We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Thor Industries, Inc. (THO - Free Report) reported earnings of $2.13 per share for the third quarter of fiscal 2024 (ended Apr 30, 2024), which beat the Zacks Consensus Estimate of $1.89. The bottom line, however, tumbled 4.9% from the year-ago quarter’s earnings of $2.24 per share.
The company registered revenues of $2.80 billion for the fiscal third quarter, outpacing the Zacks Consensus Estimate of $2.72 billion. The top line declined 4.4% year over year.
Thor Industries, Inc. Price, Consensus and EPS Surprise
North American Towable RVs: Revenues from the segment came in at $1.07 billion, down 4.7% year over year due to a decrease in overall net price per unit. The figure, however, topped our estimate of $1.02 billion.
Gross profit totaled $138 million, down 4.1% year over year. The pretax income totaled $68.4 million, up from $77.6 million recorded in the year-ago period, primarily due to lower North American Towable RV net sales. The unit’s total backlog was $741.3 million at the quarter's end, down from $757.1 million as of Apr 30, 2023.
North American Motorized RVs: Revenues from the segment totaled $646.9 million, which fell 18.7% year over year, owing to a decrease in unit shipments. The figure also missed our estimate of $726.8 million.
Gross profit totaled $71.8 million, falling 23.1% year over year. Consequently, pretax profit came in at $33.1 million, declining 31.2% from the year-ago period due to lower sales and gross margin percentage. The segment’s backlog was $925.8 million, down from $1.26 billion as of Apr 30, 2023.
European RVs: Revenues from the segment came in at $931.1 million, up 7.4% from the year-ago period, driven by an increase in net price per unit. The figure also beat our estimate of $859.4 million.
Gross profit of $162.9 million increased 7.3% year over year. The segment reported a pretax income of $77.4 million, higher than the year-ago pretax income of $72.4 million. The backlog of the segment was $1.94 billion, which declined from $3.47 billion recorded as of Apr 30, 2023.
Financials
As of Apr 30, 2024, Thor had cash and cash equivalents of $371.8 million and long-term debt of $1.21 billion. During the third quarter of fiscal 2024, THO repurchased 126,754 shares of its common stock.
Revised Guidance for Fiscal 2024
Thor has revised its full-year guidance for fiscal 2024. It now projects its full-year consolidated net sales in the range of $9.8-$10.1 billion, down from the previous guidance of $10-$10.5 billion. The consolidated gross profit margin is now expected in the band of 13.75-14%, down from the previous range of 14-14.5%. Earnings per share (EPS) are now expected in the range of $4.50-$4.75, down from the previous guidance of $5-$5.50.
The consensus estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. The EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for OSK’s 2024 sales and earnings suggests year-over-year growth of 9.86% and 11.92%, respectively. The EPS estimates for 2024 and 2025 have improved 12 cents and 10 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for GELYY’s 2024 sales suggests year-over-year growth of 36.6%. The EPS estimates for 2024 and 2025 have moved up 21 cents and 34 cents, respectively, in the past 30 days.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Thor (THO) Q3 Earnings Beat Estimates, Guidance Revised
Thor Industries, Inc. (THO - Free Report) reported earnings of $2.13 per share for the third quarter of fiscal 2024 (ended Apr 30, 2024), which beat the Zacks Consensus Estimate of $1.89. The bottom line, however, tumbled 4.9% from the year-ago quarter’s earnings of $2.24 per share.
The company registered revenues of $2.80 billion for the fiscal third quarter, outpacing the Zacks Consensus Estimate of $2.72 billion. The top line declined 4.4% 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 $1.07 billion, down 4.7% year over year due to a decrease in overall net price per unit. The figure, however, topped our estimate of $1.02 billion.
Gross profit totaled $138 million, down 4.1% year over year. The pretax income totaled $68.4 million, up from $77.6 million recorded in the year-ago period, primarily due to lower North American Towable RV net sales. The unit’s total backlog was $741.3 million at the quarter's end, down from $757.1 million as of Apr 30, 2023.
North American Motorized RVs: Revenues from the segment totaled $646.9 million, which fell 18.7% year over year, owing to a decrease in unit shipments. The figure also missed our estimate of $726.8 million.
Gross profit totaled $71.8 million, falling 23.1% year over year. Consequently, pretax profit came in at $33.1 million, declining 31.2% from the year-ago period due to lower sales and gross margin percentage. The segment’s backlog was $925.8 million, down from $1.26 billion as of Apr 30, 2023.
European RVs: Revenues from the segment came in at $931.1 million, up 7.4% from the year-ago period, driven by an increase in net price per unit. The figure also beat our estimate of $859.4 million.
Gross profit of $162.9 million increased 7.3% year over year. The segment reported a pretax income of $77.4 million, higher than the year-ago pretax income of $72.4 million. The backlog of the segment was $1.94 billion, which declined from $3.47 billion recorded as of Apr 30, 2023.
Financials
As of Apr 30, 2024, Thor had cash and cash equivalents of $371.8 million and long-term debt of $1.21 billion. During the third quarter of fiscal 2024, THO repurchased 126,754 shares of its common stock.
Revised Guidance for Fiscal 2024
Thor has revised its full-year guidance for fiscal 2024. It now projects its full-year consolidated net sales in the range of $9.8-$10.1 billion, down from the previous guidance of $10-$10.5 billion. The consolidated gross profit margin is now expected in the band of 13.75-14%, down from the previous range of 14-14.5%. Earnings per share (EPS) are now expected in the range of $4.50-$4.75, down from the previous guidance of $5-$5.50.
Zacks Rank & Key Picks
THO currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Blue Bird Corporation (BLBD - Free Report) , Oshkosh Corporation (OSK - Free Report) and Geely Automobile Holdings Limited (GELYY - Free Report) . BLBD and OSK sport a Zacks Rank #1 (Strong Buy) each, while GELYY carries Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. The EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for OSK’s 2024 sales and earnings suggests year-over-year growth of 9.86% and 11.92%, respectively. The EPS estimates for 2024 and 2025 have improved 12 cents and 10 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for GELYY’s 2024 sales suggests year-over-year growth of 36.6%. The EPS estimates for 2024 and 2025 have moved up 21 cents and 34 cents, respectively, in the past 30 days.