Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 24, 2024

_______________________________

THOR Industries, Inc.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware	1-9235	93-0768752
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

601 East Beardsley Avenue

Elkhart, Indiana 46514-3305

(Address of Principal Executive Offices) (Zip Code)

(574) 970-7460

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock (Par value $.10 Per Share)	THO	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On September 24, 2024, THOR Industries, Inc. (the “Company”) issued a press release announcing certain financial results for the fourth quarter and full-year ended July 31, 2024. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. The Company also posted an updated investor slide presentation and a list of investor questions and answers to the “Investors” section of its website. A copy of the Company’s slide presentation and investor questions and answers are attached hereto as Exhibit 99.2 and 99.3, respectively, and are incorporated by reference herein.

Item 7.01. Regulation FD Disclosure.

The press release attached hereto as Exhibit 99.1 provides earnings guidance for the Company’s fiscal year 2025 along with updated industry information. The slide presentation attached hereto as Exhibit 99.2, and incorporated by reference herein, also provides earnings guidance as well as updated information on industry wholesale shipments and retail market share. The Company also posted an updated list of investor questions and answers to the “Investors” section of its website. A copy of the Company's investor questions and answers is attached hereto as Exhibit 99.3 and is incorporated by reference herein.

In accordance with general instruction B.2 to Form 8-K, the information set forth in Items 2.02 and 7.01 of this Form 8-K (including Exhibits 99.1, 99.2 and 99.3) shall be deemed “furnished” and not “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing thereunder or under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description

99.1		Copy of press release, dated September 24, 2024, issued by the Company
99.2		Copy of investor slide presentation, posted on the Company’s website on September 24, 2024
99.3		Copy of investor questions and answers posted on the Company’s website on September 24, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	THOR Industries, Inc.


Date: September 24, 2024	By:	/s/ Colleen Zuhl
		Colleen Zuhl
		Senior Vice President and Chief Financial Officer

EXHIBIT 99.1

THOR Industries Announces Fourth Quarter Fiscal 2024 Results

Continues Disciplined Approach in Soft Retail Environment

2024 Highlights
($ in thousands, except for per share data)

	Three Months Ended July 31,					Fiscal Years Ended July 31,
		2024		2023	Change		2024		2023	Change
Net Sales	$	2,534,167	$	2,738,066	(7.4)%	$	10,043,408	$	11,121,605	(9.7)%
Gross Profit	$	401,331	$	394,305	1.8%	$	1,451,962	$	1,596,353	(9.0)%
Gross Profit Margin %		15.8		14.4	+140 bps		14.5		14.4	+10 bps
Net Income Attributable to THOR	$	90,015	$	90,287	(0.3)%	$	265,308	$	374,271	(29.1)%
Diluted Earnings Per Share	$	1.68	$	1.68	—%	$	4.94	$	6.95	(28.9)%
Cash Flows from Operations	$	338,016	$	507,513	(33.4)%	$	545,548	$	981,633	(44.4)%

Fiscal Fourth Quarter 2024

Net sales for the fourth quarter were $2.53 billion, a decrease of 7.4% as compared to the fourth quarter of fiscal 2023.
Consolidated gross profit margin for the fourth quarter was 15.8%, a 140 basis point improvement over the comparable prior-year period, aided in part by a favorable LIFO inventory adjustment due to reductions in inventory levels as well as an improved warranty cost percentage.
Earnings per share for the fourth quarter were flat to the prior year at $1.68 per diluted share.
During the fourth quarter, the Company repurchased 266,367 shares of common stock totaling $25.4 million.

Fiscal Year 2024

Net sales for fiscal 2024 were $10.04 billion, a decrease of 9.7% compared to fiscal 2023.
Earnings per share for fiscal 2024 were $4.94 per diluted share, a decrease of 28.9% as compared to $6.95 per diluted share in the prior fiscal year but ahead of the Company’s most recently issued guidance.
The Company made principal payments of approximately $213.0 million on its term loans subsequent to its refinancing in November 2023.
During fiscal 2024, the Company repurchased 720,997 shares of common stock totaling $68.4 million.

ELKHART, Ind., Sept. 24, 2024 (GLOBE NEWSWIRE) -- THOR Industries, Inc. (NYSE: THO) today announced financial results for its fourth fiscal quarter ended July 31, 2024.

“Our teams delivered solid performances as we continue to navigate the persistent challenges in the industry’s retail environment. We realized strong margin performance relative to the current market conditions as our teams executed on strategic initiatives designed to maximize our operational efficiency. This long-term focus puts THOR in a strong position for our Fall Open House event and the coming winter season,” offered Bob Martin, President and CEO of THOR Industries.

“The macroeconomic challenges facing our independent dealers and end consumers have been an impediment to our industry for an extended period of time. THOR’s business model and discipline allow us to not just adjust to what we’ve referred to as ‘bouncing along the bottom,’ but to also make internal efficiency improvements which contributed to improving our fourth quarter gross profit margin despite the reduction in our net sales. While challenges persist, we are confident in our ability to continue to successfully manage our way through them. We will remain disciplined with production to help our independent dealer inventories stay fresh and in line with retail demand to protect margins in this challenging market. Our 44-year history has taught us that this cautious approach is healthy for our independent dealers, the industry and for THOR. Our confidence in the inevitable return of a robust market remains unchanged. It’s not an ‘if’ proposition but a ‘when’ proposition,” added Martin.

Fourth Quarter Financial Results

Consolidated net sales were $2.53 billion in the fourth quarter of fiscal 2024, compared to $2.74 billion for the fourth quarter of fiscal 2023.

Consolidated gross profit margin for the fourth quarter of fiscal 2024 was 15.8%, an increase of 140 basis points when compared to the fourth quarter of fiscal 2023, aided in part by a favorable LIFO inventory adjustment due to reductions in inventory levels as well as an improved warranty cost percentage.

Net income attributable to THOR Industries, Inc. and diluted earnings per share for the fourth quarter of fiscal 2024 were $90.0 million and $1.68, respectively, compared to $90.3 million and $1.68, respectively, for the fourth quarter of fiscal 2023.

THOR’s consolidated results were primarily driven by the results of its individual reportable segments as noted below.

Segment Results

North American Towable RVs

($ in thousands)	Three Months Ended July 31,					Fiscal Years Ended July 31,
		2024		2023	Change		2024		2023	Change
Net Sales	$	931,856	$	930,661	0.1%	$	3,679,671	$	4,202,628	(12.4)%
Unit Shipments		28,572		24,563	16.3%		112,830		106,504	5.9%
Gross Profit	$	117,375	$	110,770	6.0%	$	427,386	$	503,487	(15.1)%
Gross Profit Margin %		12.6		11.9	+70 bps		11.6		12.0	(40) bps
Income Before Income Taxes	$	50,913	$	55,652	(8.5)%	$	169,232	$	237,123	(28.6)%

	As of July 31,
($ in thousands)		2024		2023	Change
Order Backlog	$	552,379	$	756,047	(26.9)%

North American Towable RV net sales were up 0.1% for the fourth quarter of fiscal 2024 compared to the prior-year period, driven by a 16.3% increase in unit shipments offset by a 16.2% decrease in the overall net price per unit. The decrease in the overall net price per unit was primarily due to the combined impact of a shift in product mix toward our lower-cost travel trailers along with sales price reductions compared to the prior-year period.
North American Towable RV gross profit margin was 12.6% for the fourth quarter of fiscal 2024, compared to 11.9% in the prior-year period. The increase in gross profit margin percentage was primarily due to a decrease in both the overhead and warranty expense percentages.

North American Towable RV income before income taxes for the fourth quarter of fiscal 2024 was $50.9 million, compared to $55.7 million in the fourth quarter of fiscal 2023. This decrease was driven primarily by an increase in selling, general and administrative costs.

North American Motorized RVs

($ in thousands)	Three Months Ended July 31,					Fiscal Years Ended July 31,
		2024		2023	Change		2024		2023	Change
Net Sales	$	517,319	$	656,128	(21.2)%	$	2,445,850	$	3,314,170	(26.2)%
Unit Shipments		3,777		5,041	(25.1)%		18,761		24,832	(24.4)%
Gross Profit	$	65,974	$	56,461	16.8%	$	277,840	$	442,715	(37.2)%
Gross Profit Margin %		12.8		8.6	+420 bps		11.4		13.4	(200) bps
Income Before Income Taxes	$	29,812	$	21,044	41.7%	$	126,496	$	255,207	(50.4)%

	As of July 31,
($ in thousands)		2024		2023	Change
Order Backlog	$	776,903	$	1,242,936	(37.5)%

North American Motorized RV net sales decreased 21.2% for the fourth quarter of fiscal 2024 compared to the prior-year period. The decrease was primarily due to a 25.1% reduction in unit shipments, as current dealer and consumer demand has softened in comparison to the prior-year period, partially offset by a 3.9% increase in net price per unit.
North American Motorized RV gross profit margin was 12.8% for the fourth quarter of fiscal 2024, compared to 8.6% in the prior-year period. The increase in the gross profit margin percentage for the fourth quarter of fiscal 2024 was primarily driven by decreases in each of the material, labor and warranty cost percentages, with the decrease in material percentage largely due to the favorable impact of a LIFO inventory adjustment as a result of inventory reduction measures, partially offset by higher sales discounts.
North American Motorized RV income before income taxes for the fourth quarter of fiscal 2024 increased to $29.8 million compared to $21.0 million in the prior-year period, driven by the increase in gross profit margin percentage.

European RVs

($ in thousands)	Three Months Ended July 31,					Fiscal Years Ended July 31,
		2024		2023	Change		2024		2023	Change
Net Sales	$	943,424	$	1,019,156	(7.4)%	$	3,364,980	$	3,037,147	10.8%
Unit Shipments		14,982		17,548	(14.6)%		55,317		55,679	(0.7)%
Gross Profit	$	176,143	$	193,269	(8.9)%	$	581,211	$	505,344	15.0%
Gross Profit Margin %		18.7		19.0	(30) bps		17.3		16.6	+70 bps
Income Before Income Taxes	$	87,171	$	101,677	(14.3)%	$	231,377	$	179,625	28.8%

	As of July 31,
($ in thousands)		2024		2023	Change
Order Backlog	$	1,950,793	$	3,549,660	(45.0)%

European RV net sales decreased 7.4% for the fourth quarter of fiscal 2024 compared to the prior-year period, driven by a 14.6% decrease in unit shipments offset in part by a 7.2% increase in the overall net price per unit due to the total combined impact of changes in product mix and price. The overall increase in net price per unit of 7.2% includes a 1.0% decrease due to the impact from foreign currency exchange rate changes.
European RV gross profit margin was 18.7% of net sales for the fourth quarter of fiscal 2024 compared to 19.0% in the prior-year period, primarily due to slight increases in material and overhead cost percentages due to increased sales discounting, partially offset by an improved direct labor percentage.
European RV income before income taxes for the fourth quarter of fiscal 2024 was $87.2 million compared to $101.7 million during the fourth quarter of fiscal 2023, with the decrease driven primarily by the decreased net sales and increased sales discounting compared to the prior-year period.

Management Commentary

“Our performance during the fourth quarter of our fiscal year 2024 was marked by a strong margin performance relative to current market conditions, as we saw an improvement in our gross margin percentage of 140 basis points over the fourth quarter of fiscal year 2023. The drivers for this improvement include our success in managing cost inputs, reduced warranty costs, optimizing our production processes and remaining disciplined with our production and inventory levels, as the reduction in inventories during the fourth quarter generated a favorable LIFO inventory adjustment. Our bottom line benefited from our successful execution of these strategies, as we saw our fourth quarter net income before income taxes as a percentage of sales increase 20 basis points compared to the prior-year period despite a 7.4% reduction in our consolidated net sales. For the full fiscal year, our top line declined by 9.7% while our gross profit margin percentage improved 10 basis points. Our focus in the current market is to continue to improve what we can control and to maximize our performance,” said Todd Woelfer, Senior Vice President and Chief Operating Officer.

“Given the current market environment, we were pleased with our fourth quarter performance. In our North American Towable segment, we saw flat net sales in our fourth quarter of fiscal year 2024 when compared to the fourth quarter of fiscal year 2023 but improved gross profit margin by 70 basis points on a similar sales volume. During the fourth quarter of fiscal year 2024, our Towable unit volumes increased by over 16% when compared to the prior-year fourth quarter as consumers continued to manifest a strong desire for the RV lifestyle despite macroeconomic conditions, albeit in smaller, more moderately-priced units. During the quarter, our warranty expense improved as we continued to focus on quality initiatives across the organization. In our North American Motorized segment, we saw sales drop over 21% when compared to the same period from the prior year. Affordability continues to be a challenge in the motorized segment as consumers navigate the current economic cycle. Despite the challenges at the retail and wholesale levels, we continue to improve our material, labor and employee benefit costs as well as our warranty costs which contributed to our gross profit margin improvement. Our North American Motorized segment gross profit margin percentage also benefited from the favorable impact of a LIFO inventory adjustment as a result of inventory reduction measures,” offered Woelfer.

“Down markets like the one we are currently experiencing in North America provide a great reconfirmation of our variable operating model. As it has consistently proven through such shifting cycles, our operating model is once again establishing itself to be ideal for our business. Unlike prior down cycles, we are experiencing in this down cycle the benefits of long-term strategic initiatives designed to drive stronger margins even in challenging conditions. These strategies include our disciplined production planning, our continued efforts to maximize operating efficiencies as we leverage our variable cost model, and our steadfast focus on improved quality. During the fiscal fourth quarter, we managed to have flat year-over-year diluted EPS performance despite a reduction in our consolidated top line of 7.4%. As we look ahead, we will continue to execute strategic initiatives designed to drive margin improvement while also working to best position our products to realize relative retail success in current market conditions,” added Woelfer.

“In our fourth quarter, our European team outperformed expectations. We have reported publicly that the benefit of dealer restocking that was realized over the first half of fiscal 2024 would dissipate in the latter half of the fiscal year. Our European segment generated gross profit margin of 18.7%, down just 30 basis points from the same period last year despite a top line decrease of 7.4% which was largely attributable to the moderation and then completion of the restocking cycle with European independent dealers. As we have reported previously, our European management team has improved the institutional margin profile of our European business such that, relative to any given market condition, our European operations will outpace historical gross profit margin performance in similar market conditions. Importantly, our European operation has grown its market share for the six months ended June 30, 2024, adding 3.5% of total market share year over year and becoming the overall European market leader. Fiscal year 2024 was another strong year for our European operation as our strategy to create geographic diversification continues to drive value,” explained Woelfer.

“During the quarter, we generated approximately $338.0 million of cash from operations, and for the full fiscal year, we generated approximately $545.5 million. As we’ve outlined in the past, we take a balanced approach to capital allocation. That was evident again this year as we returned earnings to shareholders through dividends, made significant payments on our debt, supported capital expenditures and repurchased shares of THOR stock,” added Colleen Zuhl, Senior Vice President and CFO.

“We paid down approximately $116.8 million in total debt during the fourth quarter. During the full fiscal year, we paid down approximately $224.2 million in total debt, including principal payments of approximately $213.0 million on our term loans subsequent to our November 2023 debt modification, along with approximately $11.2 million in payments related to our other debt facilities. Additionally, during fiscal 2024, we both extended the maturities on our Term Loan B and Asset Based Loan facilities and lowered the interest rates on our USD and Euro term loans.

“During the quarter we also repurchased 266,367 shares of our outstanding stock for $25.4 million, bringing our full fiscal year total stock repurchases to 720,997 shares for $68.4 million.

“Capital expenditures in the fourth fiscal quarter totaled $33.6 million, bringing our total for fiscal year 2024 to approximately $139.6 million, well under our original capital expenditure plan as we adjusted non-critical spend due to market conditions.

“Our liquidity remains a unique strength within the industry. On July 31, 2024, we had liquidity of approximately $1.32 billion, including approximately $501.3 million in cash on hand and approximately $814.0 million available under our asset-based revolving credit facility. As we continue to navigate a challenging and dynamic market, our financial strength, robust cash generation profile and balanced approach to capital allocation continues to provide us the ability to execute on our long-term strategic plan,” said Zuhl.

Outlook

“Our fiscal 2024 was a year in which many of our strategic initiatives favorably impacted our performance in a difficult market. Our choice to remain prudent through the soft North American market has translated to better consolidated margin performance. The talk of a softer market is beginning to sound like a broken record, but we remained focused on managing through it with increasing efficiency. The strength of THOR, founded in our operating companies’ outstanding and experienced teams and the well-known brands they provide to the market, is our strong balance sheet and robust independent dealer relationships. These differentiate us from our competition as our ability to manage through extended retail downturns is unmatched. As we exit our fiscal 2024 and begin our fiscal 2025, we remain mindful that our focus is to continue to improve how we operate the Company in not only the current cycle but also prepare ourselves for the robust market that we all know to be on the horizon,” said Martin.

“Our current view of fiscal year 2025 is in line with the recent RVIA industry-wide forecast which projected approximately 324,100 wholesale unit shipments for calendar 2024 and 346,100 unit shipments at the median of its range for calendar 2025. We believe the RVIA forecast for calendar 2025 is slightly aggressive and see potential for a range closer to 335,000 units. Our base assumption for forecasting will be that the macro challenges will persist through our fiscal year 2025, which runs from August 1, 2024 through July 31, 2025. In North America, we expect discounting in fiscal 2025 to remain elevated in our Motorized segment, while we expect discounts to slightly moderate in our Towable segment. In Europe, as we have exhausted the dealer restocking opportunity fully, we expect fiscal 2025 to present more challenges at both the top line and the gross profit margin line when compared to the record results of our European segment in fiscal 2024,” added Woelfer.

“Although the near-term environment remains challenging, we continue to be very optimistic about global consumer interest in the RV lifestyle and long-term demand for our products. We remain confident that our strong financial position and status as the global leader in the RV industry enables THOR to meet the challenges of the current market and positions the Company for success in the longer term,” Martin concluded.

Fiscal 2025 Guidance

“In planning for our fiscal year 2025, we anticipate that the RV market will continue to be challenging throughout our fiscal year which ends on July 31, 2025. While we acknowledge that a positive inflection in the macroeconomic conditions could occur before the end of our fiscal year 2025 that could favorably impact our financial performance, we do not currently model such an inflection beyond the normal seasonal lift we anticipate in the spring. As mentioned above, we anticipate that we will face market headwinds that will impact our full-year performance in both our North American Motorized and European segments. With a bias towards being conservative, the Company continues to be cautious on the global economic outlook and associated impacts on consumer demand and appetite for sizeable discretionary purchases. In Europe, we anticipate a reduction in our European segment net sales in fiscal 2025 compared to their record sales in fiscal 2024, which included restocking European independent dealer lots back to normalized levels. In North America, the Company’s operating plan for fiscal 2025 reflects an industry wholesale shipment range of between 330,000 and 345,000 units with wholesale shipments matching retail demand in total, but we are expecting that dealers will hold off as long as possible on stocking for the spring selling season to keep inventory levels low over the winter months. As we forecast the continuation of the softer market in fiscal year 2025, we will continue to manage the Company to maximize our performance in the current environment as we position products in the market that address the affordability concerns of independent dealers and consumers and continue to lower the average sales price of our units. Given our expectations surrounding overall market volumes in both North America and Europe, the Company is introducing its initial guidance for fiscal 2025,” commented Woelfer.

For fiscal 2025, the Company’s full-year guidance includes:

Consolidated net sales in the range of $9.0 billion to $9.8 billion
Consolidated gross profit margin in the range of 14.7% to 15.2%
Diluted earnings per share in the range of $4.00 to $5.00

“As we look beyond our fiscal 2025, we expect to see a stronger retail environment in the latter half of calendar 2025 and the beginning of our fiscal 2026. Our operating companies are well positioned to leverage the capacity of THOR to realize the financial benefits of the coming return of a robust retail environment. We anticipate that in a more robust retail environment, THOR will seize market share and meaningfully grow diluted EPS as it has after previous down cycles,” concluded Woelfer.

Supplemental Earnings Release Materials

THOR Industries has provided a comprehensive question and answer document, as well as a PowerPoint presentation, relating to its quarterly results and other topics.

To view these materials, go to http://ir.thorindustries.com.

About THOR Industries, Inc.

THOR Industries is the sole owner of operating companies which, combined, represent the world’s largest manufacturer of recreational vehicles.

For more information on the Company and its products, please go to www.thorindustries.com.

Forward-Looking Statements

This release includes certain statements that are “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management’s current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; lower consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; the ability to efficiently utilize existing production facilities; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.

These and other risks and uncertainties are discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2024.

We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.


THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS AND FISCAL YEARS ENDED JULY 31, 2024 AND 2023
($000’s except share and per share data)

	Three Months Ended July 31, (Unaudited)								Fiscal Years Ended July 31,
		2024	% Net Sales ⁽¹⁾			2023	% Net Sales ⁽¹⁾			2024	% Net Sales ⁽¹⁾			2023		% Net Sales ⁽¹⁾

Net sales	$	2,534,167			$	2,738,066			$	10,043,408			$	11,121,605

Gross profit	$	401,331	15.8	%	$	394,305	14.4	%	$	1,451,962	14.5	%	$	1,596,353		14.4	%

Selling, general and administrative expenses		230,995	9.1	%		209,643	7.7	%		895,531	8.9	%		870,054		7.8	%

Amortization of intangible assets		35,420	1.4	%		35,277	1.3	%		132,544	1.3	%		140,808		1.3	%

Interest expense, net		18,410	0.7	%		22,645	0.8	%		88,666	0.9	%		97,447		0.9	%

Other income, net		10,512	0.4	%		5,173	0.2	%		13,623	0.1	%		11,309		0.1	%

Income before income taxes		127,018	5.0	%		131,913	4.8	%		348,844	3.5	%		499,353		4.5	%

Income tax provision		35,554	1.4	%		40,631	1.5	%		83,444	0.8	%		125,113		1.1	%

Net income		91,464	3.6	%		91,282	3.3	%		265,400	2.6	%		374,240		3.4	%

Less: Net loss attributable to non-controlling interests		1,449	0.1	%		995	—	%		92	—	%		(31	)	—	%

Net income attributable to THOR Industries, Inc.	$	90,015	3.6	%	$	90,287	3.3	%	$	265,308	2.6	%	$	374,271		3.4	%

Earnings per common share
Basic	$	1.70			$	1.69			$	4.98			$	7.00
Diluted	$	1.68			$	1.68			$	4.94			$	6.95

Weighted-avg. common shares outstanding – basic		53,066,642				53,310,842				53,248,488				53,478,310
Weighted-avg. common shares outstanding – diluted		53,524,397				53,868,996				53,687,377				53,857,143

⁽¹⁾ Percentages may not add due to rounding differences

SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000’s)

	July 31, 2024		July 31, 2023			July 31, 2024		July 31, 2023
Cash and equivalents	$	501,316	$	441,232	Current liabilities	$	1,567,022	$	1,716,482
Accounts receivable, net		700,895		643,219	Long-term debt, net		1,101,265		1,291,311
Inventories, net		1,366,638		1,653,070	Other long-term liabilities		278,483		269,639
Prepaid income taxes, expenses and other		81,178		56,059	Stockholders’ equity		4,074,053		3,983,398
Total current assets		2,650,027		2,793,580
Property, plant & equipment, net		1,390,718		1,387,808
Goodwill		1,786,973		1,800,422
Amortizable intangible assets, net		861,133		996,979
Equity investments and other, net		331,972		282,041
Total	$	7,020,823	$	7,260,830		$	7,020,823	$	7,260,830

Contact:

Jeff Tryka, CFA
Lambert Global
616-295-2509
jtryka@lambert.com

Exhibit 99.2

FINANCIAL RESULTS FOURTH QUARTER FISCAL 2024

2 FORWARD - LOOKING STATEMENTS This presentation includes certain statements that are “forward - looking” statements within the meaning of the U . S . Private Securities Litigation Reform Act of 1995 , Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended . These forward - looking statements are made based on management’s current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks . These forward - looking statements are not a guarantee of future performance . We cannot assure you that actual results will not differ materially from our expectations . Factors which could cause materially different results include, among others : the impact of inflation on the cost of our products as well as on general consumer demand ; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply constraints ; the impact of war, military conflict, terrorism and/or cyber - attacks, including state - sponsored or ransom attacks ; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers ; the dependence on a small group of suppliers for certain components used in production, including chassis ; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability ; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share ; the level and magnitude of warranty and recall claims incurred ; the ability of our suppliers to financially support any defects in their products ; the financial health of our independent dealers and their ability to successfully manage through various economic conditions ; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers ; the costs of compliance with governmental regulation ; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations ; public perception of and the costs related to environmental, social and governance matters ; legal and compliance issues including those that may arise in conjunction with recently completed transactions ; lower consumer confidence and the level of discretionary consumer spending ; the impact of exchange rate fluctuations ; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers ; management changes ; the success of new and existing products and services ; the ability to maintain strong brands and develop innovative products that meet consumer demands ; the ability to efficiently utilize existing production facilities ; changes in consumer preferences ; the risks associated with acquisitions, including : the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies ; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand ; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers ; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities ; increasing costs for freight and transportation ; the ability to protect our information technology systems from data breaches, cyber - attacks and/or network disruptions ; asset impairment charges ; competition ; the impact of losses under repurchase agreements ; the impact of the strength of the U . S . dollar on international demand for products priced in U . S . dollars ; general economic, market, public health and political conditions in the various countries in which our products are produced and/ or sold ; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold ; changes to our investment and capital allocation strategies or other facets of our strategic plan ; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt . These and other risks and uncertainties are discussed more fully in Item 1 A of our Annual Report on Form 10 - K for the year ended July 31 , 2024 . We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward - looking statements contained in this presentation or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law .

Cash from Operations $545.5 M Founded in 1980 and headquartered in Elkhart, Indiana, THOR is a global family of companies that makes it easier and more enjoyable to connect people with nature and each other to create lasting outdoor memories. Unit Shipments 186,908 Approximately 22K Team Members Distribution in 25+ Countries APPROXIMATELY 3,500 INDEPENDENT DEALERSHIP LOCATIONS Manufacturing Operations in 6 Countries 11 States WORLDWIDE 400+ FACILITIES 3 Net Sales $10.04 B Gross Profit Margin 14.5% Diluted EPS $4.94 (1) As of July 31, 2024 Fiscal 2024 Results (1)

EUROPEAN SEGMENT NORTH AMERICAN MOTORIZED SEGMENT NORTH AMERICAN TOWABLE SEGMENT 4 We consist of a trusted family of brands that are loved by RV consumers

5 Together, the THOR family of companies represents the world’s largest manufacturer of recreational vehicles. We offer a comprehensive range of RVs to inspire and empower everyone to Go Everywhere; Stay Anywhere. NET SALES BY SEGMENT (1) Other, net $552,907 5.5% United States $6,190,597 61.6% Germany $2,023,566 20.1% Other $50,325 0.6% Canada $435,839 4.3% Other Europe $1,343,081 13.4% Class C $1,162,140 47.5% Class A $776,836 31.8% Class B $506,874 20.7% Campervan $1,064,293 31.6% Caravan $235,928 7.0% Other $317,468 9.5% Motorcaravan $1,747,291 51.9% Fifth Wheels $1,284,425 34.9% Travel Trailers $2,395,246 65.1% North American Towable $3,679,671 36.6% European $3,364,980 33.5% North American Motorized $2,445,850 24.4% (1) $ in thousands for the twelve months ended July 31, 2024 North American Towable North American Motorized European NET SALES BY COUNTRY (1) THOR CONSOLIDATED FISCAL 2024 NET SALES $10.04 BILLION

6 Change FY 2023 FY 2024 Change Q4 2023 Q4 2024 ($ in thousands) Net Sales – Segments (12.4)% $ 4,202,628 $ 3,679,671 0.1 % $ 930,661 $ 931,856 North American Towable (26.2)% 3,314,170 2,445,850 (21.2)% 656,128 517,319 North American Motorized 10.8 % 3,037,147 3,364,980 (7.4)% 1,019,156 943,424 European (2.6)% 567,660 552,907 7.2 % 132,121 141,568 Other, net (9.7)% $ 11,121,605 $ 10,043,408 (7.4)% $ 2,738,066 $ 2,534,167 Total +10 bps 14.4 14.5 +140 bps 14.4 15.8 Gross Profit Margin % (28.9)% $ 6.95 $ 4.94 — % $ 1.68 $ 1.68 Diluted Earnings per Share (1) (44.4)% $ 981,633 $ 545,548 (33.4)% $ 507,513 $ 338,016 Cash from Operations $ 42,007 $ 68,387 $ — $ 25,353 Share Repurchases THOR successfully executed on our strategic initiatives designed to maximize our financial performance despite continuing macroeconomic headwinds (1) Attributable to THOR Industries, Inc. Fiscal Year 2024 Highlights • European segment generated strong net sales and gross profit margin • Production levels closely managed to retail demand • Continued focus on internal efficiency improvements Fourth Quarter & Fiscal Year 2024 Summary Fourth Quarter Fiscal 2024 Highlights • Strong margin performance relative to current market conditions, impacted in part by a favorable LIFO inventory adjustment as a result of inventory reduction measures • Disciplined management of our production and inventory levels • Robust cash generation

7 Fourth Quarter Fiscal 2024 Key Drivers • Net sales were flat year - over - year on approximately 16 % higher shipment volume as product mix shifted toward our lower - cost travel trailers, along with sales price reductions compared to the prior - year period • Gross profit margin percentage increased due to decreases in both overhead and warranty expense percentages • Continued disciplined production to assist independent dealers to align their inventory with the current retail environment North American Towable Segment FY FY Q4 Q4 Change 2023 2024 Change 2023 2024 (12.4)% $ 4,202,628 $ 3,679,671 0.1 % $ 930,661 $ 931,856 Net Sales (1) (40) bps 12.0 11.6 +70 bps 11.9 12.6 Gross Profit Margin % 5.9 % 106,504 112,830 16.3 % 24,563 28,572 Wholesale Shipments (17.4)% $ 39,460 $ 32,613 (13.9)% $ 37,889 $ 32,614 Average Sales Price July 31, 2024 July 31, 2023 Change (26.9)% $ 756,047 $ 552,379 Backlog (1) (15.3)% 75,674 64,120 Dealer Inventory (2) (1) $ in thousands; (2) Independent Dealer Inventory of THOR products, in units

North American Motorized Segment Fourth Quarter Fiscal 2024 Key Drivers • Softening independent dealer and consumer demand led to decreased net sales and higher sales discounts compared to the prior - year period • Increased gross profit margin percentage primarily driven by decreased material, labor and warranty cost percentages, including the favorable impact of a LIFO inventory adjustment as a result of inventory reduction measures, partially offset the higher sales discounts • Independent dealer inventory decreased as independent dealers adjusted their ordering patterns amidst slowing retail activity and increased inventory carrying costs 8 FY FY Q4 Q4 Change 2023 2024 Change 2023 2024 (26.2)% $ 3,314,170 $ 2,445,850 (21.2)% $ 656,128 $ 517,319 Net Sales (1) (200) bps 13.4 11.4 +420 bps 8.6 12.8 Gross Profit Margin % (24.4)% 24,832 18,761 (25.1)% 5,041 3,777 Wholesale Shipments (2.3)% $ 133,464 $ 130,369 5.2 % $ 130,158 $ 136,966 Average Sales Price July 31, 2024 July 31, 2023 Change (37.5)% $ 1,242,936 $ 776,903 Backlog (1) (7.6)% 11,783 10,893 Dealer Inventory (2) (1) $ in thousands; (2) Independent Dealer Inventory of THOR products, in units

9 European Segment Fourth Quarter Fiscal 2024 Key Drivers • Net sales decreased 7 . 4 % , driven by a 14 . 6 % decrease in unit shipments, offset in part by an increase in the overall net price per unit due to the total combined impact of the change in product mix and price, including a higher concentration of motorcaravans • Improved chassis availability during FY 2024 aided normalization of backlog and restocking of independent dealer inventory EUROPEAN NET SALES BY COUNTRY FY FY Q4 Q4 Change 2023 2024 Change 2023 2024 10.8 % $ 3,037,147 $ 3,364,980 (7.4)% $ 1,019,156 $ 943,424 Net Sales (1) +70 bps 16.6 17.3 (30) bps 19.0 18.7 Gross Profit Margin % (0.7)% 55,679 55,317 (14.6)% 17,548 14,982 Wholesale Shipments 11.5 % $ 54,547 $ 60,831 8.4 % $ 58,078 $ 62,970 Average Sales Price July 31, 2024 July 31, 2023 Change (45.0)% $ 3,549,660 $ 1,950,793 Backlog (1) 24.0 % 21,161 26,233 Dealer Inventory (2) (1) $ in thousands; (2) Independent Dealer Inventory of THOR products, in units FY 2024 FY 2023 59.7 % 59.7 % Germany 9.6 % 10.0 % France 7.0 % 9.1 % United Kingdom 3.7 % 3.5 % Netherlands 20.0 % 17.7 % All Others

10 $ 1,327,405 $ 1,151,279 Outstanding Debt (1) ($ in thousands) As of July 31, 2024 As of July 31, 2023 $ 441,232 $ 501,316 Cash and Cash Equivalents 940,000 814,000 Availability under Revolving Credit Facility $ 1,381,232 $ 1,315,316 Total Liquidity Leverage Ratios (2) FY 2024 FY 2023 1.0 x 0.9 x Net Debt / TTM EBITDA 0.9 x 0.9 x Net Debt / TTM Adjusted EBITDA Cash Flow Generation FY 2024 FY 2023 $ 981,633 $ 545,548 Cash from Operating Activities (1) Total gross debt obligations as of July 31, 2024 inclusive of the current portion of long - term debt (2) See the Appendix to this presentation for reconciliation of non - GAAP measures to most directly comparable GAAP financial measures Liquidity, low leverage ratio, and strong cash flow generation are unique strengths of THOR’s within the RV industry

11 Capital Management PRIORITIES AND FISCAL 2024 ACTIONS Invest in THOR’s business ▪ Capex spending of $139.6 million for Fiscal 2024, well under our original Capex plan as we adjusted non - critical spend due to market conditions Pay THOR's dividend ▪ Increased regular quarterly dividend to $0.48 in October 2023 ▪ Represents 14 th consecutive year of dividend increases Reduce the Company's debt obligations ▪ Payments on term - loan credit facilities of $213.0 million for Fiscal 2024 (1) ▪ Additional payment on term - loan credit facilities of $60.0 million subsequent to July 31, 2024 ▪ Committed to long - term net debt leverage ratio target of approximately 1.0x; currently at 0.9x Repurchase shares on a strategic and opportunistic basis ▪ Repurchased $68.4 million, representing 720,997 shares, during Fiscal 2024 ▪ $422.8 million available to be repurchased as of July 31, 2024 under current authorizations Support opportunistic strategic investments ( 1 ) Payments exclude the impact of the November 15 , 2023 term loan amendments, as discussed in Note 13 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10 - K for the period ended July 31 , 2024 .

12 Interest in the RV lifestyle remains high despite macroeconomic uncertainties facing our independent dealers and consumers, particularly in North America North American operating companies produced strong margins relative to current market conditions due to production optimization and strategic initiatives to drive margin improvements even in down cycles European segment exceeded expectations, achieving market share gains while delivering strong results with an improved margin profile During the full fiscal year, we made payments of approximately $ 213 . 0 million ( 1 ) on our term - loan credit facilities, extended the maturities on our Term Loan B and Asset Based Loan facilities and lowered the interest rates on our USD and Euro term loans Repurchased 720 , 997 shares of common stock totaling $ 68 . 4 million during the full fiscal year Key takeaways from FY 2024 ( 1 ) Payments exclude the impact of the November 15 , 2023 term loan amendments, as discussed in Note 13 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10 - K for the period ended July 31 , 2024 .

13 Full - Year Fiscal 2025 Guidance ▪ We expect the global RV market will continue to be challenging throughout our upcoming fiscal year which ends July 31 , 2025 ▪ We foresee market headwinds that will impact full - year performance in both our North American Motorized and European segments ▪ We will continue to maximize our performance in the current environment and are positioning our products to address the affordability concerns of independent dealers and consumers Fiscal Year 2025 Guidance (1) $9.0B – $9.8B 330,000 – 345,000 14.7 % – 15.2 % $4.00 – $5.00 Consolidated Net Sales North American RV Industry Wholesale Shipments (Units) Consolidated Gross Profit Margin Diluted Earnings per Share Outlook ▪ We remain focused on managing through the soft market with increasing efficiency ▪ We anticipate a favorable impact from our strategic initiatives and variable operating model despite challenging market conditions ▪ We continue to be very optimistic about global consumer interest in the RV lifestyle and long - term demand for our products ▪ We expect to see a stronger retail environment in the latter half of calendar 2025 and the beginning of our fiscal 2026 (1) Our Fiscal Year 2025 runs from August 1, 2024 through July 31, 2025

14 Appendix

( 1 ) All retail information presented is for the CYTD period through June 30 , 2024 . ( 2 ) North American retail data is reported by Statistical Surveys, Inc . and is based on official state and provincial records . This information is subject to adjustment, is continuously updated and is often impacted by delays in reporting by various states or provinces . ( 3 ) European retail data is reported by the Caravaning Industry Association e . V . (“CIVD”) and the European Caravan Federation (“ECF ” ) . This information is subject to adjustment, continuously updated and is often impacted by delays in reporting by various countries (some countries, including the United Kingdom, do not report OEM - specific data and are thus excluded from the market share calculation) . 15 EUROPEAN (3) All RV Segments NORTH AMERICAN (2) CATEGORY Class B Class C Class A Fifth Wheels Travel Trailers 23.6% 39.0% 50.6% 48.7% 41.0% 40.0% MARKET SHARE (1) #1 #1 #1 #1 #1 #1 MARKET POSITION (1) THOR – The Global RV Industry Leader

16 298.3 323.0 334.5 298.1 208.6 152.4 217.1 227.6 257.6 282.8 312.8 326.9 376.0 442.0 426.1 359.4 389.6 544.0 434.9 267.3 289.8 309.3 370.0 384.5 390.4 353.5 237.0 165.6 242.3 252.4 285.7 321.1 356.7 374.2 430.7 504.6 483.7 406.1 430.4 600.2 493.3 313.2 324.1 346.1 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (e) (e) TOWABLE RV WHOLESALE MARKET TRENDS (UNITS 000's) YTD Shipments (Units) % Change Unit Change June 2023 June 2024 +8.4% 13,766 164,830 178,596 YTD Shipments (Units) % Change Unit Change June 2023 June 2024 +14.4% 20,070 139,337 159,407 71.7 61.4 55.8 55.4 28.4 13.2 25.2 24.8 28.2 38.3 44.0 47.3 54.7 62.6 57.6 46.6 40.8 56.2 58.4 45.9 34.3 36.8 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (e) (e) YTD Shipments (Units) % Change Unit Change June 2023 June 2024 (24.7)% (6,304) 25,493 19,189 Historical Data: Recreation Vehicle Industry Association (RVIA) (e) Calendar years 2024 and 2025 represent the most recent RVIA "most likely" estimates from their September 2024 issue of Roadsigns RV Industry Overview North America RV WHOLESALE MARKET TRENDS (UNITS 000's) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (e) (e) MOTORIZED RV WHOLESALE MARKET TRENDS (UNITS 000's)

17 RV Industry Overview THOR Forest River Winnebago Grand Design Gulfstream REV Group All Others 2024 Motorized 21,382 units 2023 Motorized 25,584 units 2023 Towable 186,292 units 47.2% 49.1% 41.5% 2015 2016 2017 RV Retail Registrations (1) 2018 2019 CCS Index (2) 2010 2011 2012 2013 2014 2020 2021 2022 2023 0 100,000 200,000 300,000 400,000 500,000 600,000 North America CONSUMER CONFIDENCE VS. RV RETAIL REGISTRATIONS (1)(2) 0 25 50 75 100 125 150 17.2% 6.9% 10.3% 10.1% 16.5% 6.0% (1) Source : Statistical Surveys, Inc., U.S. and Canada; CYTD through June 30, 2024 and 2023 (2) Source : The Conference Board, Consumer Confidence Survey ® , through June 2024 2024 Towable 166,760 units 37.3% 8.3% 12.4% 39.1% 8.7% 1.4% Note: 2024 represented above includes the trailing twelve months of registrations through June 30, 2024 CALENDAR YEAR - TO - DATE RV RETAIL MARKET SHARE (1) 1.6% 1.6% 1.3% 35.2% 11.6% 18.4% 18.3%

18 Change Total Six Months Ended June 30, 2024 2023 Motorcaravans & Campervans Six Months Ended June 30, 2024 2023 Change Change Caravans Six Months Ended June 30, 2024 2023 Country 6.6 % 54,299 57,893 9.3 % 41,500 45,344 (2.0)% 12,799 12,549 Germany 6.0 % 17,980 19,058 9.2 % 13,733 15,002 (4.5)% 4,247 4,056 France 8.1 % 13,680 14,786 31.4 % 6,667 8,763 (14.1)% 7,013 6,023 U.K. 0.6 % 37,332 37,540 3.7 % 24,615 25,531 (5.6)% 12,717 12,009 All Others 4.9 % 123,291 129,277 9.4 % 86,515 94,640 (5.8)% 36,776 34,637 Total EUROPEAN INDUSTRY UNIT REGISTRATIONS BY COUNTRY (1) 198 203 210 208 189 154 150 156 147 137 140 152 168 190 202 211 236 261 219 210 324 320 310 366 289 206 228 247 264 304 333 376 416 471 493 465 449 379 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Europe North America The Company monitors retail trends in the European RV market as reported by the European Caravan Federation, whose industry data is reported to the public quarterly. Industry wholesale shipment data for the European RV market is not available. FULL - YEAR COMPARISON OF NEW VEHICLE REGISTRATIONS BY CONTINENT (UNITS 000's) (1) (2) 570 522 RV Industry Overview: Europe (1) Source: European Caravan Federation; CYTD June 30, 2024 and 2023; European retail registration data available at www.CIVD.de (2) Source: Statistical Surveys; North American retail registration data available at www.statisticalsurveys.com

19 RV rentals lead to potential ownership Significant growth in RV ownership RV Owner future purchase intent is high RVers plan to travel this fall 95 % of new RV owners plan to purchase another RV in the future ( 3 ) 79% of American RVers, or 27 million people, intend to go RVing this fall (2) 97 % increase in RV ownership for leisure travelers since 2014 ( 1 ) 63% of RV Renters, who currently do not own an RV, that stayed in a campground within the last twelve months report being likely to purchase an RV in the future ( 4 ) Real data from RVers underpins long - term RV industry growth (1) KOA 2024 Camping & Outdoor Hospitality Report (2) RVIA 2024 RV Fall Travel Report (3) THOR 2024 North American New RV Path to Purchase Study (4) THOR 2024 North American RVers Campground Experience Survey

20 Additional Historical Metrics $5,548,643 $3,280,075 $756,047 $552,379 $1,242,936 $776,903 $3,549,660 $1,950,793 NA Towables NA Motorized European 7/31/23 7/31/24 58,300 127,000 87,500 75,000 Inventory Units 7/31/21 7/31/22 7/31/23 7/31/24 NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS RV BACKLOG OF $3.28 billion (40.9)% (1) (1) As compared to July 31, 2023 (2) Comparable independent dealer inventory unit information was not available prior to July 31, 2023 21,200 26,200 Inventory Units 7/31/23 7/31/24 EUROPEAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS (2)

( 1 ) Includes $ 7 , 566 of costs associated with the debt amendment for 2 QFY 24 as discussed in Note 13 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10 - K for the period ended July 31 , 2024 ( 2 ) Total debt obligations as of July 31 , 2024 inclusive of the current portion of long - term debt Adjusted EBITDA is a non - GAAP performance measure included to illustrate and improve comparability of the Company's results from period to period . Adjusted EBITDA is defined as net income before net interest expense, income tax expense and depreciation and amortization adjusted for certain items and other one - time items . The Company considers this non - GAAP measure in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends . The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies . 21 Quarterly EBITDA Reconciliation TTM 4QFY24 3QFY24 2QFY24 1QFY24 4QFY23 $ 265,400 $ 91,464 $ 113,577 $ 5,326 $ 55,033 $ 91,282 Net Income 88,666 18,410 21,830 28,229 20,197 22,645 Add Back: Interest Expense, Net (1) 83,444 35,554 28,773 1,568 17,549 40,631 Income Taxes 277,145 73,597 68,151 68,119 67,278 74,102 Depreciation and Amortization of Intangibles $ 714,655 $ 219,025 $ 232,331 $ 103,242 $ 160,057 $ 228,660 EBITDA Add Back: 37,901 8,852 9,351 9,246 10,452 12,905 Stock - Based Compensation Expense (14,494) (6,494) (5,000) (3,000) — 5,352 Change in LIFO Reserve, net (17,979) (1,079) (2,700) (4,200) (10,000) (1,733) Net (Income) Expense Related to Certain Contingent Liabilities 940 (1,380) 1,575 1,724 (979) 714 Non - Cash Foreign Currency Loss (Gain) 2,937 117 (581) 530 2,871 3,476 Market Value Loss (Gain) on Equity Investments 13,106 779 2,890 3,502 5,935 5,748 Equity Method Investment Loss (Gain) 2,500 — 2,500 — — — Weather - Related Losses 7,175 — — 7,175 — — Debt Amendment Expenses (16,646) (1,428) (4,267) (9,533) (1,418) (6,663) Other Loss (Gain), Including Sales of PP&E $ 730,095 $ 218,392 $ 236,099 $ 108,686 $ 166,918 $ 248,459 Adjusted EBITDA $ 10,043,408 $ 2,534,167 $ 2,801,113 $ 2,207,369 $ 2,500,759 $ 2,738,066 Net Sales 7.3 % 8.6 % 8.4 % 4.9 % 6.7 % 9.1 % Adjusted EBITDA Margin (%) $ 1,151,279 Total Long - Term Debt as of July 31, 2024 (2) 501,316 Less: Cash and Cash Equivalents $ 649,963 Net Debt 0.9 x Net Debt / TTM EBITDA 0.9 x Net Debt / TTM Adjusted EBITDA ($ in thousands) TTM Fiscal Quarters

www.thorindustries.com INVESTOR RELATIONS CONTACT Jeff Tryka, CFA Lambert Global jtryka@lambert.com (616) 295 - 2509

Exhibit 99.3

FOURTH QUARTER FISCAL 2024

INVESTOR QUESTIONS & ANSWERS

September 24, 2024

Forward-Looking Statements

Reference is made to the forward-looking statements disclosure provided at the end of this document.

2024 Highlights
($ in thousands, except for per share data)

	Three Months Ended July 31,							Fiscal Years Ended July 31,
	2024		2023		Change			2024		2023		Change
Net Sales	$	2,534,167	$	2,738,066		(7.4	)%	$	10,043,408	$	11,121,605		(9.7	)%
Gross Profit	$	401,331	$	394,305		1.8	%	$	1,451,962	$	1,596,353		(9.0	)%
Gross Profit Margin %		15.8		14.4		+140 bps			14.5		14.4		+10 bps
Net Income Attributable to THOR	$	90,015	$	90,287		(0.3	)%	$	265,308	$	374,271		(29.1	)%
Diluted Earnings Per Share	$	1.68	$	1.68		-	%	$	4.94	$	6.95		(28.9	)%
Cash Flows from Operations	$	338,016	$	507,513		(33.4	)%	$	545,548	$	981,633		(44.4	)%

Fiscal Fourth Quarter 2024

•

Net sales for the fourth quarter were $2.53 billion, a decrease of 7.4% as compared to the fourth quarter of fiscal 2023.

•

Consolidated gross profit margin for the fourth quarter was 15.8%, a 140 basis point improvement over the comparable prior-year period, aided in part by a favorable LIFO inventory adjustment due to reductions in inventory levels as well as an improved warranty cost percentage.

•

Earnings per share for the fourth quarter were flat to the prior year at $1.68 per diluted share.

•

During the fourth quarter, the Company repurchased 266,367 shares of common stock totaling $25.4 million.

Full-Year Fiscal 2025 Guidance

•

Consolidated net sales in the range of $9.0 billion to $9.8 billion

•

Consolidated gross profit margin in the range of 14.7% to 15.2%

•

Diluted earnings per share in the range of $4.00 to $5.00

Quick Reference to Contents

Current Market Conditions and Outlook Assumptions		2

Q&A

	Market Update	3
	Operations Update	4
	Financial Update	7

Segment Data

	Summary of Key Quarterly Segment Data – North American Towable RVs	9
	Summary of Key Quarterly Segment Data – North American Motorized RVs	10
	Summary of Key Quarterly Segment Data – European RVs	11

Forward-Looking Statements		12

Current Market Conditions and Outlook Assumptions

•

Market demand conditions in North America

Persistent macroeconomic headwinds continue to impact retail sales in the North American RV industry. While our independent dealers experienced increased retail activity during the spring selling season, conversion to sales remained difficult in light of the economic pressures on retail buyers. As a result of these conditions, combined with elevated floor plan interest costs, our independent dealers remain understandably cautious with their ordering patterns. We expect these headwinds will continue to significantly impact our performance through our fiscal year 2025, which runs through July 31, 2025. Given the economic pressures on consumers, affordability continues to be an industry focus. The Recreational Vehicle Industry Association (“RVIA”) recently updated their wholesale unit shipments forecast for calendar 2024 to reflect the continued softness in market demand trends. The revised RVIA calendar year 2024 forecast has been moderately reduced calling for a range of North American wholesale shipments of approximately 311,600 units to 336,600 units with a median point of 324,100 units, up from the calendar year 2023 wholesale shipment total of 313,174 units, but significantly lower than both calendar year 2021 and calendar year 2022 and lower than earlier estimates for calendar year 2024. Looking ahead, the RVIA forecast for calendar year 2025 calls for a wholesale shipment range of 329,900 to 362,300 units, with a median point of 346,100 units, an increase of 6.8% over the median wholesale shipment total forecasted for calendar year 2024.

•

Market demand conditions in Europe

Similar to North America, European retail sales have been impacted by current macroeconomic conditions; however, we continue to see relative strength in retail registrations in Europe when compared to North America. According to the European Caravan Foundation (“ECF”), total retail registrations in Europe for the first half of calendar year 2024 increased overall by 4.9% compared to the same period of calendar year 2023, with an increase in registrations of motorcaravans and campervans of 9.4% partially offset by a decrease in registrations of caravans of 5.8% during the period. Retail sales of product produced by our European segment realized growth of 23.0% during the first six months of calendar year 2024 compared to the same period of calendar year 2023. In Europe, we believe that independent dealer inventory levels of Erwin Hymer Group (“EHG”) products have been restocked to normalized levels and are now generally appropriate for current consumer demand.

•

Order backlog

Consolidated RV backlog was $3.28 billion as of July 31, 2024. North American RV backlog was $1.33 billion as of July 31, 2024, a decrease of 33.5% compared to $2.00 billion as of July 31, 2023. European RV backlog was $1.95 billion as of July 31, 2024, a decrease of 45.0% compared to $3.55 billion as of July 31, 2023.

•

Near-term and long-term RV industry outlook in both North America and Europe

The RV industry continues to experience a slowdown in retail activity as consumers continue to be impacted by higher interest rates and overall inflation adversely impacting their budgets along with elevated unit prices. We remain cautious about our fiscal year 2025 outlook though the recent interest rate cut by the Federal Reserve may help boost consumer confidence leading to a stronger retail environment in the second half of fiscal year 2025. In the longer-term, we remain optimistic about the industry’s and THOR’s return to growth. Our optimism continues to be supported by the strong interest in the RV lifestyle as well as the secular shift in our market that occurred just prior to and since the global pandemic, as the RV industry’s total addressable market grew materially during this period. As we look beyond the current challenging macroeconomic environment, we continue to believe that the growth in the addressable market will lead to strong future years for THOR and the RV industry.

Q&A

MARKET UPDATE

How do you characterize the outlook and focus of your North American independent dealers?

Overall, our North American independent dealers remain consistent in their views with recent quarters as macroeconomic challenges persist. Faced with elevated floor plan interest rates and a soft retail environment, our independent dealers are understandably reticent to expand their inventory from currently suppressed levels. As we look ahead to fiscal year 2025, we believe dealers will remain hesitant to hold any excess inventory until a sustained positive inflection in retail demand takes hold. We also expect product mix will continue to favor lower cost and lower margin units. Although we will assess dealer sentiment and ordering patterns at our September 2024 Dealer Open House, we expect to see the continuation of cautious ordering patterns in the wholesale channel consisting of smaller, more frequent orders as dealers continue to operate in a higher interest rate environment. Over the longer term, we view this as a positive development for the RV industry as we believe the proactive planning discussions taking place between our operating companies and their independent dealer partners will result in improved long-term profitability trends across the industry. The inherent impacts of dealer prudence is better positioning THOR and the RV industry as we continue to work through the prolonged macroeconomic challenges. When the current adverse economic factors clear, as they inevitably will, this prudence will position THOR to perform very well as the market returns to growth.

What is your current near-term outlook on the North American retail demand environment?

We believe that North American retail demand will remain suppressed through the remainder of calendar year 2024. Initially, we forecasted retail demand to be stronger in calendar year 2024 based on multiple projected interest rate cuts that were widely anticipated over the course of calendar year 2024. While we recently saw the first interest rate cut of the cycle by the Federal Reserve, the first cut since March 2020, the late calendar year 2024 timing has prolonged the negative impact to consumers and resulting retail sales. We currently model 315,000 to 325,000 retail units for calendar year 2024, which is in line with the current RVIA forecast.

OPERATIONS UPDATE

Can you comment on fiscal fourth quarter production and the cadence of North American wholesale shipments for the beginning of fiscal 2025?

As we previously communicated, we remain focused on aligning our production with retail sales to avoid undesired inventory growth in the sales channel, particularly among our independent dealers. Over the fiscal fourth quarter, our North American dealer inventories decreased sequentially, indicating that our operating companies responded well to dealer demand changes and appropriately aligned production with retail pull-through. Furthermore, as of July 31, 2024, North American dealer inventory levels of THOR products approximated 75,000 units compared to 87,500 as of July 31, 2023, a decrease of 14.3%. As of July 31, 2024, we believe that North American dealer inventory levels for most products are generally at, or slightly higher than, the levels that dealers are comfortable stocking given the current retail sales levels and associated carrying costs.

Consistent with our approach throughout the current down cycle, THOR operating companies will continue to manage production in a disciplined manner with an elevated level of conservatism. Our teams will also continue to work closely with our dealer partners in monitoring retail demand to ensure we respond quickly to shifts in market demand and adjust our production plans appropriately.

In North America, you have been operating in a down-cycle environment for well over a year now and there is no clear end to the cycle at this point. Can you speak to THOR’s wherewithal to withstand the down cycle if it continues for an extended period of time?

THOR’s operating model positions it to perform relatively well in any cycle, and our long history shows that not only does our model work, it is one of THOR’s core strengths, bolstered by the talented and experienced teams we have throughout the organization to execute this model. While a down cycle will inevitably impact THOR’s top and bottom line, THOR’s operating model and conservative balance sheet insulate it from significant threats from a down cycle compared with many of our peers. THOR’s market leadership position has been underpinned by its fast and flexible variable cost model and long-term focus. During down cycles, THOR operates from a position of strength given our operating model and strong liquidity and we can adapt to evolving market conditions in a nimble fashion while staying steadfast in our commitment to investing in THOR’s long-term growth. This down cycle is no different than those that have come before it; THOR performs well through a challenging market because of our variable cost model, our conservative balance sheet and our experienced teams.

Can you comment on the fourth quarter fiscal 2024 performance and the outlook of THOR Industries’ European segment?

The continued strength in the fiscal 2024 fourth quarter results of our European segment highlighted the successful efforts of our European management team to implement effective strategies to enhance price-cost realization and operational efficiencies throughout fiscal 2024. Our European independent dealer inventory is in balance with the market after effectively rebuilding inventory during fiscal year 2024.

Through the second calendar quarter of 2024, we have achieved a motorcaravan and campervan market share of 25.3%, an improvement upon our 20.9% market share for the full calendar year 2023.

As we enter fiscal year 2025, our European independent dealer inventory is in balance with the market, and our European segment continues to execute on operational efficiency strategies that maximize its performance. Given the current market conditions, we expect retail to soften on a year-over-year basis. Through the first six months of calendar year 2024, total retail registrations in Europe have increased overall by 4.9%, with registrations of motorcaravans and campervans increasing 9.4% while retail registrations of caravans declined 5.8% compared to the first six months of calendar year 2023. Consequently, we expect wholesale sales to align with an expected softening retail environment resulting in our European segment’s margins to be slightly less than the strong margins achieved in fiscal year 2024.

How do you think the recent interest rate cut by the Federal Reserve will impact THOR and the RV Industry?

The cut is a good start, however, a single interest rate cut will have minimal impact on the RV industry. Over time, a series of rate cuts will have a positive impact on the North American RV industry and THOR in a number of ways. First, we believe the reduction in interest rates will help to boost consumer sentiment as retail consumers view the Federal Reserve’s efforts to boost economic activity as a sign of optimism for future economic growth. From a pragmatic perspective, lower interest rates will boost consumer disposable income, as rates on mortgages and other consumer debt gradually declines. We have historically seen that as consumer confidence improves, consumers are more willing to make larger discretionary purchases like RVs. A second positive impact will be the effect on independent dealer floorplan financing costs. While interest expense for dealers is still well above the averages of the past decade, as the rates they pay decline, dealers will be more willing to take on inventory, particularly if they see a rebound in retail activity driven by more optimistic consumers. Finally, THOR will also benefit from lower effective interest rates on our outstanding debt that is subject to variable interest rates.

Backlogs for your North American Motorized segment and European segment decreased materially fiscal year over year. What caused this and is this a basis for concern?

Our North American Motorized backlog has decreased by 37.5% on a fiscal year-over-year basis. The decrease in North American Motorized backlog is primarily a result of a reduction in orders from dealers which we believe is due to lower retail sales and dealer concerns over current interest costs and other carrying costs compared to the prior year. We believe dealers will continue to rigorously evaluate the unit stocking levels they will elect to carry in future periods, which may be less than historical unit stocking levels due to a combination of factors such as retail activity, RV wholesale unit prices as well as interest rates and other carrying costs. Currently, dealer inventory is generally in balance with the softer retail environment. As the market eventually begins to inflect positively, we anticipate that there will be some period of restocking necessary to adequately stock dealer inventories for a more robust retail market.

In Europe, backlog decreased by 45.0% on a fiscal year-over-year basis. This decrease is primarily attributable to an elevated level of orders in the prior year. This was driven by pent up demand created by the chassis shortage and its impact on our production, as well as the need to restock the independent dealer inventories of our products that had dwindled as a consequence of a lacking chassis supply in prior periods. While the drop on a year-over-year basis is significant, the current levels are appropriate for the current market conditions. We view the current backlog levels at our European segment to be healthy and appropriate.

Can you comment on any specific initiatives or products that you are introducing at this year’s Dealer Open House?

Our North American Towable and Motorized subsidiaries make considerable efforts to introduce exciting new floorplans and features at each year’s Open House, and this year is no exception. Each of our subsidiaries is introducing new concepts for the 2025 model year that are designed to enhance the overall RV consumer experience and garner strengthened relationships with both our independent dealers and end consumers.

At this year’s Open House, we are featuring a number of new and exciting innovations that we believe will further enhance our leadership position within the North American RV industry. At our dealer meeting today, we are introducing several new service offerings designed to make it easier for dealer service departments to order the correct parts and have them delivered faster. The length of time to complete service and repairs on consumers’ units has been a consistent friction point and we believe helping our independent dealers find the right parts more quickly will enable their service departments to reduce the time it takes for repairs to be completed and get our customers back on the road, enjoying their RVs.

We will also highlight a number of innovations being introduced by our global innovation team, including a new Class A motorhome built on a Harbinger chassis. This first of its kind, plug-in hybrid motorhome will provide consumers with an option that is more environmentally friendly and which features a 500-mile range that is ideal for what consumers are demanding. Dealers will be able to test drive this innovative motorhome and provide feedback that will be essential for our planned commercialization in calendar year 2025.

FINANCIAL UPDATE

North American Towable gross profit margin for the fourth quarter of fiscal year 2024 was 12.6% compared to 11.9% for the fourth quarter of fiscal year 2023. What drove your margin improvement? Do you believe your margin will remain stable in this range as we enter fiscal year 2025?

The relatively strong year over year gross profit margin improvement from our North American Towable segment was driven by two key factors:

(1)

Continued focus on reducing overhead costs and enhancing productivity of our operations, driven in part by increased production volume through the second half of the fiscal year; and

(2)

Reduced warranty costs resulting from our ongoing efforts to enhance product quality throughout the production process.

As we look to fiscal 2025, we anticipate these ongoing efforts will help to stabilize our margin, while providing a strong foundation for increased profitability as the markets return to a period of sustained growth.

The North American Motorized segment’s net sales and gross margin declined during fiscal year 2024. Can you further explain these declines?

In North America, our Motorized net sales decreased 26.2% during fiscal year 2024 when compared to fiscal year 2023. Motorized chassis costs remain elevated, negatively impacting affordability at a time when this factor is of primary importance to the North American consumer. The increased chassis costs had a material negative impact on both our top and bottom lines for the segment. During fiscal year 2024, our gross profit as a percentage of sales for the North American Motorized segment decreased to 11.4% from the 13.4% realized in the prior fiscal year due to the combination of the high input costs and decreased operating leverage. We would also note that in the 2024 fiscal fourth quarter, we saw a notable improvement in gross profit margin both sequentially and fiscal year over year. North American Motorized gross profit margin was 12.8% for the fourth quarter of fiscal 2024, compared to 8.6% in the prior-year same period. The increase in the gross profit margin percentage for the fourth quarter of fiscal 2024 was primarily driven by decreases in each of the material, labor and warranty cost percentages, with the decrease in material percentage largely due to the favorable impact of a LIFO inventory adjustment as a result of inventory reduction measures.

We continue to work aggressively with our chassis manufacturers and our other suppliers to drive down costs given current market conditions. As we gain relief from the elevated input costs, we anticipate that retail activity will pick up and our North American Motorized segment net sales and gross margin will continue moving toward more normalized levels.

What is your guidance for fiscal year 2025?

For fiscal year 2025, we forecast the continuation of the softer retail market. With a bias towards being conservative, we continue to be cautious regarding the global economic outlook and associated impacts on consumer demand and the appetite for sizeable discretionary purchases. In North America, the Company’s operating plan for fiscal 2025 reflects an industry wholesale shipment range of between 330,000 and 345,000 units with wholesale shipments matching retail demand in total, but we are expecting that dealers will hold off as long as possible on stocking for the spring selling season to keep inventory levels low over the winter months. In Europe, we anticipate a reduction in our European segment net sales in fiscal 2025 as compared to their record sales in fiscal 2024, which included restocking European independent dealer lots back to normalized levels. Throughout fiscal 2025, we will continue to manage the Company to maximize our performance in the current environment as we position products in the market that address the affordability concerns of dealers and consumers by continuing to lower the average sales price of our units. Given our expectations surrounding overall market volumes in both North America and Europe, the Company is introducing its initial guidance for fiscal 2025.

For fiscal 2025, the Company’s full-year guidance includes:

•

Consolidated net sales in the range of $9.0 billion to $9.8 billion

•

Consolidated gross profit margin in the range of 14.7% to 15.2%

•

Diluted earnings per share in the range of $4.00 to $5.00

As we look beyond our fiscal 2025, we expect to see a stronger retail environment in the latter half of calendar 2025 and the beginning of our fiscal 2026. Our operating companies are well positioned to leverage the capacity of THOR to realize the financial benefits of the coming return of a robust retail environment. We anticipate that in a more robust retail environment, THOR will seize market share and meaningfully grow diluted EPS as it has after previous down cycles.

The RVIA recently issued a revised forecast for calendar year 2024 and calendar year 2025 North American wholesale unit shipments. Is your current outlook aligned with the RVIA’s forecast?

The Company’s North American operating plan for fiscal 2025 reflects an industry wholesale shipment range which is in line with the recent RVIA industry-wide forecast which projected approximately 324,100 wholesale unit shipments for calendar year 2024 and 346,100 unit shipments at the median of its range for calendar year 2025. We believe the RVIA forecast for calendar 2025 is slightly aggressive and see potential for a range closer to 335,000 units. Consistent with our forecast, the RVIA expects year-over-year shipment growth throughout calendar year 2024, and growing into calendar year 2025 as the industry enters its recovery and growth phase.

While we note that the exact timing of accelerating unit shipment growth will ultimately depend on the timing of easing macroeconomic pressures and resulting improvements in consumer confidence, we are largely in agreement with the RVIA’s most recent calendar year 2024 forecast of between 311,600 and 336,600 units.

Summary of Key Quarterly Segment Data – North American Towable RVs

Dollars are in thousands


NET SALES:	Three Months Ended July 31,
	2024		2023		Change
North American Towable
Travel Trailers	$	584,031	$	557,235		4.8	%
Fifth Wheels		347,825		373,426		(6.9)	%
Total North American Towable	$	931,856	$	930,661		0.1	%

# OF UNITS:	Three Months Ended July 31,
	2024		2023		Change
North American Towable
Travel Trailers		22,831		18,326		24.6	%
Fifth Wheels		5,741		6,237		(8.0)	%
Total North American Towable		28,572		24,563		16.3	%


ORDER BACKLOG	As of July 31,
		2024		2023	Change
North American Towable	$	552,379	$	756,047	(26.9)	%


TOWABLE RV MARKET SHARE SUMMARY ⁽¹⁾	Calendar Years to Date June 30,
	2024			2023
U.S. Market		39.1	%		41.4	%
Canadian Market		39.4	%		42.2	%
Combined North American Market		39.1	%		41.5	%

⁽¹⁾ Source: Statistical Surveys, Inc., CYTD June 30, 2024 and 2023.

Note: Data reported by Stat Surveys is based on official state and provincial records. This information is subject to adjustment, is continuously updated, and is often impacted by delays in reporting by various states or provinces.

Summary of Key Quarterly Segment Data – North American Motorized RVs

Dollars are in thousands


NET SALES:	Three Months Ended July 31,
	2024		2023		Change
North American Motorized
Class A	$	179,277	$	178,939		0.2	%
Class C		239,752		319,861		(25.0)	%
Class B		98,290		157,328		(37.5)	%
Total North American Motorized	$	517,319	$	656,128		(21.2)	%

# OF UNITS:	Three Months Ended July 31,
	2024		2023		Change
North American Motorized
Class A		843		920		(8.4)	%
Class C		2,109		2,799		(24.7)	%
Class B		825		1,322		(37.6)	%
Total North American Motorized		3,777		5,041		(25.1)	%

ORDER BACKLOG	As of July 31,
	2024		2023		Change
North American Motorized	$	776,903	$	1,242,936		(37.5)	%

MOTORIZED RV MARKET SHARE SUMMARY ⁽¹⁾	Calendar Years to Date June 30,
	2024			2023
U.S. Market		47.0	%		48.9	%
Canadian Market		50.6	%		50.7	%
Combined North American Market		47.2	%		49.1	%

⁽¹⁾ Source: Statistical Surveys, Inc., CYTD June 30, 2024 and 2023.

Note: Data reported by Stat Surveys is based on official state and provincial records. This information is subject to adjustment, is continuously updated and is often impacted by delays in reporting by various states or provinces.

Summary of Key Quarterly Segment Data – European RVs

Dollars are in thousands


NET SALES:	Three Months Ended July 31,
	2024		2023		Change
European
Motorcaravan	$	483,477	$	507,211		(4.7)	%
Campervan		308,510		338,906		(9.0)	%
Caravan		55,835		85,894		(35.0)	%
Other		95,602		87,145		9.7	%
Total European	$	943,424	$	1,019,156		(7.4)	%

# OF UNITS:	Three Months Ended July 31,
	2024		2023		Change
European
Motorcaravan		6,586		6,868		(4.1	)%
Campervan		6,145		7,234		(15.1)	%
Caravan		2,251		3,446		(34.7)	%
Total European		14,982		17,548		(14.6)	%

ORDER BACKLOG	As of July 31,
	2024		2023		Change
European	$	1,950,793	$	3,549,660		(45.0)	%

EUROPEAN RV MARKET SHARE SUMMARY ⁽¹⁾	Calendar Years to Date June 30,
	2024			2023
Motorcaravan and Campervan ⁽²⁾		25.3	%		20.7	%
Caravan		18.3	%		18.5	%

⁽¹⁾ Sources: Caravaning Industry Association e.V. (“CIVD”) and European Caravan Federation (“ECF”), CYTD June 30, 2024 and 2023. Data from the ECF is subject to adjustment, continuously updated and is often impacted by delays in reporting by various countries (some countries, including the United Kingdom, do not report OEM-specific data and are thus excluded from the market share calculation).

⁽²⁾ The CIVD and ECF report motorcaravans and campervans together.

Note: Industry wholesale shipment data for the European RV market is not available.

Forward-Looking Statements

These and other risks and uncertainties are discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2024.

Cover	Sep. 24, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 24, 2024
Entity File Number	1-9235
Entity Registrant Name	THOR Industries, Inc.
Entity Central Index Key	0000730263
Entity Tax Identification Number	93-0768752
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	601 East Beardsley Avenue
Entity Address, City or Town	Elkhart
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46514-3305
City Area Code	574
Local Phone Number	970-7460
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock (Par value $.10 Per Share)
Trading Symbol	THO
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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