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What’s happening: Shares of Thor Industries rose sharply on Tuesday, after the company released results for its fiscal fourth quarter.
What happened: The maker of recreational vehicles (RVs) reported better-than-expected sales and earnings for the latest quarter.
Thor Industries issued a weak outlook for fiscal 2025, with the company facing persistent macro challenges.
How were the results: The Elkhart, Indiana-based company reported a single-digit decline in sales for the fiscal fourth quarter.
Why it matters: Although the company reported a decline in sales for the latest quarter, Chief Operating Officer Todd Woelfer said the slumping RV market could recover in the second half of 2025.
The company’s North American Towable RV net sales rose slightly by 0.1%, as a 16.3% surge in unit shipments was offset by a 16.2% decline in net price per unit. North American Motorized RV net sales tumbled 21.2%, while European RV net sales contracted by 7.4% year-over-year.
Thor Industries said its gross profit margin expanded by 140 basis points (bps) to 15.8% during the quarter.
The company closed the quarter with $501.32 million in cash and equivalents. Inventories at the end of quarter were $1.366 billion.
“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,” CEO Bob Martin said.
Management guided to sales of $9.0 billion to $9.8 billion for fiscal 2025, lower than market estimates of $10.49 billion. They also projected earnings of $4.00 to $5.00 per share, below expectations of $6.65 per share.
Management stated that they expect discounting to remain elevated in the Motorized segment in fiscal 2025, although discounts in the Towable segment are likely to moderate.
How shares responded: Shares of Thor Industries gained 6.1% to close at $109.47 on Tuesday, following the release of quarterly results. The stock has lost around 7% year to date.
What to watch: Investors will continue monitoring the rebound in the RV market, which will provide a boost to the company’s overall results ahead.
Context: The CAD/USD forex pair moved higher on Tuesday amid strength in crude oil prices.
Details: Data released on Tuesday showed Canada’s manufacturing sales fell 1.5% in August, versus 1.4% growth in the previous month.
Earlier this month, the Bank of Canada had cut its key policy rate by 25bps to 4.25%, which had been exerting pressure on the country’s currency. The Federal Reserve soon followed suit, on September 18, announcing a 50bps cut to its benchmark interest rate.
Weakness in the US dollar lent support to the CAD/USD forex pair. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell around 0.4% to 100.47 on Tuesday.
Strength in the price of crude oil, one of Canada’s major exports, provided a boost to the loonie on Tuesday. WTI crude oil prices climbed around 1.7% to settle at $71.56 a barrel.
The CAD/USD forex pair surged more than 0.8% to 1.3432 on Tuesday. The S&P/TSX Composite Index climbed 0.24% to close at 23,952.22.
What to watch: With no major economic reports from Canada today, investors await the release of data on average weekly earnings and wholesale sales on Thursday. Average weekly earnings of non-farm payroll employees in Canada, which surged by 4% year-over-year in June, are expected to increase by 3.7% in July.
Analysts expect wholesale sales in Canada to grow by 0.2% in August, compared to a 0.4% gain in the previous month. Data on GDP growth from Canada, due to be released on Friday, will also remain focus.
Other Markets: US trading indices closed higher on Tuesday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.20%, 0.25% and 0.47%, respectively.
Ukraine’s President Volodymyr Zelensky said that its ongoing war with Russia could end sooner “than we think.” The news sent the safe-haven US dollar index lower in forex trading this morning.
Australia’s monthly Consumer Price Index rose by 2.7% in the year to August, compared to 3.5% in the previous month. The latest reading being the lowest since August 2021 lent support to the AUD/USD forex pair.
The People’s Bank of China cut its one-year policy loan rate by 30bps to 2.0%, sending the CNY/USD pair slightly lower in forex trading this morning.
South Korea’s Composite Consumer Sentiment Index came in at 100.0 in September, down 0.8 points from the previous month, which exerted pressure on the KRW/USD forex pair.
US S&P CoreLogic Case-Shiller 20-city home price index increased by 5.9% year-over-year in July, which sent the Nasdaq 100 higher by 0.5% on Tuesday.
Saudi Arabia’s balance of trade, France’s consumer confidence, initial jobless claims and unemployed persons, South Africa’s leading business cycle indicator, Spain’s producer prices change, ECB’s non-monetary policy meeting, Brazil’s current account, foreign direct investment and consumer price index, US new home sales, crude oil inventories, gasoline stocks change, distillate stocks and building permits, Russia’s corporate profits and industrial production, as well as Argentina’s economic activity estimator and retail sales.
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