Short answer

Thor Industries Inc (THO) filed its fiscal 2018 10-K annual report with the SEC on Sep 20, 2018. It reported revenue of $8.3B (+14.9% year over year) and net income of $430M.

Top risk flagged: NHTSA under NTMVSA: mandatory vehicle recalls for safety defects could materially damage earnings and reputation

FY2018 key financial metrics · XBRL

Revenue: $8.3B; +14.9% YoY
Net income: $430M; +14.9% YoY
Gross margin: 14.0%; −0.4 pp YoY
EPS (diluted): $8.14; +14.8% YoY
ROE: 22.2%; −1.5 pp YoY
Operating cash flow: $467M; +11.3% YoY

Source: XBRL data from the Thor Industries Inc (THO) FY2018 10-K on SEC EDGAR. USD.

Thor Industries Inc FY2018 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

Core model: North American RV manufacturing, primarily U.S. sales through independent dealers
New Airstream Nest travel trailer and TH2connect digital-platform joint venture, $46,902 contribution
Strategic emphasis on global RV connectivity, safety and convenience through 50%-owned TH2connect
Towable sales $6,008,700, representing 72.1% of total sales and up from 70.8% in 2017
North American leadership: 49.6% travel-trailer and fifth-wheel share, 40.0% motorhome share
Dealer concentration: FreedomRoads represented 20% of consolidated sales for the third consecutive year

Management Discussion & Analysis

Revenue $8,328,909, up 14.9% YoY, driven by towables $6,008,700, up 17.2%
Gross margin 14.0% vs 14.4%; pretax margin 7.6% vs 7.7%
Best segment: towables pretax income $532,657, margin 8.9%; motorized $134,785, margin 6.3%
Operating cash flow $466,508; capex $138,197; dividends $77,989; share repurchase authorization $250,000
Outlook: Erwin Hymer acquisition targeted near calendar year-end 2018, financed primarily through debt; 2019 industry shipments forecast down 1.7%

Risk Factors

NHTSA under NTMVSA: mandatory vehicle recalls for safety defects could materially damage earnings and reputation
Canada exposure: stronger U.S. dollar could reduce sales to Canadian dealers, who transact in U.S. dollars
Supply concentration: LCI Industries supplies major windows, doors, towable chassis, slide-out mechanisms, axles and furniture components
Dealer financing concentration: three floor-plan lenders represented approximately 82% of dealers’ floored dollars outstanding
FreedomRoads concentration: 20% of fiscal 2018 consolidated net sales, with consolidation increasing repurchase-obligation exposure

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