THOR Industries, Inc. (NYSE: THO) today announced record financial
results for its fourth fiscal quarter and fiscal year ended July
31, 2022.
“Our fourth quarter results capped off a
record-breaking fiscal year for THOR Industries. Our financial
results were supported by outstanding performance across our
portfolio of leading brands. For fiscal 2022, net sales eclipsed
the $16 billion mark and net income attributable to THOR exceeded
$1 billion for the first time in the Company’s history,” said Bob
Martin, President and CEO of THOR Industries.
“Responding to record post-pandemic demand that
accelerated a secular shift in our market since the middle of 2020,
our teams did a remarkable job of navigating labor and supply chain
constraints to deliver record unit shipments in fiscal 2022 in
order to meet strong end demand and restock dealer inventory. At
July 31, 2022, North American independent dealer inventory levels
of most towable products were fully restocked while independent
dealer inventories of motorized and European products remained
below optimal levels.
“During the fiscal fourth quarter, and
consistent with our previously announced expectations, we
experienced a softening in towable order activity due to successful
dealer restocking of towable units combined with lower consumer
confidence and macroeconomic uncertainty, which adversely impacted
end consumer demand. In response to these conditions, our teams
proactively reduced production levels of towable products to keep
dealer inventory levels balanced and we remain disciplined in
aligning wholesale production with retail demand. Despite the
near-term macroeconomic uncertainty, our variable cost structure
and the experienced leadership across our enterprise enabled us to
successfully manage through the changing market conditions, and our
fourth quarter results demonstrate that success,” said Martin.
Fourth-Quarter Financial Results
Consolidated net sales were $3.82 billion in the
fourth quarter of fiscal 2022, compared to $3.59 billion in the
fourth quarter of fiscal 2021. The increase in consolidated net
sales was largely impacted by the increase in the average sales
price of our units, partially offset by a decrease in units sold.
The addition of Airxcel, acquired in September 2021, accounted for
$129.6 million of the increase in net sales for the fourth quarter
of fiscal 2022, net of intercompany sales.
Consolidated gross profit margin increased 90
basis points to 17.5% for the fourth quarter of fiscal 2022, from
16.6% in the corresponding period a year ago driven by
margin-focused operational improvements and management’s continued
discipline to maintain a low discount environment.
Net income attributable to THOR Industries and
diluted earnings per share for the fourth quarter of fiscal 2022
were $280.9 million and $5.15, respectively, compared to $230.3
million and $4.12, respectively, for the prior-year period.
Fiscal Year 2022 Financial
Results
Net sales for fiscal year 2022 were $16.31
billion compared to $12.32 billion for fiscal year 2021, an
increase of 32.4%. The increase in consolidated net sales is
primarily due to the increase in product demand, selling price
increases to offset known and anticipated material cost increases,
and the impact of acquisitions. The addition of Airxcel, acquired
in September 2021, accounted for $501.1 million of the $3.99
billion increase in net sales, or 4.1% of the 32.4% increase. In
addition, the acquisition of the Tiffin Group, acquired on December
18, 2020, accounted for $505.5 million of the $3.99 billion
increase, or 4.1% of the 32.4% increase, as fiscal 2022 includes
twelve months of operations compared to six and one-half months in
fiscal 2021.
Net income attributable to THOR in fiscal year
2022 was $1.14 billion, or $20.59 per diluted share, compared to
net income attributable to THOR of $659.9 million, or $11.85 per
diluted share, in fiscal year 2021.
The Company’s annual effective income tax rate
for fiscal 2022 was 22.0% compared with 21.8% for fiscal 2021. The
primary reason for the increase relates to the jurisdictional mix
of foreign and domestic pretax income between the comparable
periods.
Net cash provided by operating activities for
fiscal 2022 was $990.3 million compared to $526.5 million in fiscal
2021. The increase in net cash provided by operating activities for
fiscal 2022 was driven by an increase in net income, partially
offset by higher working capital levels, which were impacted by an
increase in inventory, including ongoing supply constraints causing
work in process and other inventory categories to increase. The
Company leveraged its strong net cash from operations to deploy
capital in a disciplined and balanced approach, utilizing cash
generated to reinvest in the business, pay its regular dividend,
reduce its debt obligations, repurchase shares of its common stock
and fund strategic acquisitions.
Segment Results
North American Towable RVs
($ in thousands) |
Three Months Ended July 31, |
|
% |
|
Fiscal Years Ended July 31, |
|
% |
|
|
2022 |
|
|
2021 |
|
Change |
|
|
2022 |
|
|
2021 |
|
Change |
Net Sales |
$ |
1,795,886 |
|
$ |
1,730,601 |
|
3.8 |
|
|
$ |
8,661,945 |
|
$ |
6,221,928 |
|
39.2 |
|
Gross Profit |
$ |
273,136 |
|
$ |
308,928 |
|
(11.6 |
) |
|
$ |
1,512,298 |
|
$ |
1,020,908 |
|
48.1 |
|
Gross Profit Margin % |
|
15.2 |
|
|
17.9 |
|
|
|
|
17.5 |
|
|
16.4 |
|
|
|
Income Before Income
Taxes |
$ |
181,662 |
|
$ |
202,212 |
|
(10.2 |
) |
|
$ |
1,050,536 |
|
$ |
658,964 |
|
59.4 |
|
|
As of July 31, |
|
% |
($ in thousands) |
|
2022 |
|
|
2021 |
|
Change |
Order Backlog |
$ |
2,571,009 |
|
$ |
9,284,229 |
|
(72.3 |
) |
North American Motorized RVs
($ in thousands) |
Three Months Ended July 31, |
|
% |
|
Fiscal Years Ended July 31, |
|
% |
|
|
2022 |
|
|
2021 |
|
Change |
|
|
2022 |
|
|
2021 |
|
Change |
Net Sales |
$ |
1,024,768 |
|
$ |
823,148 |
|
24.5 |
|
|
$ |
3,979,647 |
|
$ |
2,669,391 |
|
49.1 |
|
Gross Profit |
$ |
184,146 |
|
$ |
106,247 |
|
73.3 |
|
|
$ |
654,052 |
|
$ |
345,755 |
|
89.2 |
|
Gross Profit Margin % |
|
18.0 |
|
|
12.9 |
|
|
|
|
|
16.4 |
|
|
13.0 |
|
|
|
Income Before Income
Taxes |
$ |
127,376 |
|
$ |
62,289 |
|
104.5 |
|
|
$ |
436,604 |
|
$ |
202,057 |
|
116.1 |
|
|
As of July 31, |
|
% |
($ in thousands) |
|
2022 |
|
|
2021 |
|
Change |
Order Backlog |
$ |
3,436,629 |
|
$ |
4,014,738 |
|
(14.4 |
) |
European RVs
($ in thousands) |
Three Months Ended July 31, |
|
% |
|
Fiscal Years Ended July 31, |
|
% |
|
|
2022 |
|
|
2021 |
|
Change |
|
|
2022 |
|
|
2021 |
|
Change |
Net Sales |
$ |
806,724 |
|
$ |
969,888 |
|
(16.8 |
) |
|
$ |
2,887,453 |
|
$ |
3,200,079 |
|
(9.8 |
) |
Gross Profit |
$ |
152,569 |
|
$ |
153,678 |
|
(0.7 |
) |
|
$ |
409,987 |
|
$ |
440,855 |
|
(7.0 |
) |
Gross Profit Margin % |
|
18.9 |
|
|
15.8 |
|
|
|
|
14.2 |
|
|
13.8 |
|
|
Income Before Income
Taxes |
$ |
74,868 |
|
$ |
67,873 |
|
10.3 |
|
|
$ |
87,116 |
|
$ |
116,576 |
|
(25.3 |
) |
|
As of July 31, |
|
% |
($ in thousands) |
|
2022 |
|
|
2021 |
|
Change |
Order Backlog |
$ |
2,753,602 |
|
$ |
3,559,097 |
|
(22.6 |
) |
Management Commentary
“During the fourth quarter of fiscal 2022, we
delivered solid results despite reduced production volumes for
North American towable products and ongoing chassis supply
constraints which continued to constrain motorized production
volumes. We achieved yet another quarter of year-over-year net
sales and earnings growth in addition to delivering consolidated
gross profit margin of 17.5%. These results demonstrate strong
operational execution and the resiliency of our business model,
which enables THOR to outperform across the economic cycle,” said
Todd Woelfer, Senior Vice President and Chief Operating
Officer.
“Within our North American Towables segment, we
were proactive in dialing back towable production in the fourth
quarter to align with softening demand through the reduction of
daily production rates, the shortening of production schedules and
the temporary consolidation of certain production facilities. We
continued to maintain consistent controls on our cost structure and
improve labor efficiencies to partially offset the current
competitive pricing environment for towable products. Within our
North American Motorized segment, a focus on product introductions
allowed us to approach 50% market share for the first six months of
calendar 2022. In fact, we have gained market share in both our
North America Towables and North American Motorized segments in
calendar 2022 and now hold market share leading positions in every
North American RV product category in which we participate. Lastly,
within our European segment, despite net sales being down due to
continued chassis supply challenges by 16.8% on a reported basis
and down 4.4% on a constant currency basis, we undertook strong
pricing actions to help offset material cost pressures and drive
gross margin improvement in the quarter. As an enterprise, our
performance continues to match our strategic focus of core
improvement and continues to outperform expectations,” continued
Woelfer.
“Our record fiscal year operating results
generated cash flow from operations of $990.3 million in fiscal
2022, which provided us funding to reinvest into the business,
further strengthen our balance sheet through debt paydowns, and
return capital to shareholders through dividends and share
repurchases. During fiscal 2022, we continued to reduce our overall
debt with principal payments of $332.9 million on our Term Loan and
repurchased $165.1 million of our common stock. In June 2022, the
Board of Directors approved an additional authorization for share
repurchases and as a result, as of July 31, 2022, the remaining
amount of the common stock that may be repurchased under the
Company’s buyback program is $533.2 million,” said Colleen Zuhl,
Senior Vice President and Chief Financial Officer.
“Our balance sheet remains in excellent
condition, as we ended the year with total liquidity of $1.19
billion, including cash and cash equivalents of $311.6 million and
$874.0 million available under our ABL. We believe our strong
liquidity and strong cash generation profile will allow us to
operate from a position of financial strength going forward as we
navigate near-term market dynamics,” added Zuhl.
Outlook
“As we enter our fiscal 2023, there remains a
level of uncertainty in respect to near-term economic growth and
consumer demand. While we navigate this volatility, our experienced
operating management teams and proven business model give us a
distinct advantage in an ever-changing market. We remain confident
in the resiliency of our business model based on our past
performance over previous economic cycles, the strength and
experience of our management teams, and our discipline to remain
focused on what we can control. Within our North American Towables
segment, we are focused on assisting our independent dealers in
maintaining appropriate inventory levels of THOR products. In
advance of Dealer Open House, our operating teams proactively
adjusted production to ensure wholesale shipments were
appropriately aligned with retail sales in order to position
dealers' inventories favorably as they enter the new model year.
Within our North American Motorized and European segments, dealer
inventory levels remain near historically low levels, and the need
to restock channel inventory will serve as a tailwind in fiscal
2023. We also remain committed to providing new and innovative
products across the portfolio, and we are excited to hear the
feedback from our dealer partners coming out of this year’s Dealer
Open House,” continued Martin.
“While we successfully manage through the
short-term economic uncertainties, we continue to manage the
business for the long term. We continue to pursue and build out our
automation, innovation and aftermarket strategies in order to
remove industry friction points and enhance the RV lifestyle and
experience for the end consumer. Our continued focus on making the
RV lifestyle attractive to consumers provides a foundation for the
long-term growth trajectory of the RV industry. Our long-term
focus, combined with our size and scale as the global pure-play
leader in the RV industry, positions THOR to outperform the
industry in fiscal 2023 and beyond,” added Martin.
Fiscal 2023 Guidance
Going forward, THOR plans to begin providing
annual guidance. Due to the concurrent timing of our annual Dealer
Open House and year-end earnings release, the Company will provide
its annual guidance for the full-year fiscal 2023 following the
conclusion of the Dealer Open House and in conjunction with our
first quarter fiscal 2023 earnings release.
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 independent dealers or on retail customers; 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 independent dealers or on retail customers; the
dependence on a small group of suppliers for certain components
used in production, including chassis; interest rate fluctuations
and their potential impact on the general economy and,
specifically, on our profitability and on our independent dealers
and consumers; the extent and impact from the continuation of the
COVID-19 pandemic, along with the responses to contain the spread
of the virus, or its variants, by various governmental entities or
other actors, which may have negative effects on retail customer
demand, our independent dealers, our supply chain, our labor force,
our production or other aspects of our business; 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;
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; 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; disruption of the delivery of units to
independent dealers; 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 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, 2022.
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. |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
FOR THE THREE MONTHS AND FISCAL YEARS ENDED JULY 31, 2022
AND 2021 |
($000’s except share and per share data)
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended July 31, |
|
Fiscal Years Ended July 31, |
|
|
|
2022 |
% NetSales(1) |
|
|
2021 |
% NetSales(1) |
|
|
2022 |
% NetSales(1) |
|
|
2021 |
% NetSales(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
3,821,766 |
|
|
$ |
3,592,968 |
|
|
$ |
16,312,525 |
|
|
$ |
12,317,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
667,887 |
17.5 |
% |
|
$ |
595,964 |
16.6 |
% |
|
$ |
2,806,030 |
17.2 |
% |
|
$ |
1,894,973 |
15.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
271,453 |
7.1 |
% |
|
|
250,130 |
7.0 |
% |
|
|
1,116,462 |
6.8 |
% |
|
|
869,916 |
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible
assets |
|
|
39,658 |
1.0 |
% |
|
|
30,073 |
0.8 |
% |
|
|
156,946 |
1.0 |
% |
|
|
117,183 |
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
22,576 |
0.6 |
% |
|
|
18,959 |
0.5 |
% |
|
|
90,092 |
0.6 |
% |
|
|
93,545 |
0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net |
|
|
4,162 |
0.1 |
% |
|
|
4,822 |
0.1 |
% |
|
|
17,334 |
0.1 |
% |
|
|
30,252 |
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
338,362 |
8.9 |
% |
|
|
301,624 |
8.4 |
% |
|
|
1,459,864 |
8.9 |
% |
|
|
844,581 |
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
56,575 |
1.5 |
% |
|
|
70,302 |
2.0 |
% |
|
|
321,621 |
2.0 |
% |
|
|
183,711 |
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
281,787 |
7.4 |
% |
|
|
231,322 |
6.4 |
% |
|
|
1,138,243 |
7.0 |
% |
|
|
660,870 |
5.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: net income attributable
to non-controlling interests |
|
|
844 |
— |
% |
|
|
1,042 |
— |
% |
|
|
439 |
— |
% |
|
|
998 |
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
THOR Industries, Inc. |
|
$ |
280,943 |
7.4 |
% |
|
$ |
230,280 |
6.4 |
% |
|
$ |
1,137,804 |
7.0 |
% |
|
$ |
659,872 |
5.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
5.17 |
|
|
$ |
4.16 |
|
|
$ |
20.67 |
|
|
$ |
11.93 |
|
Diluted |
|
$ |
5.15 |
|
|
$ |
4.12 |
|
|
$ |
20.59 |
|
|
$ |
11.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-avg. common shares
outstanding – basic |
|
|
54,311,598 |
|
|
|
55,366,241 |
|
|
|
55,034,653 |
|
|
|
55,333,959 |
|
Weighted-avg. common shares
outstanding – diluted |
|
|
54,543,061 |
|
|
|
55,903,339 |
|
|
|
55,264,046 |
|
|
|
55,687,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Percentages
may not add due to rounding differences |
SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000’s)
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
July 31, 2022 |
|
July 31,2021 |
|
|
|
July 31, 2022 |
|
July 31,2021 |
Cash and equivalents |
|
$ |
311,690 |
|
$ |
448,706 |
|
Current liabilities |
|
$ |
1,755,916 |
|
$ |
1,794,785 |
Accounts receivable, net |
|
|
944,181 |
|
|
949,932 |
|
Long-term debt |
|
|
1,754,239 |
|
|
1,594,821 |
Inventories, net |
|
|
1,754,773 |
|
|
1,369,384 |
|
Other long-term
liabilities |
|
|
297,323 |
|
|
316,376 |
Prepaid income taxes, expenses
and other |
|
|
51,835 |
|
|
35,501 |
|
Stockholders’ equity |
|
|
3,600,654 |
|
|
2,948,106 |
Total current assets |
|
|
3,062,479 |
|
|
2,803,523 |
|
|
|
|
|
|
Property, plant &
equipment, net |
|
|
1,258,159 |
|
|
1,185,131 |
|
|
|
|
|
|
Goodwill |
|
|
1,804,151 |
|
|
1,563,255 |
|
|
|
|
|
|
Amortizable intangible assets,
net |
|
|
1,117,492 |
|
|
937,171 |
|
|
|
|
|
|
Deferred income taxes and
other, net |
|
|
165,851 |
|
|
165,008 |
|
|
|
|
|
|
Total |
|
$ |
7,408,132 |
|
$ |
6,654,088 |
|
|
|
$ |
7,408,132 |
|
$ |
6,654,088 |
Contact:Michael Cieslak,
CFAmcieslak@thorindustries.com (574) 294-7724
Thor Industries (NYSE:THO)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Thor Industries (NYSE:THO)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024