Thor Industries, Inc. (NYSE:THO) posted fourth-quarter results that exceeded analyst projections, with shares up 0.7% in premarket trading following the announcement.
The recreational vehicle manufacturer reported adjusted earnings per share of $2.36 for the quarter ending July 31, 2025, surpassing the consensus estimate of $1.25 by $1.11. Revenue totaled $2.52 billion, above analysts’ expectations of $2.34 billion, though slightly below last year’s $2.53 billion.
North American Motorized RVs drove growth, with sales rising 7.8% to $557.4 million, supported by a 15.9% increase in unit shipments. Meanwhile, the North American Towable segment saw a 4.6% decline in revenue to $888.7 million, with unit shipments down 10.1% as inventory was managed. European RV sales decreased 2.2% to $923.1 million.
“We are very pleased with the results that our teams delivered amidst a highly volatile macroeconomic backdrop,” said Bob Martin, President and CEO of Thor Industries. “Our performance is a testament to their hard work and dedication that has helped us navigate a challenging environment.”
For fiscal year 2026, Thor expects revenue between $9.0 billion and $9.5 billion, slightly above the $9.32 billion analyst consensus, with projected EPS of $3.75 to $4.25, near the consensus of $3.82.
Seth Woolf, Head of Corporate Development & Investor Relations, noted that “multiple data points suggesting weakness emerging in the job market, we think it is prudent to plan for another challenging year.”
Martin added: “We will know much more about what fiscal 2026 will bring after our Open House event this week and, more importantly, the winter shows culminating in Tampa in January, but I am optimistic with what we are seeing thus far.”
During fiscal 2025, the company generated $577.9 million in cash from operations, which was used to cut debt by around $237 million and return $158.8 million to shareholders via dividends and share buybacks.
Thor’s order backlog showed mixed performance across segments, with North American Motorized backlogs rising 29.3% to $1.0 billion, while North American Towable and European backlogs fell 5.0% and 21.8%, respectively.
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