Thor Industries Q1 Revenue Dips Slightly to $2.79B

Ticker: THO · Form: 10-Q · Filed: 2024-12-04T00:00:00.000Z

Sentiment: neutral

Topics: earnings, revenue, 10-Q

TL;DR

THO Q1 revenue down slightly to $2.79B, watch RV demand.

AI Summary

Thor Industries Inc. reported its first quarter results for the fiscal year ending October 31, 2024. The company's revenue for the quarter was $2.79 billion, a slight decrease from the previous year. Net sales were $2.79 billion, down from $2.85 billion in the same period last year. The filing also details various financial statement items and disclosures relevant to the period.

Why It Matters

This filing provides insight into Thor Industries' financial performance in the current quarter, impacting investor confidence and potentially influencing the stock price of RV manufacturers.

Risk Assessment

Risk Level: medium — The RV industry is cyclical and sensitive to economic conditions, which can impact Thor Industries' sales and profitability.

Key Numbers

Key Players & Entities

FAQ

What was Thor Industries' net sales for the first quarter of fiscal year 2024?

Thor Industries reported net sales of $2.79 billion for the first quarter of fiscal year 2024.

How does the Q1 FY2024 revenue compare to the same period last year?

Net sales for Q1 FY2024 were $2.79 billion, a decrease from $2.85 billion in the first quarter of fiscal year 2023.

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended October 31, 2024.

What is Thor Industries' fiscal year end?

Thor Industries' fiscal year ends on July 31.

What is the company's primary industry classification?

Thor Industries is classified under MOTOR HOMES [3716].

Filing Stats: 4,528 words · 18 min read · ~15 pages · Grade level 19.2 · Accepted 2024-12-04 06:34:51

Key Financial Figures

Filing Documents

– FINANCIAL INFORMATION (Unless otherwise indicated, amounts in thousands except share and per share data.)

PART I – FINANCIAL INFORMATION (Unless otherwise indicated, amounts in thousands except share and per share data.)

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS THOR INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) October 31, 2024 July 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 445,222 $ 501,316 Accounts receivable, trade, net 516,425 502,301 Accounts receivable, other, net 122,020 198,594 Inventories, net 1,371,771 1,366,638 Prepaid income taxes, expenses and other 77,526 81,178 Total current assets 2,532,964 2,650,027 Property, plant and equipment, net 1,380,362 1,390,718 Other assets: Goodwill 1,791,704 1,786,973 Amortizable intangible assets, net 833,098 861,133 Deferred income tax assets, net 26,455 28,414 Equity investments 137,769 137,272 Other 170,829 166,286 Total other assets 2,959,855 2,980,078 TOTAL ASSETS $ 6,873,181 $ 7,020,823 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 571,639 $ 628,134 Current portion of long-term debt 32,206 32,650 Short-term financial obligations 69,850 72,051 Accrued liabilities: Compensation and related items 173,144 185,249 Product warranties 300,775 311,627 Income and other taxes 78,545 74,987 Promotions and rebates 156,252 169,928 Product, property and related liabilities 20,871 32,278 Dividends payable 26,551 — Other 51,672 60,118 Total current liabilities 1,481,505 1,567,022 Long-term debt, net 1,043,790 1,101,265 Deferred income tax liabilities, net 72,069 74,401 Unrecognized tax benefits 12,004 12,405 Other liabilities 201,857 191,677 Total long-term liabilities 1,329,720 1,379,748 Contingent liabilities and commitments Stockholders' equity: Preferred stock – authorized 1,000,000 shares; none outstanding — — Common stock – par value of $ .10 per share; authorized 250,000,000 shares; issued 67,114,970 and 66,859,738 shares, respectively 6,711 6,686 Additional paid-in capital 589,414 577,015 Retained earnings 4,226,351 4,254,734 Accumulated other comprehensive loss, net of tax ( 81,805 ) ( 93,706 ) Less: Tr

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