Financial results
Thor Industries, parent company of Airstreamⓘ, reported an 8.4% sales decline in the fiscal fourth quarter ended July 31, with earnings down 67.5%. Quarterly net sales were $2.31 billion, net income attributable to THOR was $40.8 million, and EBITDA was $130 million.
For the full fiscal year, sales inched up 0.3% to $9.61 billion, but earnings fell 30.2% to $177.5 million, with EBITDA of $541.9 million. The company cited continuing weak conditions in the RV market, including high interest rates, rising fuel costs and inflationary pressure.
Segments and corporate actions
North American towable RV sales fell 19.7% due to lower shipments. The European segment grew: according to Source 1 by 5.0%, according to Source 2 by 3.1% in constant currency. Thor reduced debt by $59.7 million and repurchased $115.1 million in shares during the year.
The company announced measures that, once fully implemented, are expected to improve its annual earnings profile by more than $100 million.