Thor Industries【THO】株式ニュース

THOR INDUSTRIES ANNOUNCES FISCAL 2026 THIRD QUARTER RESULTSJune 3, 2026 6:30 AM
PR Newswire (US) Financial Highlights

($ in thousands, except for per share data)Three Months EndedApril 30,
Change

Nine Months EndedApril 30,
Change
2026
2025

2026
2025
Net Sales$ 2,781,538
$ 2,894,816
(3.9) %

$ 7,296,517
$ 7,055,707
3.4 %Gross Profit$  354,770
$  443,119
(19.9) %

$   926,998
$   969,758
(4.4) %Gross Profit Margin %12.8 %
15.3 %
(250) bps

12.7 %
13.7 %
(100) bpsNet Income Attributable to THOR$    97,229
$  135,185
(28.1) %

$   136,701
$   132,802
2.9 %Diluted Earnings Per Share$       1.86
$       2.53
(26.5) %

$       2.59
$       2.49
4.0 %

EBITDA (1)$  209,078
$  232,958
(10.3) %

$  411,908
$  391,035
5.3 %Adjusted EBITDA (1)$  183,561
$  254,823
(28.0) %

$  412,620
$  449,620
(8.2) %
(1) See reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures included at the end of this releaseFiscal 2026 Third QuarterNet sales of $2.78 billion, Net income attributable to THOR of $97.2 million and EBITDA of $209.1 million in the quarterNorth American Motorized and European top-line results continue to indicate resilient demand for these products in a difficult macroeconomic environmentOpportunistically repurchased $50.5 million of shares during the quarterNet income attributable to THOR was aided by gains from favorable market value adjustments on certain investments as well as gains on the sales of certain real estate associated with strategically optimizing our footprint. Adjusted EBITDA of $183.6 million in the quarter excludes, among other items, nonrecurring costs or benefits associated with strategic reorganization initiatives, the impact of gains on investments and the impact of real estate transactionsFull-year fiscal 2026 diluted EPS guidance has been revised in light of prolonged macroeconomic headwindsConsolidated net sales in the range of $9.0 billion to $9.5 billion (no revision)Diluted earnings per share in the range of $3.30 to $3.80 (previously $3.75 to $4.25)ELKHART, Ind., June 3, 2026 /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) today announced financial results for its fiscal 2026 third quarter ended April 30, 2026. "At the end of our fiscal second quarter, we correctly identified the risk of geopolitical events having an adverse impact on the RV selling season. The consequences of this risk coming to fruition during our fiscal third quarter have exceeded the expectations of our industry due to the unforeseen duration of these macroeconomic influences and their impact on consumer sentiment and material costs. In particular, our North American Towable segment has confronted both suppressed volumes due to strained consumer sentiment and rising material costs brought on by tariff and inflationary pressures. Despite these challenges, we are focused on executing our strategy within any economic environment. Our fiscal third quarter results demonstrate the steadfastness of our teams as we navigate this challenging macroeconomic backdrop. Our North American Motorized and European segment results showed resilience and illustrate an enduring interest in the RV lifestyle, with fiscal 2026 third quarter Motorized net sales up 7.7% and European net sales up 3.6% on a constant currency basis compared to the prior-year period. We remain committed to diligently managing our business and better positioning it for the near-term RV landscape as we wait for resolutions to macroeconomic headwinds and an inflection in consumer confidence and the retail market. Our previously announced strategic realignment of our North American RV operations is well under way with management team assessments largely complete and initiatives ready to be implemented. Our operations in both North America and Europe continue to be streamlined while also delivering innovative and refreshed products. We have invested heavily in growing our owned supplier businesses to further diversify our revenue streams within the RV market and provide optionality as a trusted partner within the supplier landscape. Our future is bright, supported by the strong foundation we have built and the operational efficiencies we continue to pursue," stated Bob Martin, President and Chief Executive Officer of THOR Industries. "Our confidence in the appeal of the RV lifestyle remains high despite current macroeconomic impediments. We look forward to advancing the realignment of our North American RV operations and to start seeing key initiatives put in motion as well as their benefits starting to be realized. We are clear and confident in our strategy going forward, and are well-equipped to manage through any market landscape."Todd Woelfer, Senior Vice President and Chief Operating Officer, added, "Our fiscal third quarter results reflect both the resilience of our diversified business model and the persistent macroeconomic headwinds facing the RV consumer. With three quarters of fiscal 2026 now complete, we have meaningful visibility into the full-year trajectory of our financial performance. The strained retail environment is reflective of the low level of consumer confidence and has led to reduced retail expectations for the industry. Cost pressures have particularly weighed on our North American Towable results. Even against the backdrop of macroeconomic uncertainty and a subdued retail environment, our conviction that the RV lifestyle continues to resonate with consumers was affirmed. Our North American Motorized segment delivered net sales growth compared to the prior-year period and expanded its retail market share to 47.8% for the three months ended March 31, 2026, while our European segment also grew net sales compared to the prior-year period and increased retail market share to 24.4% for the three months ended March 31, 2026, clear evidence that demand for our products remains durable in the categories where consumers see compelling value. In addition to the resilience of these segments, our owned supply companies continue to provide a lift to our consolidated financial results, with strong top- and bottom-line performances and content per unit growth across the RV industry for the nine months ended April 30, 2026 compared to the prior-year period. At the same time, we recognize that our North American Towable segment is facing continuing and amplified headwinds, and the strategic realignment we have set in motion is specifically designed to position that segment for stronger net sales and margin performance as retail conditions improve.""As we enter the final quarter of fiscal 2026 mindful of the heightened uncertainty affecting consumer confidence and dealer ordering patterns, we are focused on execution: progressing through the operational steps of our North American RV realignment, continuing to invest in product innovation across all of our brands and maintaining the disciplined capital allocation framework that has allowed us to return capital to shareholders while preserving balance sheet strength. We have built THOR to perform through cycles, and the work we are doing today is creating a stronger foundation for the long-term value we are committed to delivering to our shareholders," stated Woelfer."Our disciplined capital allocation framework allowed us to maintain our balance sheet focus amidst an otherwise challenging operational environment. During the quarter, we returned capital to shareholders through $50.5 million in share repurchases and $27.1 million in dividend payments. We took advantage of suppressed market values due to macroeconomic conditions and strategically repurchased shares," added Colleen Zuhl, Senior Vice President and Chief Financial Officer. "We remain focused on maintaining the Company's resiliency within a difficult economic backdrop while still being poised for growth opportunities. THOR has demonstrated throughout its history an ability to manage through a diverse set of market conditions. Our strong liquidity position allows us to weather difficult environments while also being able to explore attractive ventures. Our focus going forward is to continue to manage working capital and to protect margins through efficiencies and production discipline, all while remaining committed to investing in our business. This commitment includes strategic initiatives that are forward-thinking and create long-term shareholder value. As we begin our fiscal 2026 fourth quarter, we are confident that our liquidity position affords us to not have to settle on an individual priority but instead pick and choose advantageous opportunities as they arise."Third Quarter Financial ResultsTHOR's consolidated results were primarily driven by the results of its individual reportable segments as noted below.Segment ResultsNorth American Towable RVs($ in thousands)Three Months EndedApril 30,
Change

Nine Months EndedApril 30,
Change
2026
2025

2026
2025
Net Sales$   881,778
$ 1,168,878
(24.6) %

$ 2,489,353
$ 2,895,922
(14.0) %Unit Shipments27,045
36,077
(25.0) %

74,429
94,108
(20.9) %Gross Profit$    89,693
$   174,317
(48.5) %

$   284,186
$   378,400
(24.9) %Gross Profit Margin %10.2 %
14.9 %
(470) bps

11.4 %
13.1 %
(170) bpsIncome Before Income Taxes$    52,683
$    97,587
(46.0) %

$   130,349
$   172,560
(24.5) %
As of April 30,
Change($ in thousands)2026
2025
Order Backlog$          385,988
$          634,318
(39.1) %Net sales declined in our fiscal 2026 third quarter compared to the prior-year period due to a 25.0% decrease in unit shipments influenced by a challenging retail environment and cautious independent dealer ordering patterns. The gross profit margin percentage in the third quarter of fiscal 2026 declined by 470 basis points compared to the prior-year period, primarily due to lower sales, an increased material cost percentage and an unfavorable product mix. Income before income taxes for the three and nine months ended April 30, 2026, includes gains on sales of fixed assets of $23.8 million and $36.8 million, respectively.North American Motorized RVs($ in thousands)Three Months EndedApril 30,
Change

Nine Months EndedApril 30,
Change
2026
2025

2026
2025
Net Sales$   717,736
$   666,686
7.7 %

$ 1,955,903
$ 1,618,192
20.9 %Unit Shipments6,008
5,507
9.1 %

15,482
12,774
21.2 %Gross Profit$    62,947
$    70,297
(10.5) %

$   189,209
$   147,765
28.0 %Gross Profit Margin %8.8 %
10.5 %
(170) bps

9.7 %
9.1 %
+60 bpsIncome Before Income Taxes$    25,349
$    32,883
(22.9) %

$    79,402
$    46,262
71.6 %
As of April 30,
Change($ in thousands)2026
2025
Order Backlog$          766,117
$          883,739
(13.3) %Net sales for the North American Motorized segment increased 7.7% in the third quarter of fiscal 2026 compared to the prior-year period, driven by a 9.1% increase in unit shipments and a 1.4% decrease in the overall net price per unit as our more moderately priced Class C products remain popular with consumers. The gross profit margin percentage declined 170 basis points compared to the prior-year period due to the increased volumes being more than offset by the combined increases in the material, warranty and overhead cost percentages.European RVs($ in thousands)Three Months EndedApril 30,
Change

Nine Months EndedApril 30,
Change
2026
2025

2026
2025
Net Sales$   987,585
$   883,542
11.8 %

$ 2,327,536
$ 2,100,910
10.8 %Unit Shipments14,065
13,495
4.2 %

32,253
31,572
2.2 %Gross Profit$   142,029
$   142,830
(0.6) %

$   294,972
$   316,407
(6.8) %Gross Profit Margin %14.4 %
16.2 %
(180) bps

12.7 %
15.1 %
(240) bpsIncome Before Income Taxes$    56,167
$    46,299
21.3 %

$    17,221
$    49,686
(65.3) %
As of April 30,
Change($ in thousands)2026
2025
Order Backlog$        1,357,430
$        1,343,608
1.0 %European RV net sales for the third quarter of fiscal 2026 increased 11.8% compared to the prior-year period, driven by the combined impact of a 4.2% increase in unit shipments and a 7.6% increase in the overall net price per unit, of which 8.2% was due to favorable changes in foreign currency exchange rates. The gross profit margin percentage fell 180 basis points in our fiscal 2026 third quarter compared to the prior-year period due to a higher material cost percentage, a higher mix of lower-margin special-edition motorcaravan products and an increased warranty cost percentage. Income before income taxes includes restructuring costs of $3.4 million and $15.8 million for the three and nine months ended April 30, 2026, respectively.Fiscal 2026 Guidance"Our results through the first three quarters of fiscal 2026 reflect the persistent macroeconomic pressures weighing on the broader RV market, including a challenged retail environment driven in large part by low consumer confidence, cautious independent dealer ordering patterns and ongoing tariff-related and inflationary cost dynamics that continue to negatively impact industry-wide performance. While these external conditions remain outside of our control, we are firmly focused on the conditions that are within our control — measured production management, the strategic realignment of our North American RV operations, continued operational improvements across our European segment and the disciplined capital allocation framework that has guided our decisions throughout the fiscal year. Given the prolonged geopolitical and macroeconomic conditions and the resulting pressure on consumer confidence and retail demand, we believe it is prudent to revise portions of our full-year guidance. Despite this revision, we remain confident in our ability to execute through the remainder of fiscal 2026 and position THOR to outperform when market conditions stabilize," commented Woelfer.For fiscal 2026, the Company's full-year financial guidance includes:Consolidated net sales in the range of $9.0 billion to $9.5 billion (no revision)Declining gross margin at midpoint (previously stable)Diluted earnings per share in the range of $3.30 to $3.80 (previously $3.75 to $4.25)For the fiscal year 2026 period, an assumption of a mid-teens retail decline in North America with a low-single-digit market share decline in North American Towables and a low-single-digit market share gain in North American Motorized (previously low- to mid-single-digit retail decline in North America with stable market share)No meaningful financial impact for the balance of the fiscal year related to the strategic evolution of our North American RV operations (no revision)A total tax rate in the range of 26% to 28% including estimated discrete items (previously 24% to 26% excluding discrete items)Mr. Martin concluded by saying, "While the current operating environment reflects heightened near-term headwinds for our industry, our conviction in the long-term trajectory of the RV market remains as strong as ever. Consumers continue to value the freedom, flexibility and connection to the outdoors that the RV lifestyle uniquely provides. The fundamental drivers of demand — favorable demographic trends, the enduring appeal of outdoor recreation and the millions of consumers introduced to the RV lifestyle over the past several years — remain firmly intact. As we enter the final quarter of fiscal 2026, we are focused on executing the strategic initiatives that will position THOR to lead the RV industry into its next phase of growth. We have built this Company to perform across cycles, and the operational discipline, brand strength and innovation pipeline we are advancing today give me tremendous confidence in our ability to deliver sustainable, long-term value for our shareholders, our independent dealer partners and the consumers we serve."Supplemental Earnings Release MaterialsTHOR Industries has provided a comprehensive question and answer document, as well as a PowerPoint presentation, relating to its quarterly results and other topics.To view these materials, go to http://ir.thorindustries.com.About THOR Industries, Inc.THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles.For more information on the Company and its products, please go to www.thorindustries.com.Forward-Looking StatementsThis release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance and actual results may differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the level of consumer confidence and the level of discretionary consumer spending; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic initiatives including realignments or other reorganizational actions; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits costs to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.THOR INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOMEFOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2026 AND 2025($000's except share and per share data) (Unaudited)

Three Months Ended April 30,
Nine Months Ended April 30,

2026 % Net
Sales (1)
2025 % Net
Sales (1)
2026 % Net
Sales (1)
2025 % Net
Sales (1)Net sales
$ 2,781,538

$ 2,894,816

$ 7,296,517

$ 7,055,707
Gross profit
$   354,77012.8 %
$   443,11915.3 %
$   926,99812.7 %
$   969,75813.7 %Selling, general and administrative
expenses
230,9298.3 %
238,2738.2 %
696,9809.6 %
684,6929.7 %Amortization of intangible assets
27,8181.0 %
29,6041.0 %
83,5431.1 %
88,6701.3 %Interest expense, net
9,6550.3 %
11,2050.4 %
28,0920.4 %
38,3830.5 %Other income (expense), net
47,1051.7 %
(8,457)(0.3) %
68,5700.9 %
(5,189)(0.1) %Income before income taxes
133,4734.8 %
155,5805.4 %
186,9532.6 %
152,8242.2 %Income tax provision
37,9351.4 %
21,6520.7 %
53,6050.7 %
22,8580.3 %Net income
95,5383.4 %
133,9284.6 %
133,3481.8 %
129,9661.8 %Less: Net loss attributable to non-
controlling interests
(1,691)(0.1) %
(1,257)— %
(3,353)— %
(2,836)— %Net income attributable to THOR
Industries, Inc.
$    97,2293.5 %
$   135,1854.7 %
$   136,7011.9 %
$   132,8021.9 %

Earnings per common share:

Basic
$       1.86

$       2.54

$       2.60

$       2.50
Diluted
$       1.86

$       2.53

$       2.59

$       2.49

Weighted-average common shares
outstanding:

Basic
52,240,856

53,203,568

52,548,586

53,128,112
Diluted
52,399,684

53,433,493

52,743,174

53,439,096

(1) Percentages may not add due to rounding differencesSUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000's) (Unaudited)

April 30,
2026
July 31,
2025

April 30,
2026
July 31,
2025Cash and equivalents
$    371,946
$    586,596
Current liabilities
$  1,691,047
$  1,584,696Accounts receivable, net
879,281
707,363
Long-term debt, net
871,444
919,612Inventories, net
1,530,715
1,351,796
Other long-term liabilities
279,809
271,424Prepaid income taxes, expenses and other
104,620
132,220
Stockholders' equity
4,312,475
4,289,552Total current assets
2,886,562
2,777,975

Property, plant & equipment, net
1,322,270
1,315,728

Goodwill
1,874,114
1,841,118

Amortizable intangible assets, net
682,107
758,758

Equity investments and other, net
389,722
371,705

Total
$  7,154,775
$  7,065,284

$  7,154,775
$  7,065,284Non-GAAP ReconciliationsThe following table reconciles consolidated net income to consolidated EBITDA and Adjusted EBITDA:EBITDA Reconciliations

($ in thousands)

Three Months EndedApril 30,

Nine Months EndedApril 30,

2026
2025

2026
2025Net income (GAAP)$       95,538
$     133,928

$     133,348
$     129,966Add back:

Interest expense, net9,655
11,205

28,092
38,383Income tax provision37,935
21,652

53,605
22,858Depreciation and amortization of intangible assets65,950
66,173

196,863
199,828EBITDA (Non-GAAP)$     209,078
$     232,958

$     411,908
$     391,035Add back:

Stock-based compensation expense6,702
8,188

25,599
26,798Change in LIFO reserve, net2,837
(1,400)

5,941
(2,900)Non-cash foreign currency loss (gain)(1,534)
2,665

(2,613)
7,311Investment-related loss (gain) (1)(14,227)
137

(13,162)
5,414Weather-related loss (gain)—
(1,500)

—
(1,500)Strategic initiatives6,282
12,722

29,023
28,181Other loss (gain), including sales of PP&E(25,577)
1,053

(44,076)
(4,719)Adjusted EBITDA (Non-GAAP)$     183,561
$     254,823

$     412,620
$     449,620
(1) Includes the fair value adjustments of certain warrants and stock investments along with equity method investment income and lossesEBITDA and Adjusted EBITDA are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one-time items. EBITDA is defined as net income before net interest expense (income), income tax provision (benefit) and depreciation and amortization. Adjusted EBITDA reflects adjustments to EBITDA to identify items that, in management's judgment, significantly affect the assessment of earnings results between periods. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies. View original content to download multimedia:https://www.prnewswire.com/news-releases/thor-industries-announces-fiscal-2026-third-quarter-results-302788803.htmlSOURCE Thor Industries, Inc. Original: THOR INDUSTRIES ANNOUNCES FISCAL 2026 THIRD QUARTER RESULTS

THOR INDUSTRIES ANNOUNCES FISCAL 2026 SECOND QUARTER RESULTSMarch 3, 2026 6:30 AM
PR Newswire (US)

Financial Highlights

($ in thousands, except for per share data)Three Months Ended
January 31,
Change

Six Months Ended January 31,
Change
2026
2025

2026
2025
Net Sales$ 2,125,856
$ 2,018,107
5.3 %

$ 4,514,979
$ 4,160,891
8.5 %Gross Profit$     251,254
$     245,197
2.5 %

$ 572,228
$ 526,639
8.7 %Gross Profit Margin %11.8 %
12.1 %
(30) bps

12.7 %
12.7 %
— bpsNet Income (Loss) Attributable to THOR$        17,803
$ (551)
n/m

$ 39,472
$ (2,383)
n/mDiluted Earnings (Loss) Per Share$            0.34
$ (0.01)
n/m

$ 0.75
$ (0.04)
n/m

EBITDA (1)$        95,290
$ 76,344
24.8 %

$     202,830
$     158,077
28.3 %Adjusted EBITDA (1)$        98,054
$ 87,015
12.7 %

$     229,059
$     194,797
17.6 %(1) See reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures included at the end of this releaseFiscal 2026 Second QuarterRevenue of $2.13 billion, Net income attributable to THOR of $17.8 million and Adjusted EBITDA of $98.1 million in the quarter. Adjusted EBITDA excludes nonrecurring costs or benefits associated with strategic reorganization initiatives and the impact of real estate transactionsNorth American Motorized results meaningfully outpaced the prior-year period, with strong performance on both the top and bottom linesNet income attributable to THOR was aided by gains associated with real estate transactions as the Company continues to strategically optimize its footprintStrategic evolution of THOR's North American RV operating model announced after the quarter on February 23, 2026, paving the way for future enhanced synergies as well as benefits for dealers, end consumers and shareholdersFull-year fiscal 2026 financial guidance held constant as originally providedConsolidated net sales in the range of $9.0 billion to $9.5 billionDiluted earnings per share in the range of $3.75 to $4.25ELKHART, Ind., March 3, 2026 /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) today announced financial results for its fiscal 2026 second quarter ended January 31, 2026.

"Our fiscal second quarter results reflect continued execution in line with our expectations in a challenging retail environment. The disciplined actions we have taken over the past several quarters to streamline operations, optimize our cost structure and strategically align our product portfolio have positioned us well for our fiscal second half. Even in a down market, our teams continuously demonstrate the ability to drive performance through operational focus and thoughtful capital deployment. The recently announced strategic realignment of our North American RV operations represents an important milestone in our ongoing evolution. This realignment builds upon foundational initiatives already taken, or currently underway, and positions us to further optimize efficiency, enhance collaboration across brands and strengthen our long-term competitive advantages. We believe this is the right time to take this step, ensuring we are structurally prepared to outperform as the market stabilizes and subsequent demand improves," stated Bob Martin, President and Chief Executive Officer of THOR Industries. "As we enter the spring selling season, we do so with momentum, confidence and a clearly defined strategy going forward. Dealer engagement remains strong, consumer interest in the RV lifestyle continues to be encouraging and our innovation pipeline is robust. We remain confident in our expected performance trajectory for the second half of our fiscal 2026 and in our ability to continue creating value for our shareholders through disciplined execution and strategic operational excellence."Todd Woelfer, Senior Vice President and Chief Operating Officer, added, "Our strategic operational changes will leverage the various initiatives put in place over recent quarters and allow us to improve our sourcing, standardize our processes, align our brand portfolio and implement enterprise-wide data integration, along with other benefits. Previous strategic initiatives that management has implemented were executed with the intention and long-term vision that allows us to move forward with this evolutionary step. Our North American operations continue to benefit from those initiatives as our Towable segment held margins relatively well despite a decline in volume while our Motorized segment and supply companies experienced further top and bottom-line improvements for the quarter. Our supply companies, in particular, have performed exceptionally well, with marked improvements in both net sales and gross profit margin percentage during the quarter compared to the prior-year period. In our European segment, quarterly results continue to be impacted by a price-aggressive marketplace that has pressured margins. The European segment results included further restructuring costs this quarter that will have a long-term benefit to the segment's operating results as we right-size its footprint and position the segment for further improvements to its margin profile. Despite the non-recurring costs and pressures from the overall European market, our European segment remains aligned with our internal full-year plan and we expect it will follow its typically back-loaded fiscal second half," added Woelfer."During the quarter, we reduced our debt by approximately $47.1 million while also returning capital to shareholders through $25.2 million of share repurchases and, due to the timing of payments, a total of $54.8 million of dividend payments which related to our first two quarters of fiscal 2026. These actions reflect our disciplined capital allocation framework and our commitment to maintaining financial flexibility across the cycle," added Colleen Zuhl, Senior Vice President and Chief Financial Officer. "Our strong liquidity position and continued deleveraging provide us with both resilience and optionality. We are focused on managing risk, protecting margins, driving cash flow and ensuring the Company is well positioned to act decisively when compelling growth opportunities arise. Importantly, we remain consistent in our approach to capital deployment–prioritizing balance sheet strength, investing in operational excellence and returning capital to shareholders, all while preserving the capacity to pursue strategic initiatives that enhance our competitive position and create long-term shareholder value. As we continue executing our strategic initiatives, including the evolution of our North American RV operations, we are confident that our financial foundation enables us to be both disciplined and opportunistic in advancing THOR's growth objectives."Second Quarter Financial ResultsTHOR's consolidated results were primarily driven by the results of its individual reportable segments as noted below.Segment ResultsNorth American Towable RVs($ in thousands)Three Months Ended
January 31,
Change

Six Months Ended January 31,
Change
2026
2025

2026
2025
Net Sales$     710,485
$     828,266
(14.2) %

$ 1,607,575
$ 1,727,044
(6.9) %Unit Shipments21,577
28,013
(23.0) %

47,384
58,031
(18.3) %Gross Profit$       75,498
$       91,646
(17.6) %

$     194,493
$     204,083
(4.7) %Gross Profit Margin %10.6 %
11.1 %
(50) bps

12.1 %
11.8 %
+30 bpsIncome Before Income Taxes$       31,195
$       28,152
10.8 %

$       77,666
$       74,973
3.6 %
As of January 31,
Change($ in thousands)2026
2025
Order Backlog$                621,461
$             1,073,758
(42.1) %Net sales declined in our fiscal 2026 second quarter compared to the prior-year period due to a 23.0% decrease in unit shipments as we continued to work with our independent dealers to manage channel inventory throughout the winter months as we enter the spring selling season. Despite the reduction in unit shipment volume, the gross profit margin percentage in the second quarter of fiscal 2026 declined by just 50 basis points compared to the prior-year period, influenced by higher material and overhead costs, partially offset by lower warranty costs and a favorable shift in product mix towards fifth wheels. Income before income taxes for the three and six months ended January 31, 2026, includes gains on sales of assets of $9.5 million and $13.1 million, respectively, compared to the corresponding prior-year periods of $0.3 million and $2.7 million, respectively.North American Motorized RVs($ in thousands)Three Months Ended
January 31,
Change

Six Months Ended January 31,
Change
2026
2025

2026
2025
Net Sales$     577,071
$     446,298
29.3 %

$ 1,238,167
$     951,506
30.1 %Unit Shipments4,524
3,526
28.3 %

9,474
7,267
30.4 %Gross Profit$       54,640
$       34,741
57.3 %

$     126,262
$       77,468
63.0 %Gross Profit Margin %9.5 %
7.8 %
+170 bps

10.2 %
8.1 %
+210 bpsIncome Before Income Taxes$       20,904
$ 4,298
386.4 %

$       54,053
$       13,379
304.0 %
As of January 31,
Change($ in thousands)2026
2025
Order Backlog$             1,042,227
$             1,124,735
(7.3) %Net sales for the North American Motorized segment increased 29.3% in the second quarter of fiscal 2026 compared to the prior-year period, impacted by a 28.3% increase in unit shipments that was bolstered by shipments to rental customers as well as products that continue to resonate with customers at critical retail price points. The gross profit margin percentage expanded 170 basis points compared to the prior-year period due to volume leverage and lower labor costs.European RVs($ in thousands)Three Months Ended
January 31,
Change

Six Months Ended January 31,
Change
2026
2025

2026
2025
Net Sales$     684,472
$     612,465
11.8 %

$ 1,339,951
$ 1,217,368
10.1 %Unit Shipments9,465
9,442
0.2 %

18,188
18,077
0.6 %Gross Profit$       75,129
$       80,929
(7.2) %

$     152,943
$     173,577
(11.9) %Gross Profit Margin %11.0 %
13.2 %
(220) bps

11.4 %
14.3 %
(290) bpsIncome (Loss) Before Income Taxes$      (12,308)
$ 2,210
n/m

$      (38,946)
$ 3,387
n/m
As of January 31,
Change($ in thousands)2026
2025
Order Backlog$             1,832,102
$             1,644,015
11.4 %European RV net sales for the second quarter of fiscal 2026 increased 11.8% compared to the prior-year period, driven by the combined impact of a 0.2% increase in unit shipments and a 11.6% increase in the overall net price per unit, of which 11.4% was due to favorable changes in foreign exchange rates. The gross profit margin percentage fell 220 basis points compared to the prior-year period due to a higher mix of lower-margin special-edition motorcaravan products as well as increased warranty costs. Loss before income taxes for the three and six months ended January 31, 2026, includes restructuring costs of $5.1 million and $12.3 million, respectively.Fiscal 2026 Guidance"The second quarter continued the positive momentum we experienced in the first quarter, with results meeting our expectations and providing some clarity into the trajectory of the remainder of the fiscal year. Recent geopolitical events have clouded our outlook, though, and have created too much short-term uncertainty for us to raise our full-year guidance at this time," stated Woelfer."Our performance across the first half of our fiscal year gives us increased confidence in our full-year results, with the Company well-positioned at the midpoint of our fiscal year to potentially outperform our initial guidance. However, we remain mindful of broader consumer uncertainty and how recent events could impact that uncertainty. We believe it is prudent to allow for additional time and financial results before making any additional updates to our full-year guidance. In the meantime, we will continue to execute the strategic operational steps that are positioning THOR to outperform through the cycle and create long-term shareholder value," commented Woelfer.For fiscal 2026, the Company's full-year financial guidance includes:Consolidated net sales in the range of $9.0 billion to $9.5 billionStable gross margin at midpoint, with upside in a stronger marketDiluted earnings per share in the range of $3.75 to $4.25An assumption of a low- to mid-single digit retail decline in North America with stable market shareNo meaningful financial impact for the balance of the fiscal year related to the strategic evolution of our North American RV operationsA tax rate in the range of 24% to 26% excluding discrete itemsMr. Martin concluded by saying, "Recent trade shows have given us a lot to be excited about as we enter the spring selling season. Our products continue to successfully target desirable price points while generating enthusiasm due to offerings such as our refreshed Keystone and Heartland models. Although consumer metrics remain mixed and the macroeconomic landscape includes uncertainties, we have seen green shoots to support our optimism for our fiscal second half. We have a great opportunity in front of us to deliver sustainable, long-term value for our business and our stakeholders as our management teams execute on the strategic evolution of our North American RV operating model."Supplemental Earnings Release MaterialsTHOR Industries has provided a comprehensive question and answer document, as well as a PowerPoint presentation, relating to its quarterly results and other topics.To view these materials, go to http://ir.thorindustries.com. About THOR Industries, Inc.THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles.For more information on the Company and its products, please go to www.thorindustries.com. Forward-Looking StatementsThis release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic realignments or other reorganizational actions; the level of consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended January 31, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.THOR INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOMEFOR THE THREE AND SIX MONTHS ENDED JANUARY 31, 2026 AND 2025($000's except share and per share data) (Unaudited)

Three Months Ended January 31,
Six Months Ended January 31,

2026 % Net
Sales (1)
2025 % Net
Sales (1)
2026 % Net
Sales (1)
2025 % Net
Sales (1)Net sales
$ 2,125,856

$ 2,018,107

$ 4,514,979

$ 4,160,891
Gross profit
$     251,25411.8 %
$     245,19712.1 %
$     572,22812.7 %
$     526,63912.7 %Selling, general and administrative
expenses
212,02110.0 %
206,22210.2 %
466,05110.3 %
446,41910.7 %Amortization of intangible assets
27,7971.3 %
29,2441.4 %
55,7251.2 %
59,0661.4 %Interest expense, net
9,4200.4 %
11,9500.6 %
18,4370.4 %
27,1780.7 %Other income, net
18,9760.9 %
619— %
21,4650.5 %
3,2680.1 %Income (loss) before income taxes
20,9921.0 %
(1,600)(0.1) %
53,4801.2 %
(2,756)(0.1) %Income tax provision
6,3510.3 %
1,4890.1 %
15,6700.3 %
1,206— %Net income (loss)
14,6410.7 %
(3,089)(0.2) %
37,8100.8 %
(3,962)(0.1) %Less: Net loss attributable to non-
controlling interests
(3,162)(0.1) %
(2,538)(0.1) %
(1,662)— %
(1,579)— %Net income (loss) attributable to
THOR Industries, Inc.
$       17,8030.8 %
$ (551)— %
$       39,4720.9 %
$ (2,383)(0.1) %

Earnings (loss) per common share:

Basic
$           0.34

$ (0.01)

$           0.75

$ (0.04)
Diluted
$           0.34

$ (0.01)

$           0.75

$ (0.04)

Weighted-average common shares
outstanding:

Basic
52,704,784

53,208,626

52,697,434

53,091,615
Diluted
52,844,227

53,208,626(2)
52,909,903

53,091,615(2)
(1) Percentages may not add due to rounding differences(2) Due to losses for the three and six months ended January 31, 2025, zero incremental shares are included because the effect would have been antidilutive SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000's) (Unaudited)

January 31,
2026
July 31,
2025

January 31,
2026
July 31,
2025Cash and equivalents
$       242,176
$       586,596
Current liabilities
$    1,540,075
$    1,584,696Accounts receivable, net
767,433
707,363
Long-term debt, net
877,771
919,612Inventories, net
1,588,024
1,351,796
Other long-term liabilities
276,289
271,424Prepaid income taxes, expenses and other
118,662
132,220
Stockholders' equity
4,322,713
4,289,552Total current assets
2,716,295
2,777,975

Property, plant & equipment, net
1,333,214
1,315,728

Goodwill
1,882,558
1,841,118

Amortizable intangible assets, net
715,139
758,758

Equity investments and other, net
369,642
371,705

Total
$    7,016,848
$    7,065,284

$    7,016,848
$    7,065,284Non-GAAP ReconciliationsThe following table reconciles consolidated net income (loss) to consolidated EBITDA and Adjusted EBITDA:EBITDA Reconciliations

($ in thousands)

Three Months Ended
January 31,

Six Months Ended January 31,

2026
2025

2026
2025Net income (loss) (GAAP)$           14,641
$            (3,089)

$           37,810
$            (3,962)Add back:

Interest expense, net9,420
11,950

18,437
27,178Income tax provision6,351
1,489

15,670
1,206Depreciation and amortization of intangible assets64,878
65,994

130,913
133,655EBITDA (Non-GAAP)$           95,290
$           76,344

$         202,830
$         158,077Add back:

Stock-based compensation expense7,947
8,073

18,897
18,610Change in LIFO reserve, net3,104
(1,500)

3,104
(1,500)Non-cash foreign currency loss (gain)(4,589)
1,254

(1,079)
4,646Investment-related loss (gain)640
2,635

1,065
5,277Strategic initiatives7,691
—

22,741
15,459Other loss (gain), including sales of PP&E(12,029)
209

(18,499)
(5,772)Adjusted EBITDA (Non-GAAP)$           98,054
$           87,015

$         229,059
$         194,797EBITDA and Adjusted EBITDA are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one-time items. EBITDA is defined as net income (loss) before net interest expense (income), income tax provision (benefit) and depreciation and amortization. Adjusted EBITDA reflects adjustments to EBITDA to identify items that, in management's judgment, significantly affect the assessment of earnings results between periods. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.

View original content to download multimedia:https://www.prnewswire.com/news-releases/thor-industries-announces-fiscal-2026-second-quarter-results-302701804.htmlSOURCE Thor Industries, Inc.

Original: THOR INDUSTRIES ANNOUNCES FISCAL 2026 SECOND QUARTER RESULTS