Thor Industries, the world’s largest recreational vehicle manufacturer, reported fiscal 2026 second‑quarter results on March 3, 2026. Net sales rose 5.3 % year‑over‑year to $2.13 billion, while diluted earnings per share reached $0.34, a beat of $0.31 over the consensus estimate of $0.03. Gross profit margin for the quarter was 11.8 %, slightly below the 12.1 % margin recorded in the same period a year earlier.
Revenue growth was driven by a 29.3 % increase in North American motorized net sales, which offset a 14.2 % decline in North American towable sales. European RV net sales grew 11.8 %, contributing to the overall revenue lift. The motorized segment also saw a 170‑basis‑point expansion in gross margin, reflecting volume leverage and lower labor costs, while the towable segment experienced modest pricing pressure that compressed its margin.
Operating income was reported to have increased compared with the prior year, but the company did not disclose the exact figure. Adjusted EBITDA for the quarter was $98.1 million, up 12.7 % from $87.0 million in the same period a year earlier, and operating income before income taxes rose to $9.5 million from $0.3 million year‑ago.
Thor reaffirmed its full‑year 2026 guidance, maintaining sales outlook of $9.0–$9.5 billion and EPS guidance of $3.75–$4.25. The company also announced a $25.2 million share‑repurchase program and a $54.8 million dividend payout for the first two quarters of fiscal 2026, underscoring its commitment to returning capital to shareholders.
CEO Bob Martin said, 'Our fiscal second quarter results reflect continued execution in line with our expectations in a challenging retail environment. The disciplined actions we have taken over the past several quarters to streamline operations, optimize our cost structure and strategically align our product portfolio have positioned us well for our fiscal second half.' COO Todd Woelfer added, 'Recent geopolitical events have clouded our outlook. There's 'too much short‑term uncertainty for us to raise our full‑year guidance at this time.' CFO Colleen Zuhl noted, 'Our strong liquidity position and continued deleveraging provide us with both resilience and optionality.'
Thor’s strategic realignment of its North American RV operating model, announced on February 23, 2026, aims to enhance efficiency, standardize processes, and integrate data to unlock synergies. The company continues to reduce debt, having cut $47.1 million in the quarter, while maintaining a 40‑year streak of dividend payments.
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