In Norse mythology, Thor is a god associated with thunder, lightning, and storms. Artwork shows Thor as a hammer-wielding warrior. In the RV world, people say that Thor is the largest RV manufacturer in the world by revenue. But the hammer came down on Thor and its revenues in the company’s first quarter 2025 Thor financial report.
Thor financial report: “Hammered hard”
Thor produces both towable and motorized RVs. While both lines took a drubbing in sales over the quarter, Thor’s North American motorhome sales income was hammered hard—down a huge 75% compared to the same quarter last year.
The Thor financial report shows income before income taxes for the first quarter of fiscal 2025 decreased to $9.1 million compared to $37.1 million in the prior-year period, primarily due to the decrease in net sales.
The company had been attempting to soften the blow. “As we forecasted,” said Thor’s CEO and president, Bob Martin, “our performance through the first quarter of our fiscal year 2025 continued to be impacted by the soft retail and wholesale environment.”
If motorhome income wasn’t enough to weep about, the company’s overall income report was enough to gag stockholders. Net income (loss) attributable to THOR Industries, Inc. and diluted earnings (loss) per share for the first quarter of fiscal 2025 were $(1.8) million and $(0.03), respectively, compared to $53.6 million and $0.99, respectively, for the first quarter of fiscal 2024. Put another way, net income dropped more than 103%.
Relative bright spot—towable RVs
The Thor fiscal report bright spot, like many other RV manufacturers, lay on the towable side. Net income decreased only slightly, to $46.8 million from $49.2 million, despite a 4.9% decline in North American Towable RV net sales for the first quarter of fiscal 2025 compared to the prior-year period. By percentage, it represents a little less than 5% in terms of loss.
But Thor remains optimistic. Touting the company’s new product line and how it has been received by dealers and potential customers, CEO Martin proclaimed, “Barring further future macroeconomic headwinds, it is our expectation that retail activity will begin to trend positively in the latter half of our fiscal 2025, particularly in North America, where we anticipate the return of a stronger retail market.”
You can read the entire financial report and commentary here.
##RVT1186b
Boo-hoo for Thor. They have been the Edsel of RVs for years and everything they touch seems to turn to ____. Why anybody still buys their crap is beyond me.
The real reason their bottom line is down is the “crap” they make and deny any responsability for it or to it. “Buy a Thor and you will be sore”.
Thor has been hit by their own hammer…and rightly so…corporate greed and poor quality has infested every corner of America.
Thor deserves every drubbing that comes their way. From poor build quality, to even worse customer support, to denied warranty claims. Their moms and dads must be ashamed for every person who works there.
Thank you, Russ and Tina! I guess it is fitting that Thor’s financials were so bad, given my understanding of the typically poor quality of their products. Happy new year!