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Apr 30, 2020
Thor Q3 2020 Earnings Report
Thor Industries reported a profit and positive net cash from operations for the third quarter of fiscal 2020.
Key Takeaways
Thor Industries reported net sales of $1.68 billion for the third quarter of fiscal 2020. Net income attributable to Thor was $24.1 million, with diluted earnings per share of $0.43. The company's financial position remained strong due to management actions and a variable cost structure.
Net sales for the third quarter were $1.68 billion.
Third-quarter results include $1.04 billion in North American RV sales and $615.3 million in European RV net sales.
Gross profit margin for the third quarter was 12.2%.
Net income attributable to Thor for the third quarter was $24.1 million.
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
The outlook for the balance of the fiscal year and the calendar year has markedly improved with an influx of first-time buyers and dealers reporting a significant improvement in sales.
Positive Outlook
- Market indicators in North America are increasingly positive.
- Dealers reporting a significant improvement in sales from April to May.
- Restarted production in the first week of May in North America.
- Long-term outlook for future growth in retail sales remains positive in Europe.
- An influx of first-time buyers bodes well for the long-term health of the RV industry.
Challenges Ahead
- Events of this quarter were unexpected and difficult.
- COVID-19 and related governmental mandates had a significant negative impact.
- Retail consumers were under strict shelter-in-place requirements.
- Operations of independent dealers were disrupted.
- Supply constraints from chassis manufacturers and component parts vendors in Europe.
Revenue & Expenses
Visualization of income flow from segment revenue to net income