Thor Industries reported fiscal second-quarter 2024 financial results Wednesday.
The manufacturer’s net sales for the quarter were $2.21 billion in 2024, down from $2.35 billion in the second quarter of 2023. The company’s second-quarter 2024 profits totaled $7.2 million, down from $27.1 million in the same quarter of 2023.
In a prepared question-and-answer document, Thor Industries expressed caution about its 2024 forecast. The company remains “cautiously optimistic” about retail demand stabilizing during the calendar year. However, Thor Industries said it expects retail demand to be lower than previously forecast.
“While the industry is currently showing signs of a gradual recovery,” the company said, “that positive trend was delayed from our original expectations by approximately one quarter.”
Thor anticipates a range between 330,000 and 340,000 shipments in 2024, as opposed to a previous range between 350,000 and 365,000 shipments.
Thor Senior Vice President and Chief Operating Officer Todd Woelfer said, “Against this backdrop, our operating teams maintained a prudent focus on operational execution that prioritizes through-cycle profitability while also actively assisting independent dealers in managing their respective inventory positions.”
Woelfer said the company is collaborating with suppliers to create opportunities to reduce costs.
Towable RV net sales were $730, 968, down 11.9% compared with the 2023 second quarter. Motorhome net sales were $570,424 in the 2024 second quarter, down 22.8% compared with the previous year’s second-quarter results. “We are well positioned to work with our independent dealers to endure current market conditions,” Woelfer said, “and emerge in a stronger position with the resumption of long-term market growth trends.”
Thor President and CEO Bob Martin said the company remains cautious as they move forward into the retail selling season.
Martin said, “We believe North American dealers will maintain tight control over inventory levels until retail demand firms.”
During this season, Thor will remain focused on disciplined production, product portfolio optimization and cost management.
“Although the near-term environment is challenging, we expect improving market conditions as we progress through calendar 2024,” Martin said. “We continue to be very optimistic about the strong underlying interest for the RV lifestyle and consumer demand for our robust RV product offering.”
