In This Story
Thor Industries Inc. (THO-2.41%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports a decrease in net sales to $2,142,784,000 from $2,500,759,000 in the same quarter the previous year, reflecting a 14.3% decline. This decrease is attributed to lower unit shipments and changes in product mix.
Net income for the quarter was a loss of $873,000, compared to a profit of $55,033,000 in the previous year, primarily due to decreased sales and increased selling, general, and administrative expenses.
The company's North American Towable segment reported net sales of $898,778,000, a decrease of 4.9% from the previous year, with a 6.8% increase in unit shipments but an 11.7% decrease in net price per unit.
The North American Motorized segment saw a 29.0% decrease in net sales to $505,208,000, driven by a 33.0% decrease in unit shipments and a 4.0% increase in net price per unit.
The European segment reported net sales of $604,903,000, a 14.6% decrease from the previous year, with a 27.4% decrease in unit shipments and a 12.8% increase in net price per unit.
Gross profit for the quarter was $281,442,000, down from $357,932,000 in the previous year, with the gross profit margin decreasing from 14.3% to 13.1%.
Selling, general, and administrative expenses increased to $240,197,000 from $217,896,000, primarily due to increased corporate expenses.
The company reported a decrease in cash and cash equivalents to $445,222,000 from $501,316,000 at the end of the previous quarter, with net cash provided by operating activities of $30,740,000.
Thor Industries' backlog as of October 31, 2024, was $3,939,828,000, a decrease of 26.6% from the previous year, reflecting reduced orders from dealers.
The filing also discusses various financial agreements, including the company's revolving asset-based credit facility and term loan agreements.
Thor Industries continues to monitor industry conditions and anticipates challenges due to macroeconomic factors such as inflation and interest rates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Thor Industries Inc. quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.