THOR Industries, Inc. is the world’s largest manufacturer of recreational vehicles, operating several subsidiaries that produce a wide range of RVs, including towable and motorized models. The company is headquartered in Elkhart, Indiana, and has been in business since 1980.

In the most recent quarter, THOR Industries demonstrated a stable increase in its financial performance. For the fiscal third quarter ending April 30, 2025, the company reported consolidated net sales of $2.89 billion, reflecting a 3.3% rise from $2.80 billion during the same quarter in 2024. Year-to-date consolidated net sales totaled $7.06 billion, down 6.0% from $7.51 billion a year earlier.

Gross profit for the third quarter increased by 5.0% to $443.1 million, up from $421.9 million in the prior year. The gross profit margin also improved to 15.3%, compared to 15.1% for the same period last year, marking a gain of 20 basis points. Year-to-date gross profit fell 7.7%, totaling $969.8 million, down from $1.05 billion in the previous year, while the gross profit margin for the first nine months declined to 13.7%, 30 basis points lower than the 14.0% recorded in the previous year.

Net income attributable to THOR for the latest quarter reached $135.2 million, an increase of 18.1% from $114.5 million in the prior year. Diluted earnings per share for the quarter were $2.53, up 18.8% from $2.13. Year-to-date net income, however, decreased 24.2%, totaling $132.8 million compared to $175.3 million a year earlier.

THOR generated cash flow from operations of $257.7 million in the third quarter, a slight increase of 2.4% from $251.7 million in the same period in the prior year. Year-to-date cash flow from operations improved by 53.8% to $319.2 million, sharply up from $207.5 million in the previous year.

In terms of EBITDA, the company reported $233.0 million for the third quarter, slightly up from $232.3 million a year earlier, while adjusted EBITDA increased by 7.9% to $254.8 million, compared to $236.1 million last year. Year-to-date EBITDA decreased by 21.1% to $391.0 million, while adjusted EBITDA fell 12.1% to $449.6 million.

The company’s North American Towable RV segment saw net sales rise by 9.1% to $1.17 billion in the third quarter, attributed to a 5.5% increase in unit shipments. Conversely, the North American Motorized RV segment’s net sales rose 3.1% to $666.7 million with a 10.9% increase in unit shipments. Meanwhile, European RV sales decreased by 5.1% to $883.5 million.

As of April 30, 2025, THOR’s total order backlog stood at $2.86 billion, a decline of 20.6% from the prior year, with reductions reported in both North American and European segments.

Going forward, THOR Industries reaffirmed its full-year 2025 guidance, expecting consolidated net sales in the range of $9.0 billion to $9.5 billion, a gross profit margin between 13.8% and 14.5%, and diluted earnings per share between $3.30 and $4.00.