THOR Industries reported consolidated net sales of $2.53 billion in the fourth quarter of fiscal 2024, a 7.4% decrease from $2.74 billion in the prior-year quarter. Diluted earnings per share for the quarter were $1.68, matching the $1.68 reported in the fourth quarter of fiscal 2023, and exceeding analyst expectations of $1.43. The consolidated gross profit margin improved by 140 basis points to 15.8% in the fourth quarter of fiscal 2024, driven by a favorable LIFO inventory adjustment and improved warranty cost percentage.
For the full fiscal year 2024, net sales declined by 9.7% to $10.04 billion, with net income attributable to THOR Industries at $265.3 million, or $4.94 per diluted share. The company generated robust cash flow from operations totaling $545.5 million for the fiscal year. THOR reduced its total debt by $224.2 million during fiscal 2024, including $213.0 million in principal payments on its term loans.
THOR introduced its initial guidance for fiscal year 2025, projecting consolidated net sales between $9.0 billion and $9.8 billion, and diluted earnings per share between $4.00 and $5.00. This guidance reflects a conservative outlook on macroeconomic conditions, with expectations for continued challenges in the North American Motorized and European segments. The company anticipates North American wholesale unit shipments to range between 330,000 and 345,000 units for fiscal 2025.
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