- Thor reported sales of $1.05 billion for the third quarter of fiscal 2013, up 13% from the prior year, driven by strength in RV sales. Net income was $43.8 million, up 6% year-over-year.
- RV segment sales were $929.8 million, up 15% from the prior year. RV segment income before tax was $77.6 million, up 31% from the prior year period.
- Towable RV sales were $742.5 million, up 9% and income before tax was $62.5 million, up 22% from actions to improve efficiencies. Motorized RV sales were $187.3 million, up 48% and income
- Thor reported sales of $1.05 billion for the third quarter of fiscal 2013, up 13% from the prior year, driven by strength in RV sales. Net income was $43.8 million, up 6% year-over-year.
- RV segment sales were $929.8 million, up 15% from the prior year. RV segment income before tax was $77.6 million, up 31% from the prior year.
- Towable RV sales were $742.5 million, up 9% and income before tax was $62.5 million, up 22% from actions to improve efficiencies. Motorized RV sales were $187.3 million, up 48% and income before
Thor Fiscal Third Quarter 2013 Investor PresentationThor_Industries
- Thor Industries reported a 13% increase in quarterly sales to $1.05 billion, driven by strength in RV sales. Net income increased 6% to $43.8 million.
- RV segment sales increased 15% to $929.8 million and income before tax grew 31% to $77.6 million. Towable and motorized RV sales both increased substantially.
- Bus segment sales were flat at $119.4 million but income before tax turned to a loss of $7.7 million due to non-cash impairment charges relating to goodwill and intangible assets from the expected sale of an ambulance product line.
Fiscal Third Quarter 2013 Investor PresentationThor_Industries
This presentation discusses Thor Industries, the world's largest manufacturer of RVs. It notes that Thor has a diversified product range including travel trailers, fifth wheels, motorhomes, buses, and ambulances. The presentation highlights Thor's strong market leadership position in RVs, with over 30% market share. It also notes Thor's focus on a sustainable business model and strong balance sheet to support future growth and shareholder returns.
Thor Industries reported financial results for its second quarter of fiscal year 2014. Total sales from continuing operations increased 2.7% compared to the same period last year. However, net income and earnings per share decreased year-over-year due to lower towable RV sales and higher costs associated with severe winter weather during the quarter. Towable RV sales and profits declined while motorized RV sales and profits increased significantly compared to the previous year's second quarter. Management continues to focus on executing its three-year strategic growth and margin improvement plan.
Thor investor presentation 2.4.14 final v001-r65kg4Thor_Industries
Thor Industries is the world's largest manufacturer of RVs, with a 34.4% market share of overall RVs sold in the US and Canada. It has over 8,300 employees and 107 facilities. In its second quarter of 2014, Thor saw a 9.3% decrease in towable RV revenue due to winter weather and production changes, but a 42.5% increase in motorized RV revenue, resulting in overall sales decreasing slightly from the prior year. Thor has a strategic plan focused on growth and margin improvements through product innovation and capacity expansion.
First quarter 2014 investor presentation 2013 10-02Thor_Industries
Thor Industries is the largest manufacturer of RVs in the world, with a 34.5% market share in overall RVs. It has over 8,300 employees and 107 facilities across four US states. Thor saw record sales of $3.2 billion in fiscal year 2013, up 23% from the previous year, and net income increased 36% to $151.7 million. The RV industry has stabilized in recent years with balanced dealer inventories and growing consumer demand. Thor is well positioned for continued growth with its strong market positions, solid balance sheet, and diversified product lineup.
Thor Investor Presentation Citi Conference 5.30.13Thor_Industries
This presentation discusses Thor Industries, the world's largest manufacturer of recreation vehicles. Thor owns several subsidiaries that manufacture RVs and buses. In fiscal year 2012, Thor's RV segment generated $2.3 billion in sales, while its bus segment generated $444 million. The presentation outlines Thor's recent strategic plan focused on growth and margin improvement over three years through product innovation, capacity expansion, and improved quality and features. It also provides comments on Thor's strong preliminary third quarter 2013 sales results and positive industry trends.
2018 Automotive Aftermarket Year-End WebinarQUIXX USA -
2018 started strong for the Aftermarket. Frequent and sustained winter storms that hung around well past their welcome helped our industry grow +4.0% in dollars through November; December brought the number down to +2.5%
- Thor reported sales of $1.05 billion for the third quarter of fiscal 2013, up 13% from the prior year, driven by strength in RV sales. Net income was $43.8 million, up 6% year-over-year.
- RV segment sales were $929.8 million, up 15% from the prior year. RV segment income before tax was $77.6 million, up 31% from the prior year.
- Towable RV sales were $742.5 million, up 9% and income before tax was $62.5 million, up 22% from actions to improve efficiencies. Motorized RV sales were $187.3 million, up 48% and income before
Thor Fiscal Third Quarter 2013 Investor PresentationThor_Industries
- Thor Industries reported a 13% increase in quarterly sales to $1.05 billion, driven by strength in RV sales. Net income increased 6% to $43.8 million.
- RV segment sales increased 15% to $929.8 million and income before tax grew 31% to $77.6 million. Towable and motorized RV sales both increased substantially.
- Bus segment sales were flat at $119.4 million but income before tax turned to a loss of $7.7 million due to non-cash impairment charges relating to goodwill and intangible assets from the expected sale of an ambulance product line.
Fiscal Third Quarter 2013 Investor PresentationThor_Industries
This presentation discusses Thor Industries, the world's largest manufacturer of RVs. It notes that Thor has a diversified product range including travel trailers, fifth wheels, motorhomes, buses, and ambulances. The presentation highlights Thor's strong market leadership position in RVs, with over 30% market share. It also notes Thor's focus on a sustainable business model and strong balance sheet to support future growth and shareholder returns.
Thor Industries reported financial results for its second quarter of fiscal year 2014. Total sales from continuing operations increased 2.7% compared to the same period last year. However, net income and earnings per share decreased year-over-year due to lower towable RV sales and higher costs associated with severe winter weather during the quarter. Towable RV sales and profits declined while motorized RV sales and profits increased significantly compared to the previous year's second quarter. Management continues to focus on executing its three-year strategic growth and margin improvement plan.
Thor investor presentation 2.4.14 final v001-r65kg4Thor_Industries
Thor Industries is the world's largest manufacturer of RVs, with a 34.4% market share of overall RVs sold in the US and Canada. It has over 8,300 employees and 107 facilities. In its second quarter of 2014, Thor saw a 9.3% decrease in towable RV revenue due to winter weather and production changes, but a 42.5% increase in motorized RV revenue, resulting in overall sales decreasing slightly from the prior year. Thor has a strategic plan focused on growth and margin improvements through product innovation and capacity expansion.
First quarter 2014 investor presentation 2013 10-02Thor_Industries
Thor Industries is the largest manufacturer of RVs in the world, with a 34.5% market share in overall RVs. It has over 8,300 employees and 107 facilities across four US states. Thor saw record sales of $3.2 billion in fiscal year 2013, up 23% from the previous year, and net income increased 36% to $151.7 million. The RV industry has stabilized in recent years with balanced dealer inventories and growing consumer demand. Thor is well positioned for continued growth with its strong market positions, solid balance sheet, and diversified product lineup.
Thor Investor Presentation Citi Conference 5.30.13Thor_Industries
This presentation discusses Thor Industries, the world's largest manufacturer of recreation vehicles. Thor owns several subsidiaries that manufacture RVs and buses. In fiscal year 2012, Thor's RV segment generated $2.3 billion in sales, while its bus segment generated $444 million. The presentation outlines Thor's recent strategic plan focused on growth and margin improvement over three years through product innovation, capacity expansion, and improved quality and features. It also provides comments on Thor's strong preliminary third quarter 2013 sales results and positive industry trends.
2018 Automotive Aftermarket Year-End WebinarQUIXX USA -
2018 started strong for the Aftermarket. Frequent and sustained winter storms that hung around well past their welcome helped our industry grow +4.0% in dollars through November; December brought the number down to +2.5%
Assignment 2nd porter model of michelin companyMirzaghalibali
This document summarizes an assignment submitted by Mirza Ghalib Ali on Porter's model analysis of Michelin according to geographic segmentation. It discusses Michelin's strengths, weaknesses, opportunities, and threats. Specifically, it notes Michelin faces increasing raw material costs and intense competition but opportunities in emerging passenger car and truck tire markets in Asia and a positive outlook for the aircraft industry.
Thor Industries is the world's largest manufacturer of RVs, with a 36.2% market share of travel trailers and a 50.7% market share of fifth wheels. It also has a 26.2% market share of motorhomes and a 34% market share of mid-size buses in North America. Thor recently acquired additional RV production facilities to expand its motorized production capacity. For its third quarter of fiscal 2013, Thor reported a 13% increase in sales and a 6% increase in net income compared to the previous year third quarter, despite non-cash impairment charges. RV sales increased 15% while bus segment sales were flat, and towable RV and motorized RV income margins improved.
North american auto aftermarket frost 0211 soaringvjr
This document provides a 360-degree perspective on trends in the North American automotive aftermarket industry. It discusses anticipated growth in vehicle maintenance and repairs as more cars age. It also covers political, regulatory, technology, and consumer trends influencing the industry, as well as an analysis of industry participants and best practices. Key areas of focus include the shift from original equipment to aftermarket parts, opportunities in electric and hybrid vehicles, and the roles of various distribution channels in the changing industry landscape.
Mercer Capital's Value Focus: Auto Dealer Industry | Year-End 2018Mercer Capital
Mercer Capital's Auto Dealer Industry newsletter provides perspective on valuation issues. Each newsletter also includes macroeconomic trends, industry trends, and guideline public company metrics.
This presentation discusses Thor Industries, the world's largest manufacturer of recreation vehicles. Thor owns several subsidiaries that manufacture RVs and buses. In fiscal year 2012, Thor's sales were $3.1 billion, with 74% from towable RVs, 12% from motorized RVs, and 14% from buses. Recently, Thor developed a three-year strategic plan focused on growth and margin improvement through product innovation, capacity expansion, improved quality, and volume leverage. Thor also reported record sales in its most recent quarter exceeding $1 billion for the first time, with continued strength in motorized and towable RVs.
Auto Parts Manufacturing Industry Report - HF_L. TamakloeLiana Tamakloe
The auto parts and equipment manufacturing industry derives about 95% of its demand from the automobile manufacturing industry. Recent positive economic indicators in the US, such as expected GDP growth of 3.4% in 2015 and low unemployment, are expected to increase consumer spending and automobile demand, which will benefit the auto parts industry. While the outlook is positive, the growth drivers are transitory, so a market weight is recommended for the industry. Risks include increased competition from imports if the strong US dollar persists and slow global economic growth reducing overseas demand.
Automotive Aftermarket in North America to 2016ReportsnReports
This report analyzes the $85.5 billion automotive aftermarket in North America projected to 2016. It provides historical data from 2001-2011 and forecasts by country, product, and service provider for the US, Canada and Mexico markets. The fastest growing segment will be electronic products, fueled by advanced vehicle systems. Mechanical products like filters, brake parts and engines will remain the largest segment. Professional service providers will account for 85% of sales due to increasing vehicle complexity. The report profiles 44 industry competitors and provides insights on market drivers and trends in vehicle quality, technology, regulations and international trade.
The document discusses the challenges faced by the US auto industry in the 1980s due to increasing market share of imported cars from Japan and Europe. Rising unemployment in the auto industry led the UAW and Ford to petition the ITC for import relief. While some argued imports should not be limited as foreign cars had better fuel efficiency, others felt labor cost differences needed addressing through import taxes. Public opinion largely supported protecting US jobs over cheaper imports. The ITC ultimately rejected import limits, blaming US automakers' management decisions. The UAW then negotiated voluntary import limits with Japan to help maintain domestic jobs.
- Auto sales continued their downward trend for the 10th month due to higher vehicle ownership costs and depressed consumer sentiment. Sales of small cars declined the most.
- The government recently announced measures to boost demand including deferring registration fee increases and allowing depreciation benefits for vehicle purchases before March 2020.
- Most major automakers saw large declines in passenger vehicle and commercial vehicle sales in August compared to the previous year, with some drops exceeding 40%. Slowing economic conditions have weakened demand significantly across segments.
Cox Automotive Market Insight Overview April 2019 Philip Nothard
“Welcome to the latest Market Insight Overview from Cox Automotive.
Every month, we provide automotive industry professionals with unique intelligence, supported by invaluable insight and market sentiment from our customers, that goes beyond the headlines to uncover what’s driving the new and used car sectors from wholesale, retail and funding perspectives. We hope our holistic analysis arms you with the essential knowledge needed to navigate the fast-paced, ever-changing automotive market.”
PHILIP NOTHARD Customer Insight & Strategy Director - UK
Mexico presents opportunities for US exporters of auto parts and supplies due to its large automotive production industry and growing aftermarket. Mexico is the 11th largest automotive producer globally and demand is increasing for assembly parts and supplies from producers like GM, Nissan, and Volkswagen that have major Mexican operations. The best prospects for US exporters are more advanced products like hybrid vehicle accessories, GPS systems, and suspension systems as Mexican consumers demand more sophisticated goods similar to US consumers. Market entry requires finding local distributors and meeting demands for warranties and support.
Mercer Capital's Value Focus: Transportation & Logistics | Q3 2021 | Feature...Mercer Capital
Mercer Capital's Transportation & LogisticsIndustry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, mergers and acquisitions review, and guideline public company metrics.
Mercer Capital's Value Focus: Transportation & Logistics | Q1 2019 | Feature...Mercer Capital
Mercer Capital's Transportation & LogisticsIndustry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, mergers and acquisitions review, and guideline public company metrics.
Manufacturing Analysis and Trends for North america - June 28, 2016paul young cpa, cga
PMI Index
Steel Industry
Metal Processing Centers
Commodity Prices
Oil Rigs
Automotive
Auto Parts
Class 8 Truck Sales
AG Equipment
Power Generation
Aerospace
Infrastructure
Manufacturing
Government Policies
The document provides an analysis of the auto parts and equipment manufacturing industry. It finds that while the industry supplies important products to the auto industry, recent trends favor some suppliers over others. Specifically, stricter emissions regulations may boost suppliers of emissions systems, while risks include weaker growth in emerging markets and rising interest rates reducing auto demand. Overall, the analyst recommends a market weight for the industry given mixed trends and lower expected earnings growth.
Metal fabrication Analysis - North america - June 23, 2016paul young cpa, cga
Steel Industry
Metal Processing Centers
Commodity Prices
Oil Rigs
Automotive
Class 8 Truck Sales
AG Equipment
Power Generation
Infrastructure
Issues facing metal fabrication
Government Policies
Thor Industries provides a forward-looking statement discussing uncertainties and risks in their business, including factors that could cause materially different results from their expectations, such as price fluctuations, supply restrictions, regulatory changes, tax burdens, interest rates, and general economic conditions. They disclaim any obligation to update forward-looking statements except as required by law.
Fiscal Third Quarter 2013 Investor PresentationThor_Industries
This presentation discusses Thor Industries, the world's largest manufacturer of RVs. It notes that Thor has a diversified product range including travel trailers, fifth wheels, motorhomes, buses, and ambulances. The presentation highlights Thor's strong market leadership position in RVs and buses. It also summarizes Thor's financial performance, competitive advantages, and outlook. Key points include record sales and profits in fiscal year 2012, optimism from dealers about consumer demand, and Thor's focus on continued growth and margin expansion.
Thor Industries is one of the world's largest manufacturers of RVs. It has over 8,300 employees and 107 facilities across 4 US states. The document discusses Thor's product range, competitive advantages, and positive outlook for the RV industry. Wholesale shipments and retail registrations have rebounded in recent years, and dealer inventories are at appropriate levels to meet continuing consumer demand.
This document discusses Thor Industries, a manufacturer of recreational vehicles. Some key points:
- Thor is the world's largest manufacturer of RVs, with over $3 billion in annual sales.
- They have a diverse portfolio of towable and motorized RVs sold under multiple brands.
- Thor has a strong balance sheet and profitable growth strategy focused on innovation, acquisitions, and margin expansion.
- Industry conditions have improved in recent years with growing RV shipments and dealer inventory at appropriate levels for demand.
Fiscal Second Quarter 2013 Investor PresentationThor_Industries
This presentation discusses Thor Industries, the world's largest manufacturer of RVs. It notes that Thor has been profitable every year since 1980 and had record sales of $3.1 billion in fiscal year 2012. However, the presentation cautions that any forward-looking statements involve uncertainties and risks. It provides an overview of Thor's subsidiaries in RV and bus manufacturing, its market leadership positions, competitive advantages of its business model, and current industry conditions.
Thor Industries provides concise summaries in 3 sentences or less:
Thor Industries is a leading manufacturer of RVs with over $3 billion in annual sales. It acquired the assets of Livin' Lite, an innovative RV manufacturer, to expand into new markets. Thor also developed a 3-year strategic plan focused on growth and margin improvement through product innovation, capacity expansion, and improved quality and content.
Assignment 2nd porter model of michelin companyMirzaghalibali
This document summarizes an assignment submitted by Mirza Ghalib Ali on Porter's model analysis of Michelin according to geographic segmentation. It discusses Michelin's strengths, weaknesses, opportunities, and threats. Specifically, it notes Michelin faces increasing raw material costs and intense competition but opportunities in emerging passenger car and truck tire markets in Asia and a positive outlook for the aircraft industry.
Thor Industries is the world's largest manufacturer of RVs, with a 36.2% market share of travel trailers and a 50.7% market share of fifth wheels. It also has a 26.2% market share of motorhomes and a 34% market share of mid-size buses in North America. Thor recently acquired additional RV production facilities to expand its motorized production capacity. For its third quarter of fiscal 2013, Thor reported a 13% increase in sales and a 6% increase in net income compared to the previous year third quarter, despite non-cash impairment charges. RV sales increased 15% while bus segment sales were flat, and towable RV and motorized RV income margins improved.
North american auto aftermarket frost 0211 soaringvjr
This document provides a 360-degree perspective on trends in the North American automotive aftermarket industry. It discusses anticipated growth in vehicle maintenance and repairs as more cars age. It also covers political, regulatory, technology, and consumer trends influencing the industry, as well as an analysis of industry participants and best practices. Key areas of focus include the shift from original equipment to aftermarket parts, opportunities in electric and hybrid vehicles, and the roles of various distribution channels in the changing industry landscape.
Mercer Capital's Value Focus: Auto Dealer Industry | Year-End 2018Mercer Capital
Mercer Capital's Auto Dealer Industry newsletter provides perspective on valuation issues. Each newsletter also includes macroeconomic trends, industry trends, and guideline public company metrics.
This presentation discusses Thor Industries, the world's largest manufacturer of recreation vehicles. Thor owns several subsidiaries that manufacture RVs and buses. In fiscal year 2012, Thor's sales were $3.1 billion, with 74% from towable RVs, 12% from motorized RVs, and 14% from buses. Recently, Thor developed a three-year strategic plan focused on growth and margin improvement through product innovation, capacity expansion, improved quality, and volume leverage. Thor also reported record sales in its most recent quarter exceeding $1 billion for the first time, with continued strength in motorized and towable RVs.
Auto Parts Manufacturing Industry Report - HF_L. TamakloeLiana Tamakloe
The auto parts and equipment manufacturing industry derives about 95% of its demand from the automobile manufacturing industry. Recent positive economic indicators in the US, such as expected GDP growth of 3.4% in 2015 and low unemployment, are expected to increase consumer spending and automobile demand, which will benefit the auto parts industry. While the outlook is positive, the growth drivers are transitory, so a market weight is recommended for the industry. Risks include increased competition from imports if the strong US dollar persists and slow global economic growth reducing overseas demand.
Automotive Aftermarket in North America to 2016ReportsnReports
This report analyzes the $85.5 billion automotive aftermarket in North America projected to 2016. It provides historical data from 2001-2011 and forecasts by country, product, and service provider for the US, Canada and Mexico markets. The fastest growing segment will be electronic products, fueled by advanced vehicle systems. Mechanical products like filters, brake parts and engines will remain the largest segment. Professional service providers will account for 85% of sales due to increasing vehicle complexity. The report profiles 44 industry competitors and provides insights on market drivers and trends in vehicle quality, technology, regulations and international trade.
The document discusses the challenges faced by the US auto industry in the 1980s due to increasing market share of imported cars from Japan and Europe. Rising unemployment in the auto industry led the UAW and Ford to petition the ITC for import relief. While some argued imports should not be limited as foreign cars had better fuel efficiency, others felt labor cost differences needed addressing through import taxes. Public opinion largely supported protecting US jobs over cheaper imports. The ITC ultimately rejected import limits, blaming US automakers' management decisions. The UAW then negotiated voluntary import limits with Japan to help maintain domestic jobs.
- Auto sales continued their downward trend for the 10th month due to higher vehicle ownership costs and depressed consumer sentiment. Sales of small cars declined the most.
- The government recently announced measures to boost demand including deferring registration fee increases and allowing depreciation benefits for vehicle purchases before March 2020.
- Most major automakers saw large declines in passenger vehicle and commercial vehicle sales in August compared to the previous year, with some drops exceeding 40%. Slowing economic conditions have weakened demand significantly across segments.
Cox Automotive Market Insight Overview April 2019 Philip Nothard
“Welcome to the latest Market Insight Overview from Cox Automotive.
Every month, we provide automotive industry professionals with unique intelligence, supported by invaluable insight and market sentiment from our customers, that goes beyond the headlines to uncover what’s driving the new and used car sectors from wholesale, retail and funding perspectives. We hope our holistic analysis arms you with the essential knowledge needed to navigate the fast-paced, ever-changing automotive market.”
PHILIP NOTHARD Customer Insight & Strategy Director - UK
Mexico presents opportunities for US exporters of auto parts and supplies due to its large automotive production industry and growing aftermarket. Mexico is the 11th largest automotive producer globally and demand is increasing for assembly parts and supplies from producers like GM, Nissan, and Volkswagen that have major Mexican operations. The best prospects for US exporters are more advanced products like hybrid vehicle accessories, GPS systems, and suspension systems as Mexican consumers demand more sophisticated goods similar to US consumers. Market entry requires finding local distributors and meeting demands for warranties and support.
Mercer Capital's Value Focus: Transportation & Logistics | Q3 2021 | Feature...Mercer Capital
Mercer Capital's Transportation & LogisticsIndustry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, mergers and acquisitions review, and guideline public company metrics.
Mercer Capital's Value Focus: Transportation & Logistics | Q1 2019 | Feature...Mercer Capital
Mercer Capital's Transportation & LogisticsIndustry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, mergers and acquisitions review, and guideline public company metrics.
Manufacturing Analysis and Trends for North america - June 28, 2016paul young cpa, cga
PMI Index
Steel Industry
Metal Processing Centers
Commodity Prices
Oil Rigs
Automotive
Auto Parts
Class 8 Truck Sales
AG Equipment
Power Generation
Aerospace
Infrastructure
Manufacturing
Government Policies
The document provides an analysis of the auto parts and equipment manufacturing industry. It finds that while the industry supplies important products to the auto industry, recent trends favor some suppliers over others. Specifically, stricter emissions regulations may boost suppliers of emissions systems, while risks include weaker growth in emerging markets and rising interest rates reducing auto demand. Overall, the analyst recommends a market weight for the industry given mixed trends and lower expected earnings growth.
Metal fabrication Analysis - North america - June 23, 2016paul young cpa, cga
Steel Industry
Metal Processing Centers
Commodity Prices
Oil Rigs
Automotive
Class 8 Truck Sales
AG Equipment
Power Generation
Infrastructure
Issues facing metal fabrication
Government Policies
Thor Industries provides a forward-looking statement discussing uncertainties and risks in their business, including factors that could cause materially different results from their expectations, such as price fluctuations, supply restrictions, regulatory changes, tax burdens, interest rates, and general economic conditions. They disclaim any obligation to update forward-looking statements except as required by law.
Fiscal Third Quarter 2013 Investor PresentationThor_Industries
This presentation discusses Thor Industries, the world's largest manufacturer of RVs. It notes that Thor has a diversified product range including travel trailers, fifth wheels, motorhomes, buses, and ambulances. The presentation highlights Thor's strong market leadership position in RVs and buses. It also summarizes Thor's financial performance, competitive advantages, and outlook. Key points include record sales and profits in fiscal year 2012, optimism from dealers about consumer demand, and Thor's focus on continued growth and margin expansion.
Thor Industries is one of the world's largest manufacturers of RVs. It has over 8,300 employees and 107 facilities across 4 US states. The document discusses Thor's product range, competitive advantages, and positive outlook for the RV industry. Wholesale shipments and retail registrations have rebounded in recent years, and dealer inventories are at appropriate levels to meet continuing consumer demand.
This document discusses Thor Industries, a manufacturer of recreational vehicles. Some key points:
- Thor is the world's largest manufacturer of RVs, with over $3 billion in annual sales.
- They have a diverse portfolio of towable and motorized RVs sold under multiple brands.
- Thor has a strong balance sheet and profitable growth strategy focused on innovation, acquisitions, and margin expansion.
- Industry conditions have improved in recent years with growing RV shipments and dealer inventory at appropriate levels for demand.
Fiscal Second Quarter 2013 Investor PresentationThor_Industries
This presentation discusses Thor Industries, the world's largest manufacturer of RVs. It notes that Thor has been profitable every year since 1980 and had record sales of $3.1 billion in fiscal year 2012. However, the presentation cautions that any forward-looking statements involve uncertainties and risks. It provides an overview of Thor's subsidiaries in RV and bus manufacturing, its market leadership positions, competitive advantages of its business model, and current industry conditions.
Thor Industries provides concise summaries in 3 sentences or less:
Thor Industries is a leading manufacturer of RVs with over $3 billion in annual sales. It acquired the assets of Livin' Lite, an innovative RV manufacturer, to expand into new markets. Thor also developed a 3-year strategic plan focused on growth and margin improvement through product innovation, capacity expansion, and improved quality and content.
This document provides an overview of Thor Industries, Inc., a leading manufacturer of recreational vehicles. It discusses Thor's history, leadership position in the RV industry, financial performance, competitive advantages, and outlook. Key points include Thor being the largest RV manufacturer in North America, with a diverse product portfolio and decentralized operating structure. The presentation also notes trends in the recovering RV market and consumer demand. Forward-looking statements are made regarding future growth opportunities and maintaining a balanced approach.
This document discusses Thor Industries, a leading manufacturer of recreational vehicles. Some key points:
- Thor has a decentralized structure with over 9,400 employees across 120 facilities. It is the largest RV manufacturer in North America.
- The company has seen record sales and profits in recent years. It focuses on disciplined and profitable growth through innovation.
- Thor cites its entrepreneurial culture, market leadership, strong balance sheet, and competitive advantages as reasons for its long-term success in the RV industry. It remains well positioned for continued growth.
Thor Industries is the world's largest manufacturer of RVs, producing a variety of towable and motorized vehicles under multiple brand names. It has a 37-year history of profitability and growth through organic expansion and acquisitions. Thor has a decentralized operating structure and variable cost model that allows it to be resilient during economic downturns. The company benefits from long-term trends of increasing outdoor recreation and camping. With a strong financial position and experienced management team, Thor is well positioned for continued leadership in the growing North American RV industry.
Thor Industries is the world's largest manufacturer of RVs, with market leading positions in towable RVs and motorized RVs. It has a 37-year history of growth through organic expansion and acquisitions, with 27.9% compounded annual EPS growth over the past 5 years. Thor has a decentralized operating structure that promotes entrepreneurship and focuses on strong relationships with consumers, dealers, and lenders. This sustainable business model has allowed Thor to remain profitable every year since 1980 and weather industry cycles.
This document discusses forward-looking statements and risks related to Thor Industries' financial performance. It provides an overview of Thor Industries, including its market leadership positions in various RV categories, operations across North America, and focus on customer needs. The document outlines Thor's strategic vision of disciplined and profitable growth, sustainable business model, and strong balance sheet. It discusses factors that make Thor different from competitors and provide competitive advantages, such as its decentralized structure and focus on relationships. The document also addresses current RV industry conditions and trends among RV consumers.
The document summarizes information about Thor Industries, a leading manufacturer of recreational vehicles. Some key points:
- Thor has a decentralized operating structure and owns several RV brands, making it the #2 overall producer of RVs in North America.
- The company has seen record sales and profits in recent years due to strong consumer demand and its diverse product portfolio.
- Thor maintains a strong balance sheet to support growth initiatives like acquisitions and capacity expansion.
- Industry conditions remain competitive but consumer confidence in RVs has improved, driving increases in both wholesale and retail sales.
Thor Industries is the world's largest manufacturer of RVs. In Q3 2013, Thor saw a 13% increase in consolidated sales and a 6% increase in net income compared to Q3 2012. RV segment sales increased 15% and income increased 31%, driven by strength in towable and motorized RVs. The company also announced the pending $100M sale of its bus business and acquisition of an RV production facility to expand motorized production capacity. Looking forward, management developed a 3-year strategic plan focused on growth and margin expansion through product innovation, capacity expansion, and improved efficiencies.
This document discusses Thor Industries' acquisition of Jayco. Some key points:
- Jayco is a $1.5 billion RV manufacturer with a complementary product portfolio including travel trailers, folding campers, and motorhomes.
- The acquisition was completed on June 30, 2016 for $576 million in cash to be paid down within 3 years.
- Jayco fits with Thor's decentralized model and will continue to operate independently while benefiting from Thor's support. Jayco generated $70 million in pre-tax profits in 2015.
- The acquisition expands Thor's product offerings and dealer network while being accretive to earnings in the first year. Jayco's margins are slightly dilutive but synerg
The document discusses Thor Industries, a manufacturer of recreational vehicles. It notes that Thor is the #1 manufacturer in overall RVs, travel trailers, and fifth wheels. The document highlights Thor's strategic focus on long-term sustainable growth and profitability. It discusses Thor's track record of annual profits for 34 years, increasing sales and earnings, strong balance sheet, and history of returning cash to shareholders. The summary concludes by mentioning Thor's recent acquisition of Postle Aluminum to expand its product offerings.
This document provides an overview of Thor Industries, a leading manufacturer of recreational vehicles. It discusses Thor's business segments, brands, growth strategy, competitive advantages, investments in production capacity, corporate integrity, industry conditions, and consumer trends driving increased RV popularity. Key points include Thor's focus on assembly, strong market share, balanced growth approach, acquisitions to boost capacity, and opportunities in baby boomer and younger demographic groups.
Thor Industries is one of the world's largest manufacturers of recreational vehicles. It has two main business segments: towable RVs such as travel trailers and fifth wheels, and motorized RVs including Class A, B, and C motorhomes. Thor has experienced consistent sales growth and increasing profits and earnings per share over the past decade. It aims to provide superior RV products through innovation while maintaining strong relationships with consumers, dealers, and suppliers for long-term sustainable growth.
Supply Chain Metrics That Matter-A Focus on the Automotive Industry-8 OCT 2013Lora Cecere
The automotive industry is a low margin and concentrated industry with few players. It is a complex business.
Unlike other industries with low margins, the automotive industry has not yet developed supply chain resiliency to weather fluctuations in demand. Over the last decade plus—while other low margin industries have refined processes and technologies to improve profitability and manage cycles and complexity—the automotive industry remains stuck in backwards thinking and old paradigms. This is especially true of the North American automotive companies.
Thor Industries is one of the world's largest manufacturers of recreational vehicles (RVs). It has two main business segments: towable RVs like travel trailers and fifth wheels, and motorized RVs like Class A, B, and C motorhomes. Thor acquired Jayco, another major RV manufacturer, in June 2016. The acquisition was strategic as Jayco complements Thor's existing RV product portfolio and will continue to operate independently under Thor's decentralized business model. Thor has an experienced management team led by Executive Chairman Peter Orthwein and President/CEO Robert Martin.
The automotive aftermarket industry in the US is poised for steady growth driven by several factors:
- The average age of vehicles on the road is at an all-time high of 11.5 years, creating more demand for repairs and replacements.
- The total number of vehicles in operation continues to rise and is expected to grow 5% in the next five years.
- Vehicles are becoming more complex with advanced technologies, leading to more expensive repairs that many owners turn to professionals for.
- Online sales of auto parts are a growing segment, estimated at $6 billion currently and projected to reach $16.6 billion by 2020.
- The industry is consolidating through mergers and acquisitions as
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2. 2
This release includes certain statements that are “forward looking” statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
These forward looking statements involve uncertainties and risks. There can be no
assurance that actual results will not differ from our expectations. Factors which could
cause materially different results include, among others, price fluctuations, material or
chassis supply restrictions, legislative and regulatory developments, the costs of
compliance with increased governmental regulation, legal issues, the potential impact
of increased tax burdens on our dealers and retail consumers, lower consumer
confidence and the level of discretionary consumer spending, the level of state and
federal funding available for transportation, interest rate increases, restrictive lending
practices, recent management changes, the success of new product introductions,
the pace of acquisitions, the impact of the divestiture of the Company’s bus
businesses, asset impairment charges, cost structure improvements, competition and
general economic conditions and the other risks and uncertainties discussed more
fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2012
and Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended April
30, 2013. 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 of this release or any change in events,
conditions or circumstances on which any statement is based, except as required by
law.
Forward Looking Statements
3. 3
The sole owner of operating subsidiaries that represent the world’s largest
manufacturer of recreation vehicles
• Founded in 1980 by Wade Thompson & Peter Orthwein with the acquisition
of Airstream, Inc.
• #1 in overall RV 35.8% of market*
• #2 in Travel Trailers 32.9% of market*
• #1 in Fifth Wheels 49.8% of market*
• #1 in Motorhomes 25.2% of market**
On July 31, 2013 announced the pending sale of its bus business to Allied Specialty
Vehicles for $100 million in cash subject to customary closing conditions. This sale is
expected to close by November 1, 2013
Approximately 8,800 employees***
96 facilities in 7 US states***
6.1 million square feet under roof***
Who is THOR
Source: *Statistical Surveys, Inc., YTD U.S. and Canada units YTD May 2013, excluding fold-
downs **Motorhomes includes Class A, B and C *** as of July 31, 2012
4. 4
Travel Trailers
Fifth Wheels
Motor Homes
Buses**
THOR’s Product Range
Towable
RV's
$2,649,777
72%
Motorized
RV's
$591,240
16%
Bus
Group**
$448,756
12%
FY2013 Preliminary Sales*
*Fiscal year ended July 31, 2013
($ in millions)
** Bus Group sales will be presented as Discontinued Operations in the upcoming form 10-K, due
to the pending sale.
6. 6
Disciplined, Profitable Growth
• Profitable every year since 1980
• All time record $3.7 billion sales FY2013, up 19% from FY2012
• $3.1 billion sales in FY2012, up 12% from $2.8 billion sales in FY2011
• FY2012 Net Income of $121.7 million, up 15% from FY2011
• FY2012 EPS of $2.26, up 18% from $1.92 in FY2011
Sustainable Business Model
• Profitably weathered a severe downturn
• Increased capital investments position Thor for growth and margin improvement
over the long term
Solid Balance Sheet
• Cash and cash equivalents of $137.5 million on April 30, 2013
• Operations historically generate significant cash
• Solid history of dividends, increased from $0.15 to $0.18 at the beginning of
FY13
Why Invest in THOR
7. 7
Proven business model:
• Entrepreneurial and decentralized
• No ivory tower: approximately 8,800 employees, only 40 in corporate staff*
• Decision-making driven by the customer
• Big, but nimble
• Best management team in the business, as proven by sustained performance
An innovator in each of its business segments
Significant RV market leadership:
• Best positioned in towable RVs, historically fastest growing area
• #1 in Motorhomes, poised for continued growth
• Well positioned as a leading innovator in the RV market to meet the demands of
dealers and consumers
Strong balance sheet to support growth and shareholder returns
What Makes THOR Different
* as of July 31, 2012
8. 8
Focus on assembly - not heavy manufacturing
• Limited vertical integration – only where it makes sense
• Flexibility – performance in any market condition
• Low overhead costs
• High return on assets employed
Strong market share in all RV reportable segments
• Provides scale and purchasing power
• Low cost producer
Balance sheet supports acquisitions and organic growth
Meaningful, strategic capacity
Diversified lineup of innovative product offerings
Preferred partnership in retail/wholesale financing
Strength to pay warranty and honor repurchase agreements, important to dealers and
consumers
THOR’s Competitive Advantages
10. 10
Currently a very competitive environment
• Top three RV competitors account for 78.2% of industry units*
• “Flight to quality” – consumers, dealers, lenders all seek to do
business with strong companies like Thor
Industry better balanced today
Pricing & promotional environment remains competitive
Consumer confidence better than last year, slight dip in July but still near a 5-
year high
Wholesale and Retail lenders are prudent - applying “healthy discipline”
RV buyers seek the “power of choice” – want variety in brands and models
Industry Conditions: RV
*Source: Statistical Surveys, Inc., U.S. YTD May 2013
14. 14
Dealers
• Continued optimism
• Right-sized inventory
• Smaller base of dealers
• Access to wholesale credit
• Financial health
RV: State of Balance
RV 2013 2012 % change
Towables $228 $224 +2%
Motorized $213 $111 +92%
TOTAL $441 $335 +32%
Backlog: July 31 ($ millions)
Consumers
• Better access to retail credit
• Confidence better
• Low interest rates
• Great demographic trends
• Will shorten trips to reduce
fuel usage
15. 15
THOR RV Dealer Inventory
Total Dealer inventory remains appropriate for current conditions
Dealer inventory at April 30, 2013 up 14.4% compared with April 30,
2012, in line with 15.2% RV sales growth in the fiscal third quarter.
Lenders still comfortable with current dealer inventory turns and
current credit line utilization, turns have increased resulting in
reduction in average age of units on dealers’ lots
2013 2012 % change
RV 64,899 56,734 +14.4%
Dealer Inventory: April 30 (units)
16. 16
Dealer inventories remain appropriate for consumer demand
“Now, it’s all about the retail consumer”
Wholesale & Retail units should be fairly balanced going forward
The RV Market Ahead
* Statistical Surveys, inc., includes US and Canada. 2010, 2011 & 2012 Full Year Actual,, 2013 YTD through May,
excluding camping trailers
** RVIA wholesale shipments excluding camping trailers and truck campers for full years 2010, 2011 and 2012, 2013
YTD through May
Calendar Year
2010 2011 2012 2013 YTD
Industry Retail
Registrations*
213,074 units
(+12.5%)
232,970 units
(+9.3%)
251,201 units
(+7.8%)
118,718 units
(+11.4%)
Industry
Wholesale
Shipments**
224,400 units
(+48.1%)
237,762 units
(+6.0%)
271,078 units
(+14.0%)
136,618 units
(+13.9%)
17. 17
Thor’s management team recently developed a three-year strategic plan focused on
growth and margin improvement
The Strategic Plan was developed using a bottoms-up approach involving each of the
Company’s operating subsidiaries and management teams
Key elements of growth include product innovation and capacity expansion – targeting
mid- to high-single-digit growth
Key elements of margin expansion include improved product quality, value added
content and features, and volume leverage – targeting 200 basis points of gross margin
improvement over the planning horizon
RV Expansion
On June 3, 2013, Thor acquired the RV production facilities in Wakarusa, Indiana
formerly operated by Navistar to expand motorized production to meet current demand
and to vertically integrate RV paint operations
Nearly one million square feet of production space and 35 paint booths on 150 acres
Final transition plans to be implemented when the seller exits, which is expected late this
summer
Three-Year Strategic Plan
18. 18
On July 31, 2013 Thor announced an agreement to sell its bus business to Allied
Specialty Vehicles for $100 million in cash, subject to closing adjustments
Thor’s bus business includes Champion Bus, Inc., General Coach America, Inc., Goshen
Coach, Inc., El Dorado National California, Inc., and El Dorado National Kansas, Inc.
which generated sales of approximately $449 million for the fiscal year ended July 31,
2013
Thor will continue to operate the bus business until closing, which is expected to occur
on or before November 1, 2013
The Company does not anticipate any impairment to goodwill or intangible assets of the
bus business as a result of the sale
Divesting the bus business will allow Thor to focus on maintaining and growing the
Company’s leadership position in the core RV business
Results of the Bus segment will be presented as discontinued operations in Thor’s
annual report filed on Form 10-K for the year ended July 31, 2013 to be released in late
September 2013
Sale of the Bus Business
19. 19
Consolidated sales for the third quarter of fiscal 2013 were $1.05 billion, up 13% from $926.5 million in
the third quarter last year, based on strength in recreational vehicle (RV) sales. Net income for the
third quarter was $43.8 million, up 6% from $41.3 million in the prior-year third quarter. Diluted
earnings per share (EPS) for the third quarter was $0.82, up 5% from $0.78 in the third quarter last
year.
Included in net income and EPS for the third quarter of fiscal 2013 were non-cash goodwill and
intangible asset impairment charges of approximately $11.5 million. This included a $4.7 million
intangible asset impairment charge triggered by the expected sale of the net assets associated with the
Company’s ambulance product line, and a $6.8 million goodwill impairment charge relating to the bus
segment reporting unit which historically included the ambulance product line. These charges reduced
EPS by $0.15 for the quarter. Excluding these items, EPS would have been $0.97 for the quarter.
Total RV segment sales were $929.8 million, up 15% from $807.2 million in the third quarter last year.
RV segment income before tax was $77.6 million, up 31% from $59.2 million in the prior-year period.
Towable RV sales were $742.5 million, up 9% from $680.5 million in the prior-year period. Income
before tax was $62.5 million, up 22% from $51.1 million in the third quarter last year. Towable RV
income before tax increased to 8.4% of revenues from 7.5% a year ago, as a result of increased
volumes and specific actions taken to improve operating efficiencies.
Motorized RV sales were $187.3 million, up 48% from $126.7 million in the prior-year third quarter.
Income before tax was $15.1 million, up 86% from $8.1 million last year. As a percent of revenues,
motorized RV income before tax rose to 8.1% of revenues from 6.4% a year ago, driven by improved
product mix, volumes and enhanced operating efficiencies.
Bus segment sales were $119.4 million, up slightly from $119.3 million in the third quarter last year.
Income before tax was a loss of $7.7 million, compared to income of $2.8 million in the third quarter
last year. Bus segment income before tax was unfavorably impacted by the non-cash impairment
charges relating to goodwill and intangibles of approximately $11.5 million.
Comments on 3rd Quarter 2013 Results
20. 20
Profitable every year since inception
Successfully weathered a severe downturn
Increased capital investments position Thor for growth and margin improvement over
the long term
#1 overall RV market share
Rock-solid balance sheet. Significant cash and cash generation
Diversified and innovative products
Strong consumer, dealer and lender relationships
Experienced Team
THOR - Key Takeaways
22. 22
No golden parachutes
No ‘pro forma’ earnings. We report net income, not adjusted earnings to cover up
performance
Consistent focus on shareholder value
Simple compensation philosophy:
• Mainly cash compensation, without a cap, based on pre-tax income – a true pay
for performance philosophy
• Shift focus from stock options to restricted stock units
Corporate Integrity
23. 23
THOR’s RV Competitive Advantage
Source: Statistical Surveys, Inc., U.S. YTD May 2013
* Includes Palomino, Coachmen, Prime Time, Shasta and Dynamax
** Fleetwood adjusted to include Navistar RV for 2010-13 with the purchase of Navistar’s
RV business in May 2013.
U.S. Retail Registrations (units, excluding fold-downs)
Total Share % Total Share % Total Share % Total Share %
THOR 34,482 35.6% 72,988 36.3% 67,278 36.6% 64,837 37.3%
Forest River* 31,661 32.7% 60,322 30.0% 52,856 28.8% 46,788 26.9%
Jayco 9,550 9.9% 21,413 10.7% 20,048 10.9% 17,784 10.2%
Winnebago 3,014 3.1% 6,223 3.1% 4,852 2.6% 5,180 3.0%
K-Z Inc. 2,399 2.5% 5,594 2.8% 5,327 2.9% 5,058 2.9%
Fleetwood** 2,034 2.1% 4,482 2.2% 4,363 2.4% 5,334 3.1%
Subtotal 83,140 85.9% 171,022 85.1% 154,724 84.2% 144,981 83.3%
All Others 13,656 14.1% 29,950 14.9% 29,059 15.8% 28,965 16.7%
Grand Total 96,796 100.0% 200,972 100.0% 183,783 100.0% 173,946 100.0%
YTD 5/31/13 Y/E 12/31/12 Y/E 12/31/11 Y/E 12/31/10
25. 25
Net Income ($ millions)
Fiscal years ended July 31, Year to date ended April 30
$26.7
$51.2
$78.6
$104.5
$119.1
$163.4
$134.7
$92.7
$17.1
$110.1 $106.3
$121.7
$77.4
$94.6
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD '12 YTD '13
26. 26
Diluted EPS
Fiscal years ended July 31, Year to date ended April 30
$0.56
$0.94
$1.37
$1.81
$2.09
$2.87
$2.41
$1.66
$0.31
$2.07
$1.92
$2.26
$1.43
$1.78
2001* 2002* 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD '12 YTD '13
*Adjusted for 2-for-1 stock split
27. 27
3rd Quarter Financial Summary
2013 2012 % Change
Net Sales 1,049.2 926.5 13.2%
Gross Profit 133.8 109.5 22.2%
% of Sales 12.8% 11.8%
SG&A 57.8 47.0 23.0%
% of Sales 5.5% 5.1%
Impairment of goodwill
and intangible assets 11.5 0.0 n/a
% of Sales 1.1% 0.0%
All Other 1.9 1.3
Income Before Tax 62.6 61.2 2.3%
% of Sales 6.0% 6.6%
Income Taxes 18.8 19.9
Net Income 43.8 41.3 6.1%
Diluted EPS 0.82$ 0.78$ 5.1%
Order Backlog
Towables 439.5 345.9 27.1%
Motorized 210.1 102.5 105.0%
Buses 199.6 215.2 -7.2%
Total 849.2 663.6 28.0%
*Amounts in thousands except per share data
Net Sales by segment:
• Towables +9.1%, motorized
+47.8%, bus up slightly
Income before tax by segment:
• Towables 8.4%, up from 7.5%
• Volume leverage and actions
to improve operating efficiency
• Motorized 8.1%, up from 6.4%
• Volume leverage
• Bus (6.4%), down from 2.4%
• Includes $11.5 million in
impairment of goodwill and
intangible assets
• Tax rate impact, resolution of state
tax matters
• EPS of $0.82, net of $0.15 impact
of non-cash impairment charges