THOR Industries reported consolidated net sales of $2.14 billion for the first quarter of fiscal 2025, a 14.3% decrease from $2.50 billion in the prior-year quarter, missing analyst consensus of $2.241 billion. The company recorded a net loss attributable to THOR Industries of $1.8 million, or $(0.03) diluted earnings per share, compared to net income of $53.6 million, or $0.99 diluted earnings per share, in the first quarter of fiscal 2024. Adjusted EPS of $0.26 missed the consensus of $0.71.
The consolidated gross profit margin for the quarter decreased by 120 basis points to 13.1% from 14.3% in the prior-year period. Segment performance showed North American Motorized RV net sales down 29.0% to $505.2 million, and European RV net sales down 14.6% to $604.9 million. North American Towable RV net sales also decreased by 4.9% to $898.8 million.
During the quarter, THOR implemented strategic actions, including eliminating a management layer between North American RV subsidiaries and the CEO and closing an operating facility in Idaho. These actions resulted in approximately $15.5 million in nonrecurring costs but are expected to generate over $10 million in future annual savings. The company reaffirmed its initial fiscal 2025 guidance for consolidated net sales between $9.0 billion and $9.8 billion and diluted EPS between $4.00 and $5.00, anticipating a challenging second quarter followed by stronger second half performance.
As of October 31, 2024, THOR maintained liquidity of approximately $1.31 billion, comprising $445.2 million in cash and $865.0 million available under its asset-based revolving credit facility. The company strategically paid down approximately $61.8 million of debt during the first fiscal quarter. Capital expenditures totaled approximately $25.3 million, focused on facility upgrades and innovation projects.
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