THOR Industries, the world’s biggest RV company by volume, reported net sales of $2.93 billion for the third quarter, a 37% decrease from the $4.66 billion of a year ago. The company’s earnings per share was $2.24, which was more than double analysts’ expectations.
Sales of towables during the quarter were $1.1 billion, down from $2.6 billion in Q3 last year. Motorized sales were $795 million, a 24% drop from the $1.05 billion of a year ago.
“Market conditions continue to be challenging as dealers and consumers face increasing pressures from the macro environment,” said Bob Marin, president CEO of THOR Industries. “In this difficult setting, we remain focused on executing our business model that enables us to quickly adapt to market conditions. Consequently, our performance during the fiscal third quarter was solid relative to broader market conditions. Despite dynamics currently affecting the operating environment along with the difficult comparison to record results in the prior-year period, each of our segments largely met or exceeded internal expectations during the quarter.
“In our European segment, pricing and operational initiatives combined with moderate improvements in chassis availability and resilient demand contributed to strong sequential and year-over-year growth as we continue to realize the value of our European operations.
“In North America, moderately higher production volumes compared to our second quarter along with greater activity on dealer lots than we saw last quarter resulted in operating results that well exceeded our fiscal 2023 second quarter results.”
Overall sales in the European market were $866 million, up 20% from the $724 million of Q3 a year ago.