Thor Industries (THO.US) Q4 sales drop but net profit stays flat. The RV industry's headwinds warn attract attention from the market.

American RV manufacturer Thor Industries (THO.US) announced its fourth-quarter financial report, with sales down 7.4% year-on-year to $2.53 billion, slightly higher than the market's expected $2.47 billion. Although net profit remained flat compared to the same period last year at $90.2 million, or $1.68 per share, company management pointed out that macroeconomic challenges continue to hinder industry development. In the North American towable RV sector, while unit shipments increased by 16.3% year-on-year, net sales only grew by 0.1%, with unit net prices decreasing by 16.2%. In the North American motorized RV sector, unit shipments and net sales decreased by 25.1% and 21.2% respectively. Despite this, Thor Industries remains confident in future development and expects annual revenue to be $9-9.8 billion, with earnings per share of $4.00-5.00. In this quarter, Thor Industries' overall gross profit margin was 15.8%, an increase of 140 basis points compared to the same period last year, partly due to favorable inventory adjustments resulting from lower inventory levels and improvements in warranty costs as a percentage of sales. Although the market generally expected earnings per share to be $1.31, the company's actual earnings remained flat compared to the same period last year at $1.68 per share. Looking ahead, Thor Industries stated that it will continue to strictly control production to help independent dealers maintain fresh inventory and align with retail demand, protecting market profit margins. The company expects annual revenue to be $9-9.8 billion (with a midpoint of $9.4 billion) and earnings per share to be $4.00-5.00 (with a midpoint of $4.50), while the market generally expected $10.1 billion and $5.85. Thor Industries' expectations for the 2025 fiscal year align with the Recreational Vehicle Industry Association's (RVIA) forecast, with wholesale unit shipments expected to be around 324,100 units in 2024 and a median of 346,100 units in 2025. The company believes RVIA's forecast for 2025 is slightly aggressive, with shipments possibly reaching close to 335,000 units. Following the release of the financial report, Thor Industries' stock price rose 1.41% to $104.65 in early trading. The RV sector is worth investors' attention, including companies such as Lazydays (GORV.US), Winnebago (WGO.US), Camping World (CWH.US), Patrick Industries (PATK.US), and LCI Industries (LCII.US).