THOR Industries Q1 net sales fall 19.5% to $2.50 billion; guidance reaffirmed
THOR Industries reported first-quarter fiscal 2024 net sales of $2.50 billion, down from $3.11 billion a year earlier, and diluted earnings per share of $0.99, down from $2.53. The company reaffirmed its full-year fiscal 2024 guidance for net sales, gross profit margin and diluted earnings per share, but the filing says the guidance assumes a much stronger second half.
- Net income attributable to THOR was $53.6 million, or $0.99 per diluted share, versus $136.2 million, or $2.53, in the first quarter of fiscal 2023.
- North American Towable RV net sales fell 28.3% and North American Motorized RV net sales fell 36.7%, while European RV net sales rose 40.4%.
- Full-year fiscal 2024 guidance reaffirmed: net sales of $10.5 billion to $11.0 billion and diluted EPS of $6.25 to $7.25.
- After quarter-end, the term-loan maturity was extended from February 2026 to November 2030 and the ABL maturity from September 2026 to November 2028.