THO Thor Industries, Inc.

$THO back to pre pandemic levels. Over blown reaction, much stronger company today than in 2019. Though, they saw a dip into the high 40’s back then as everyone claimed the sky is falling. Likely more downside ahead but I’m a buyer at these levels.

$THO payout watch: Keystone RV's $2,000-per-trailer court judgment for Passport trailers with wood roof trusses is paying out now. The request window closed Aug 28. Details on Open Class Actions.

$THO Revenue beat, EPS miss. $2.31B sales vs ~$2.18B expected. But EPS $0.78 vs $0.86 expected. The miss is all margin. Gross margin fell to 12.4% from 14.7% a year ago. THO is protecting price points into a weak retail market and paying for it on the cost side: gross profit down 23% on an 8.4% sales decline. Full year makes it plain. Sales essentially flat at $9.61B, net income down 31%.

$THO Q4 '26 Earnings Results & Recap • Reported GAAP EPS of $0.78 down -66.95% YoY • Reported revenue of $2.31B down -8.41% YoY

$THO Thor Industries expects 'relatively flat' retail environment in FY27 vs. FY26 "We are confident in our ability to operate successfully in the current market and expect a relatively flat retail environment in fiscal 2027 compared to fiscal 2026, with many of the same headwinds we experienced in fiscal 2026 facing us in the near term. We have two early and critical North American industry events during the second half of September: the Hershey, PA show and the Elkhart, IN Open House. These events will provide us with additional insight regarding our fiscal year expectations as we connect with our independent dealer partners and other industry leaders. Due to the key insights these events provide, we have determined that it is prudent to allow time to gather this input prior to providing fiscal 2027 guidance. Also impacting both the near-term and long-term profile of THOR is the strategic evolution of our North American RV operating model, including the recently announced leadership changes, which will position us to amplify and accelerate the benefits our management teams have already identified," said COO Todd Woelfer. "We are committed to providing investors with complete and reliable guidance, both for fiscal 2027 and our longer-term earnings profile, and we will provide details regarding our cost savings expectations alongside our annual guidance later this fall. In the meantime, we can share that we expect the cumulative impact of our key strategic initiatives and restructuring activities to drive costs out of our business and improve our earnings profile in excess of $100M annually once the initiatives are fully implemented. The RV industry remains in an extended down cycle and we are not going to characterize it as anything other than what it is. Certainly, our earnings are currently below where we want them to be. The measure of the Company is not its earnings at a cyclical low, but how it responds during the cycle. We remain fully committed to both our independent dealer partners and retail customers. Their success and ours are inseparable and we are continuing to invest in those relationships rather than pulling back from them," added Woelfer.

$THO Thor Industries reports Q4 EPS 78c, consensus 92c Reports Q4 revenue $2.31B, consensus $2.17B. "Our fiscal 2026 proved to be more challenging than we anticipated at the outset of the year due to the headwinds impacting the RV industry. The retail market never reached the inflection point many in the industry expected, as stubborn interest rates, elevated fuel costs and ever-present inflationary pressures have strained household budgets and kept retail soft throughout the critical selling season," stated Bob Martin, CEO. "Against this backdrop, our teams executed by delivering net sales of $9.61 billion for fiscal 2026, exceeding the high end of our guidance - evidence of both our geographic diversity and the sustained appeal of the RV lifestyle. Our European segment was a key contributor with net sales for fiscal 2026 up 3.1% compared to the prior-year period on a constant currency basis. Our earnings performance did not keep pace with our top-line performance. As the fiscal year progressed, heightened affordability concerns and increasing material costs resulted in significant pressure on our gross margins. We responded with restructuring actions and began evolving our North American RV operating model. We directed those initiatives towards protecting attainable price points for consumers, accepting near-term margin pressure in exchange for long-term health of the business. The strength of our brands, the health of our balance sheet and our leadership across the RV market remain firmly intact and we are using this cycle to build a permanently stronger THOR."