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Jan 31
Thor Q2 2025 Earnings Report
Thor Industries reported a decline in revenue and earnings for Q2 2025, impacted by macroeconomic headwinds and weaker demand in North American and European markets.
Key Takeaways
Thor Industries faced a challenging Q2 2025, with an 8.6% YoY revenue decline and a net loss of $0.6 million. The North American Towable segment showed strong growth, but this was offset by declines in the North American Motorized and European RV segments. The company maintained a stable gross margin despite market challenges and focused on strategic actions to strengthen dealer relationships and optimize its market position.
Revenue declined by 8.6% YoY to $2.02 billion.
Net loss was $0.6 million, compared to $7.2 million in Q2 2024.
North American Towable RV sales increased by 13.3% YoY, while North American Motorized and European RV sales fell 21.8% and 21.7%, respectively.
The company revised its FY 2025 guidance, narrowing expected revenue to $9.0-$9.5 billion and EPS to $3.30-$4.00.
Thor
Thor
Thor Revenue by Segment
Revenue by Segment
NA Towable RVs Revenue
CapyFin.comNA Motorized RVs Revenue
CapyFin.comEuropean RVs Revenue
CapyFin.com Forward Guidance
Thor Industries narrowed its FY 2025 revenue guidance to $9.0-$9.5 billion, citing ongoing macroeconomic pressures. The company expects retail demand to improve later in the year but remains cautious due to consumer confidence concerns.
Positive Outlook
- North American Towable segment continues to grow.
- Stable gross margins despite declining revenue.
- Improved operational efficiencies and cost-saving measures.
- Continued strong cash flow generation.
- Strategic actions to strengthen dealer relationships.
Challenges Ahead
- Declining sales in North American Motorized and European RV segments.
- Lower consumer confidence impacting demand.
- Market uncertainty due to tariff policies.
- Increased discounting impacting profitability.
- Higher inventory levels in some segments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income