-end, total backlog of the unit was $4.4 billion, which skyrocketed 312.1% from the year-ago period.

North American Motorized RVs: Revenues from the segment totaled $493.9 million, which reflected year-over-year growth of 18.7% on the back of higher unit sales in Class B/C motorhomes. The top line also outpaced the consensus mark of $419 million. Pretax profit came in at $41.6 million, up from $21.8 million recorded in the year-ago period. Backlog in the segment summed $2.22 billion, up a whopping 230.6% from the year-ago period.

European RVs: Revenues from the segment came in at $602.5 million, up 22.1% from the year-ago period driven by higher unit shipments, favorable product mix and forex translations. The top line also beat the consensus mark of $557 million. The segment incurred a net loss of $5.5 million, narrower than the year-ago loss of $23 million due to lower SG&A costs and higher sales. Backlog of the segment was $2.31 as of Oct 31, depicting year-over-year growth of 78.7%.

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