Short answer

Thor Industries Inc (THO) filed its fiscal 2019 10-K annual report with the SEC on Sep 30, 2019. It reported revenue of $7.9B (−5.6% year over year) and net income of $133M.

Top risk flagged: Regulatory risk: European emissions standards could restrict motorized-RV chassis availability and reduce sales

FY2019 key financial metrics · XBRL

Revenue: $7.9B; −5.6% YoY
Net income: $133M; −69.0% YoY
Gross margin: 12.4%; −1.6 pp YoY
EPS (diluted): $2.47; −69.7% YoY
ROE: 6.4%; −15.8 pp YoY
Operating cash flow: $508M; +8.9% YoY

Source: XBRL data from the Thor Industries Inc (THO) FY2019 10-K on SEC EDGAR. USD.

Thor Industries Inc FY2019 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

Global RV manufacturer selling towable and motorized vehicles, parts and accessories through independent dealers
New European Recreational Vehicles segment through $1.76B Erwin Hymer Group acquisition, adding eight production facilities
Strategic expansion from North American leadership into Europe, with EHG contributing $1.49B in fiscal 2019 sales
Dealer network expanded to approximately 2,300 U.S./Canadian locations and 1,000 European locations
Combined market leadership: North American share 47.4% travel trailers/fifth wheels and 36.5% motorhomes; EHG share 25.5% motorcaravans/campervans

Management Discussion & Analysis

Revenue $7.865B, down 5.6% YoY, with North America down 23.9% partly offset by European sales of $1.487B
Gross margin 12.4% vs 14.0%, pretax margin 2.3% vs 7.6%, affected by $114.866M acquisition costs
Best segment: North American Towables, $4.558B sales and $322.228M pretax income, 7.1% margin
Worst segment: European RVs, $1.487B sales and $5.946M pretax loss, 0.4% margin
Operating cash flow $508.019M, capex $130.224M, dividends $84.139M, no share repurchases; 2020 capex expected at approximately $135.000M

Risk Factors

Regulatory risk: European emissions standards could restrict motorized-RV chassis availability and reduce sales
Geopolitical exposure: International sales represented 26.2% of fiscal 2019 sales, exposing Thor to Brexit and tariffs
Supply-chain vulnerability: LCI Industries supplies major components including windows, axles and slide-out mechanisms
Dealer concentration: FreedomRoads accounted for 18.5% of fiscal 2019 net sales
Financial risk: Post-EHG acquisition debt reached approximately $1.9 billion as of July 31, 2019

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