tho-20241031

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended October 31, 2024.

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ____ to ____.

COMMISSION FILE NUMBER 001-09235

THOR INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

93-0768752

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

52700 Independence Court, Elkhart, IN

46514-8155

(Address of principal executive offices)

(Zip Code)

(574) 970-7460

(Registrant’s telephone number, including area code)

601 East Beardsley Avenue, Elkhart, IN 46514-3305

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Name of each exchange

Title of each class

Trading Symbol(s)

on which registered

Common stock (Par value $0.10 Per Share)

THO

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐

Non-accelerated filer ☐ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

As of November 29, 2024, 53,219,768 shares of the registrant’s common stock, par value $0.10 per share, were outstanding.

PART I – FINANCIAL INFORMATION (Unless otherwise indicated, amounts in thousands except share and per share data.)

ITEM 1. FINANCIAL STATEMENTS

THOR INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	October 31, 2024		July 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	445,222	$	501,316

Accounts receivable, trade, net	516,425		502,301

Accounts receivable, other, net	122,020		198,594
Inventories, net	1,371,771		1,366,638
Prepaid income taxes, expenses and other	77,526		81,178

Total current assets	2,532,964		2,650,027
Property, plant and equipment, net	1,380,362		1,390,718
Other assets:
Goodwill	1,791,704		1,786,973
Amortizable intangible assets, net	833,098		861,133
Deferred income tax assets, net	26,455		28,414
Equity investments	137,769		137,272
Other	170,829		166,286
Total other assets	2,959,855		2,980,078
TOTAL ASSETS	$	6,873,181	$	7,020,823

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	571,639	$	628,134
Current portion of long-term debt	32,206		32,650
Short-term financial obligations	69,850		72,051
Accrued liabilities:
Compensation and related items	173,144		185,249
Product warranties	300,775		311,627
Income and other taxes	78,545		74,987
Promotions and rebates	156,252		169,928
Product, property and related liabilities	20,871		32,278
Dividends payable	26,551		—

Other	51,672		60,118

Total current liabilities	1,481,505		1,567,022
Long-term debt, net	1,043,790		1,101,265
Deferred income tax liabilities, net	72,069		74,401
Unrecognized tax benefits	12,004		12,405
Other liabilities	201,857		191,677
Total long-term liabilities	1,329,720		1,379,748
Contingent liabilities and commitments
Stockholders’ equity:
Preferred stock – authorized 1,000,000 shares; none outstanding	—		—
Common stock – par value of $.10 per share; authorized 250,000,000 shares; issued 67,114,970 and 66,859,738 shares, respectively	6,711		6,686
Additional paid-in capital	589,414		577,015
Retained earnings	4,226,351		4,254,734
Accumulated other comprehensive loss, net of tax	(81,805)		(93,706)
Less: Treasury shares of 14,012,706 and 13,928,314, respectively, at cost	(686,339)		(677,299)
Stockholders’ equity attributable to THOR Industries, Inc.	4,054,332		4,067,430
Non-controlling interests	7,624		6,623
Total stockholders’ equity	4,061,956		4,074,053
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	6,873,181	$	7,020,823

See Notes to the Condensed Consolidated Financial Statements.

THOR INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)


	Three Months Ended October 31,
	2024		2023
Net sales	$	2,142,784	$	2,500,759
Cost of products sold	1,861,342		2,142,827
Gross profit	281,442		357,932
Selling, general and administrative expenses	240,197		217,896
Amortization of intangible assets	29,822		32,344


Interest expense, net	15,228		20,197
Other income (expense), net	2,649		(14,913)
Income (loss) before income taxes	(1,156)		72,582
Income tax provision (benefit)	(283)		17,549
Net income (loss)	(873)

SEC Form 10-Q filed by Thor Industries Inc.