Thor Industries Inc

Latest Results (03.04.2026):

Thor Industries Inc — fiscal 2026 second quarter (quarter ended January 31, 2026): consolidated net sales were $2.13 billion (up 5.3% year-over-year), gross profit $251.3 million, net income attributable to THOR $17.8 million (vs. a loss in the prior-year quarter), diluted EPS of $0.34, and Adjusted EBITDA of $98.1 million. Management maintained full‑year fiscal 2026 guidance (consolidated net sales $9.0–$9.5 billion; diluted EPS $3.75–$4.25) and announced a strategic evolution of North American RV operations after the quarter.

Top-line and operating results

Quarter net sales $2,125.9M (+5.3% YoY); gross profit $251.3M and gross margin 11.8% (down ~30 bps YoY). GAAP net income was $14.6M and net income attributable to THOR was $17.8M (prior-year quarter showed a loss). EBITDA was $95.3M (+24.8% YoY) and Adjusted EBITDA was $98.1M (+12.7% YoY).

North American Motorized segment

Strong performance: net sales $577.1M (+29.3% YoY) driven by unit shipments +28.3% (4,524 units). Gross profit margin expanded to 9.5% (+170 bps) and income before income taxes rose to $20.9M (vs $4.3M prior year).

North American Towable segment

Net sales $710.5M (down 14.2%) with unit shipments down 23.0% to 21,577 as dealer channel inventory was managed seasonally. Gross margin modestly lower at 10.6% (down 50 bps). Income before income taxes improved to $31.2M, aided by gains on asset sales ($9.5M in the quarter). Order backlog fell to $621.5M (down ~42% YoY).

European segment

Net sales $684.5M (+11.8%) with shipments essentially flat; margin pressure with gross margin 11.0% (down 220 bps) and a loss before income taxes of $12.3M. Results included restructuring costs ($5.1M this quarter; $12.3M for six months) as management right‑sizes the footprint.

Capital allocation and liquidity

During the quarter the company reduced debt by ~$47.1M, repurchased $25.2M of stock and paid $54.8M of dividends for the first two quarters. Cash and equivalents were $242.2M (inventory $1.588B; long‑term debt, net $877.8M). Management emphasized deleveraging, shareholder returns and preserving financial flexibility.

Guidance and strategic actions

Full‑year fiscal 2026 guidance was maintained: consolidated net sales $9.0–$9.5B and diluted EPS $3.75–$4.25. Management noted a strategic evolution of North American RV operations announced Feb 23, 2026, expected to deliver future synergies; no meaningful financial impact from that action is assumed for the balance of the fiscal year.

Non‑recurring and reconciling items

Net income benefited from other income (including real estate transaction gains: other income was $19.0M this quarter vs $0.6M prior). Adjusted EBITDA excludes strategic reorganization and real estate transaction impacts; strategic initiatives added ~$7.7M this quarter to adjustments. See the release for the full non‑GAAP reconciliation.

Management commentary and outlook drivers

Management described a challenging retail environment but cited operational discipline, momentum entering the spring selling season, strong Motorized and supply‑company performance, and European market price pressure. They flagged geopolitical uncertainty as a reason to keep guidance unchanged while remaining positioned to outperform if demand strengthens.