8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  September 25, 2023

_______________________________

THOR Industries, Inc.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware	1-9235	93-0768752
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

601 East Beardsley Avenue

Elkhart, Indiana 46514-3305

(Address of Principal Executive Offices) (Zip Code)

(574) 970-7460

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock (Par value $.10 Per Share)	THO	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On September 25, 2023, THOR Industries, Inc. (the “Company”) issued a press release announcing certain financial results for the fourth quarter and full-year ended July 31, 2023. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. The Company also posted an updated investor slide presentation and a list of investor questions and answers to the “Investors” section of its website. A copy of the Company’s slide presentation and investor questions and answers are attached hereto as Exhibit 99.2 and 99.3, respectively, and are incorporated by reference herein.

Item 7.01. Regulation FD Disclosure.

The press release attached hereto as Exhibit 99.1 provides earnings guidance with updated information on industry and Company projections for the Company’s fiscal year 2024. The slide presentation attached hereto as Exhibit 99.2, and incorporated by reference herein, also provides earnings guidance as well as updated information on industry wholesale shipments and retail market share. The Company also posted an updated list of investor questions and answers to the “Investors” section of its website. A copy of the Company's investor questions and answers is attached hereto as Exhibit 99.3 and is incorporated by reference herein.

In accordance with general instruction B.2 to Form 8-K, the information set forth in Items 2.02 and 7.01 of this Form 8-K (including Exhibits 99.1, 99.2 and 99.3) shall be deemed “furnished” and not “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing thereunder or under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(d)               Exhibits

Exhibit Number	Description
99.1	Copy of press release, dated September 25, 2023, issued by the Company
99.2	Copy of investor slide presentation, posted on the Company’s website on September 25, 2023
99.3	Copy of investor questions and answers posted on the Company’s website on September 25, 2023
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	THOR Industries, Inc.
Date: September 25, 2023	By:	/s/ Colleen Zuhl
		Colleen Zuhl
		Senior Vice President and Chief Financial Officer

EX-99.1

EXHIBIT 99.1

THOR Industries Announces Fourth Quarter and Fiscal 2023 Results

Fourth Quarter Results Underscore Continued Strong European Segment Performance and Solid Execution Within North American Down-Cycle as Company Remains Focused on Effective Capital Management Including Investments in Growth, Repaying Debt and Returning Cash to Shareholders

Fiscal Fourth Quarter 2023 Highlights

• Net sales for the fourth quarter were $2.74 billion, a decrease of 28.4% compared to the record fourth quarter of fiscal 2022.
• Consolidated gross profit margin for the fourth quarter was 14.4%, a decrease of 310 basis points when compared to the fourth quarter of fiscal year 2022.
• Net income attributable to THOR Industries and diluted earnings per share for the fourth quarter of fiscal 2023 were $90.3 million and $1.68, respectively, compared to $280.9 million and $5.15, respectively, for the prior-year period.
• During the fourth quarter of fiscal 2023, net cash provided by operations totaled $507.5 million and the Company made principal payments of $300.0 million on its Term Loan and $50.0 million on its ABL.

Fiscal Year 2023 Highlights

• Net sales for fiscal year 2023 were $11.12 billion, a decrease of 31.8% compared to the record fiscal 2022.
• Net income attributable to THOR Industries and diluted earnings per share for fiscal year 2023 were $374.3 million and $6.95, respectively, compared to $1.14 billion and $20.59, respectively, for fiscal 2022.
• Net cash provided by operations for fiscal year 2023 totaled $981.6 million compared to $990.1 million in fiscal 2022.
• During fiscal year 2023, the Company made principal payments of $402.4 million on its Term Loan and $100.0 million on its ABL.
• During fiscal year 2023, the Company returned $138.0 million to shareholders via cash dividends and repurchases of common stock.
  

Fiscal Year 2024 Outlook

• Consolidated net sales in the range of $10.5 billion to $11.0 billion
• Consolidated gross profit margin in the range of 14.5% to 15.0%
• Diluted earnings per share in the range of $6.25 to $7.25
  

ELKHART, Ind., Sept. 25, 2023 (GLOBE NEWSWIRE) -- THOR Industries, Inc. (NYSE: THO) today announced financial results for its fourth fiscal quarter and full fiscal year ended July 31, 2023.

“Our fiscal fourth quarter results demonstrate a continued focus on solid execution and our ability to consistently perform through changing market conditions. Our European segment achieved another quarter of record performance while our North American operating teams made further progress with our independent dealers to reduce and rebalance channel inventory ahead of the model year 2024 rollout. As a result of the operational and commercial strategies enacted across our operating companies during the current RV down-cycle period, THOR and its independent dealers are well-positioned for both the next cyclical upturn and sustainable long-term growth,” said Bob Martin, President and CEO of THOR Industries.

“Fiscal 2023 presented a series of challenges as a result of higher interest rates, rising inflation, increased economic uncertainty, ongoing supply chain constraints and geopolitical issues. At the same time, it highlighted the strength of our experienced operating management teams and proven business model. In response to macroeconomic pressures that drove softening retail demand that persisted throughout our fiscal year, our teams successfully adapted to these fluctuating market conditions with a focus on achieving solid through-cycle profitability. Through our disciplined production approach, targeted commercial actions and adherence to our variable cost model, we demonstrated our commitment to managing through the current environment and positioning the business to excel across the business cycle. In addition, our Company continues to generate meaningful cash flow which enables us to reinvest into our businesses to drive long-term growth and at the same time, reduce our overall debt balance,” said Martin.

Fiscal Year 2023 Financial Results

Net sales for fiscal year 2023 were $11.12 billion compared to $16.31 billion for fiscal year 2022, a decrease of 31.8%. The decrease in consolidated net sales is primarily due to lower current dealer and consumer demand in comparison to record demand in the prior-year period, primarily in the North American Towable segment.

Net income attributable to THOR in fiscal year 2023 was $374.3 million, or $6.95 per diluted share, compared to net income attributable to THOR of $1.14 billion, or $20.59 per diluted share, in fiscal year 2022.

The Company’s annual effective income tax rate for fiscal 2023 was 25.1% compared with 22.0% for fiscal 2022. The primary reason for the increase in the overall annual effective income tax rate relates to a change in the jurisdictional mix of income before income taxes between foreign and domestic jurisdictions between fiscal 2023 and fiscal 2022.

Net cash provided by operating activities for fiscal 2023 was $981.6 million as compared to $990.1 million for fiscal 2022. Despite lower net income in fiscal 2023, the Company generated $317.3 million of operating cash from changes in working capital in fiscal 2023 primarily due to decreases in accounts receivable with lower sales levels and a reduction in inventory levels, as compared to a use of operating cash from working capital changes of $415.9 million in fiscal 2022 due primarily to an increase in inventory.

Segment Results

North American Towable RVs

($ in thousands)	Three Months Ended July 31,				% Change		Fiscal Years Ended July 31,				% Change
	2023		2022				2023		2022
Net Sales	$	930,661	$	1,795,886	(48.2	)	$	4,202,628	$	8,661,945	(51.5	)
Gross Profit	$	110,770	$	273,136	(59.4	)	$	503,487	$	1,512,298	(66.7	)
Gross Profit Margin %		11.9		15.2				12.0		17.5
Income Before Income Taxes	$	55,652	$	181,662	(69.4	)	$	237,123	$	1,050,536	(77.4	)

	As of July 31,				% Change
($ in thousands)	2023		2022
Order Backlog	$	756,047	$	2,571,009	(70.6	)

• North American Towable RV net sales were down 48.2% for the fourth quarter of fiscal 2023 compared to the prior-year period, driven primarily by a 44.7% decrease in unit shipments. The decrease in unit shipments is primarily due to a softening in current dealer and consumer demand in comparison with the unusually strong fourth quarter demand in the prior-year quarter.
• North American Towable RV gross profit margin was 11.9% for the fourth quarter of fiscal 2023, compared to 15.2% in the prior-year period. The decrease in gross profit margin for the fourth quarter was primarily driven by higher manufacturing overhead and warranty percentages, partially offset by a decrease in the material cost percentage due to the combined favorable impacts of product mix changes, net selling price increases, a LIFO inventory liquidation and cost savings initiatives exceeding the impact of increased sales discounts.
• North American Towable RV income before income taxes for the fourth quarter of fiscal 2023 was $55.7 million, compared to income before income taxes of $181.7 million in the fourth quarter last year, with the decrease driven by the decrease in net sales and the decline in the gross margin percentage.
  

North American Motorized RVs

($ in thousands)	Three Months Ended July 31,				% Change		Fiscal Years Ended July 31,				% Change
	2023		2022				2023		2022
Net Sales	$	656,128	$	1,024,768	(36.0	)	$	3,314,170	$	3,979,647	(16.7	)
Gross Profit	$	56,461	$	184,146	(69.3	)	$	442,715	$	654,052	(32.3	)
Gross Profit Margin %		8.6		18.0				13.4		16.4
Income Before Income Taxes	$	21,044	$	127,376	(83.5	)	$	255,207	$	436,604	(41.5	)

	As of July 31,				% Change
($ in thousands)	2023		2022
Order Backlog	$	1,242,936	$	3,436,629	(63.8	)

• North American Motorized RV net sales decreased 36.0% for the fourth quarter of fiscal 2023 compared to the prior-year period. The decrease was primarily due to a 29.4% reduction in unit shipments, but also includes a 6.6% decrease resulting from changes in product mix and net price per unit as our current-year shipments trended towards our more moderately-priced Class B and Class C units compared to the higher-priced Class A units.
• North American Motorized RV gross profit margin was 8.6% for the fourth quarter of fiscal 2023, compared to 18.0% in the prior-year period. The decrease in the gross profit margin for the fourth quarter was primarily driven by an increase in sales discounts, higher material costs, primarily chassis costs, an increase in manufacturing overhead costs as a percentage of net sales due to the reduction in net sales and an increase in the warranty cost percentage.
• North American Motorized RV income before income taxes for the fourth quarter of fiscal 2023 decreased to $21.0 million compared to $127.4 million a year ago, driven by the decrease in net sales and the decline in the gross margin percentage.
  

European RVs

($ in thousands)	Three Months Ended July 31,				% Change	Fiscal Years Ended July 31,				% Change
	2023		2022			2023		2022
Net Sales	$	1,019,156	$	806,724	26.3	$	3,037,147	$	2,887,453	5.2
Gross Profit	$	193,269	$	152,569	26.7	$	505,344	$	409,987	23.3
Gross Profit Margin %		19.0		18.9			16.6		14.2
Income Before Income Taxes	$	101,677	$	74,868	35.8	$	179,625	$	87,116	106.2

	As of July 31,				% Change
($ in thousands)	2023		2022
Order Backlog	$	3,549,660	$	2,753,602	28.9

• European RV net sales increased 26.3% for the fourth quarter of fiscal 2023 compared to the prior-year period, driven by a 23.1% increase in the overall net price per unit due to the total combined impact of changes in foreign currency, product mix and price and a 3.2% increase in unit shipments. The overall net price per unit increase of 23.1% includes a 5.7% increase due to the impact of foreign currency exchange rate changes.
• European RV gross profit margin was 19.0% of net sales for the fourth quarter compared to 18.9% in the prior-year period. This slight improvement in the gross profit margin for the quarter was primarily driven by a decrease in manufacturing overhead costs as a percentage of net sales due to the increase in net sales.
• European RV income before income taxes for the fourth quarter of fiscal 2023 was $101.7 million, compared to net income before income tax of $74.9 million during the fourth quarter of fiscal 2022. The improvement in income before income taxes was primarily driven by the increase in net sales.
  

Management Commentary

“Building off our fiscal third quarter performance, our fiscal fourth quarter results reflect the continuation of strong financial performance in our European segment and disciplined execution in our North American RV segments to close out fiscal 2023. Despite a challenging operating environment across the fiscal year, we delivered consolidated net sales of $11.12 billion, consolidated gross profit margin of 14.4% and net income attributable to THOR of $374.3 million,” said Colleen Zuhl, Senior Vice President and Chief Financial Officer.

“In North America, our operating companies displayed continued progress in solidifying the level and mix of channel inventory as their respective teams fully transitioned to model year 2024 production in July. Given our prudent production approach over the course of the prime RV retail selling season, our teams assisted independent dealers in destocking approximately 25,500 units of THOR products from channel inventory during the fiscal fourth quarter and reducing the number of prior model year units to more appropriate levels entering our fiscal 2024. In addition, our teams maintained a firm control on our cost structure and positioned our product portfolio to assist our independent dealer partners in meeting current retail demand,” said Todd Woelfer, Senior Vice President and Chief Operating Officer.

“Meanwhile, our European segment reported its highest quarterly income before income taxes at $101.7 million on record quarterly net sales of $1.02 billion. These record results reflect the benefits of pricing actions previously taken to offset material and other input costs, improvements in chassis supply necessary to further restock dealer inventory levels of motorized products as well as operational efficiencies. We are extremely pleased with the continued efforts of our European team to strengthen the segment’s operations and profitability. Our fiscal 2023 results demonstrate our commitment to enhancing the long-term profitability profile of the European business across the economic cycle,” continued Woelfer.

“Net cash provided by operating activities for fiscal year 2023 totaled $981.6 million, including $507.5 million provided in the fourth fiscal quarter, highlighting our highly cash-generative business underpinned by our proven variable cost model. Over the course of fiscal 2023, the Company further strengthened its balance sheet by paying down $402.4 million on the Term Loan B and $100.0 million on the ABL amid a challenging market and higher interest rate environment. We ended the fiscal year with total liquidity of $1.4 billion, including cash and cash equivalents of $441.2 million and $940.0 million available under our ABL, and we remain committed to maintaining a strong balance sheet,” added Zuhl.

Outlook

“Our operational performance in the second half of fiscal 2023 provides a solid foundation as we enter fiscal 2024. Despite mixed economic data and consumer trends that are expected to continue into fiscal 2024, our experienced operating management teams and proven business model continue to give us an advantage in navigating uncertainty. As we demonstrated in fiscal 2023, we will continue to take a very disciplined approach to production planning while employing our variable cost model to prioritize profitability in the coming fiscal year. Furthermore, our strong balance sheet and cash generation profile enable us to invest in growth initiatives and drive enhanced shareholder value,” said Martin.

“Long term, we continue to be very optimistic about the growth trajectory of the RV industry. We believe strong underlying RV lifestyle interest and demographic trends will drive the market for years to come, and we are well-positioned to execute against this tremendous market opportunity. We continue to invest in automation projects that enhance product quality and drive labor efficiencies without sacrificing our variable cost model. Additionally, we continue to pursue and build out supply and aftermarket strategies aimed at improving the experience for the end consumer. Lastly, through strong strategic partnerships and organic R&D, we continue to take a thoughtful approach to investing in innovation to ensure we stay ahead of the industry and consumer demand. Overall, we are focused on leveraging our global scale as the worldwide RV market leader to support our long-term growth strategies, and we remain committed to achieving our fiscal 2027 financial targets,” concluded Woelfer.

Fiscal 2024 Guidance

In planning for fiscal 2024, current mixed macroeconomic data and cautious dealer sentiment serve as a reminder that the retail environment, though showing signs of improvement over the course of the summer selling season, continues to be challenging. As a result, the Company continues to be cautious on the global economic outlook and associated impacts on consumer demand and appetite for discretionary purchases. Against this backdrop, the Company remains committed to driving gross profit margin improvement while enacting strategies to reduce its wholesale pricing to drive consumer demand and ensuring channel inventory of THOR products remains appropriate. Additionally, the Company plans to make significant investment in its future in fiscal 2024, resulting in incremental research and development spend. That investment impacts diluted earnings per share in fiscal 2024, but creates significant upside in the longer term. In North America, the Company’s operating plan for fiscal 2024 reflects an industry wholesale shipment range of between 350,000 and 365,000 units with wholesale shipments matching retail demand. Given these expectations surrounding overall market volumes, the Company is introducing its initial guidance for fiscal 2024.

For fiscal 2024, the Company’s full-year guidance includes:

• Consolidated net sales in the range of $10.5 billion to $11.0 billion
• Consolidated gross profit margin in the range of 14.5% to 15.0%
• Diluted earnings per share in the range of $6.25 to $7.25
  

Supplemental Earnings Release Materials

THOR Industries has provided a comprehensive question and answer document, as well as a PowerPoint presentation, relating to its quarterly results and other topics.

To view these materials, go to http://ir.thorindustries.com.

About THOR Industries, Inc.

THOR Industries is the sole owner of operating companies which, combined, represent the world’s largest manufacturer of recreational vehicles.

For more information on the Company and its products, please go to www.thorindustries.com.

Forward-Looking Statements

This release includes certain statements that are “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management’s current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rate fluctuations and their potential impact on the general economy and, specifically, on our profitability and on our independent dealers and consumers;   the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; lower consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; the ability to efficiently utilize existing production facilities; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.

These and other risks and uncertainties are discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2023.

We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.

THOR INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS AND FISCAL YEARS ENDED JULY 31, 2023 AND 2022
($000’s except share and per share data) (Unaudited)
	Three Months Ended July 31,								Fiscal Years Ended July 31,
	2023		% Net Sales (1)		2022		% Net Sales (1)			2023		% Net Sales (1)		2022		% Net Sales (1)
Net sales	$	2,738,066			$	3,821,766			$	11,121,605				$	16,312,525
Gross profit	$	394,305	14.4	%	$	667,887	17.5	%	$	1,596,353		14.4	%	$	2,806,030	17.2	%
Selling, general and administrative expenses		209,643	7.7	%		271,453	7.1	%		870,054		7.8	%		1,116,462	6.8	%
Amortization of intangible assets		35,277	1.3	%		39,658	1.0	%		140,808		1.3	%		156,946	1.0	%
Interest expense, net		22,645	0.8	%		22,576	0.6	%		97,447		0.9	%		90,092	0.6	%
Other income, net		5,173	0.2	%		4,162	0.1	%		11,309		0.1	%		17,334	0.1	%
Income before income taxes		131,913	4.8	%		338,362	8.9	%		499,353		4.5	%		1,459,864	8.9	%
Income taxes		40,631	1.5	%		56,575	1.5	%		125,113		1.1	%		321,621	2.0	%
Net income		91,282	3.3	%		281,787	7.4	%		374,240		3.4	%		1,138,243	7.0	%
Less: net income attributable to non-controlling interests		995	—	%		844	—	%		(31	)	—	%		439	—	%
Net income attributable to THOR Industries, Inc.	$	90,287	3.3	%	$	280,943	7.4	%	$	374,271		3.4	%	$	1,137,804	7.0	%
Earnings per common share
Basic	$	1.69			$	5.17			$	7.00				$	20.67
Diluted	$	1.68			$	5.15			$	6.95				$	20.59
Weighted-avg. common shares outstanding – basic		53,310,842				54,311,598				53,478,310					55,034,653
Weighted-avg. common shares outstanding – diluted		53,868,996				54,543,061				53,857,143					55,264,046
(1) Percentages may not add due to rounding differences

SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000’s) (Unaudited)
	July 31, 2023		July 31, 2022			July 31, 2023		July 31, 2022
Cash and equivalents	$	441,232	$	311,553	Current liabilities	$	1,716,482	$	1,755,916
Accounts receivable, net		643,219		944,181	Long-term debt		1,291,311		1,754,239
Inventories, net		1,653,070		1,754,773	Other long-term liabilities		269,639		297,323
Prepaid income taxes, expenses and other		56,059		51,972	Stockholders’ equity		3,983,398		3,600,654
Total current assets		2,793,580		3,062,479
Property, plant & equipment, net		1,387,808		1,258,159
Goodwill		1,800,422		1,804,151
Amortizable intangible assets, net		996,979		1,117,492
Deferred income taxes and other, net		282,041		165,851
Total	$	7,260,830	$	7,408,132		$	7,260,830	$	7,408,132

Contact:
Michael Cieslak, CFA
mcieslak@thorindustries.com
(574) 294-7724

EX-99.2

Exhibit 99.2

www.thorindustries.com FOURTH QUARTER OF FISCAL 2023 FINANCIAL RESULTS

FORWARD - LOOKING STATEMENTS This presentation includes certain statements that are “forward - looking” statements within the meaning of the U . S . Private Securities Litigation Reform Act of 1995 , Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended . These forward - looking statements are made based on management’s current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks . These forward - looking statements are not a guarantee of future performance . We cannot assure you that actual results will not differ materially from our expectations . Factors which could cause materially different results include, among others : the impact of inflation on the cost of our products as well as on general consumer demand ; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply constraints ; the impact of war, military conflict, terrorism and/or cyber - attacks, including state - sponsored or ransom attacks ; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers ; the dependence on a small group of suppliers for certain components used in production, including chassis ; interest rate fluctuations and their potential impact on the general economy and, specifically, on our profitability and on our independent dealers and consumers ; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share ; the level and magnitude of warranty and recall claims incurred ; the ability of our suppliers to financially support any defects in their products ; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers ; the costs of compliance with governmental regulation ; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations ; public perception of and the costs related to environmental, social and governance matters ; legal and compliance issues including those that may arise in conjunction with recently completed transactions ; lower consumer confidence and the level of discretionary consumer spending ; the impact of exchange rate fluctuations ; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers ; management changes ; the success of new and existing products and services ; the ability to maintain strong brands and develop innovative products that meet consumer demands ; the ability to efficiently utilize existing production facilities ; changes in consumer preferences ; the risks associated with acquisitions, including : the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies ; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand ; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers ; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities ; increasing costs for freight and transportation ; the ability to protect our information technology systems from data breaches, cyber - attacks and/or network disruptions ; asset impairment charges ; competition ; the impact of losses under repurchase agreements ; the impact of the strength of the U . S . dollar on international demand for products priced in U . S . dollars ; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold ; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold ; changes to our investment and capital allocation strategies or other facets of our strategic plan ; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt . These and other risks and uncertainties are discussed more fully in Item 1 A of our Annual Report on Form 10 - K for the year ended July 31 , 2023 . We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward - looking statements contained in this presentation or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law . 2

FISCAL YEAR 2023 SUMMARY (1) Attributable to THOR Industries (2) As compared to fiscal year 2022 FISCAL 2023 HIGHLIGHTS ▪ Achieved solid full - year consolidated margin relative to broader market conditions ▪ European segment delivered strong financial performance ▪ Recalibrated channel inventory within North America; assisted independent dealers in destocking approximately 39,500 units from channel inventory during the year ŀ Strong cash flow generation allowed the Company to further strengthen its balance sheet by paying down $402.4 million on the Term Loan B and $100.0 million on the ABL amid a challenging market and high interest rate environment; net debt to TTM EBITDA ~1.0x NET SALES BY SEGMENT NET SALES $11.12B (31.8)% (2) GROSS MARGIN 14.4% (280) bps (2) DILUTED EPS (1) $6.95 (66.2)% (2) NET CASH FROM OPERATIONS $981.6M Towable 3 Motorized Net Sales Growth (2) Segment Net Sales (51.5)% North American $4.20B (16.7)% North American $3.31B +5.2% European $3.04B

FOURTH QUARTER FISCAL 2023 HIGHLIGHTS Net sales of $2.74 billion in 4Q23, down from a fiscal fourth quarter record of $3.82 billion in the prior - year period ▪ Prudently managed North American wholesale production levels as our operating companies fully transitioned to model year 2024 production in July ▪ Proactively assisted our North American independent dealers in destocking approximately 25,500 units from channel inventory during the quarter and reducing the number of prior model year units to more appropriate levels entering our fiscal 2024 4Q23 diluted EPS attributable to THOR Industries of $1.68 ▪ THOR achieved consolidated gross profit margin of 14.4% despite a 31% reduction in unit shipments versus the prior - year period ▪ Delivered strong performance in our European segment through favorable price - cost realization, operational efficiencies and improvements in chassis supply necessary to further restock dealer inventory levels of motorized products ▪ Leveraged variable cost model in North America to manage through the down - cycle environment and position the business to excel across the business cycle Generated $507.5 million of net cash flow from operations in 4Q23 ŀ Ended the fiscal year with total liquidity of ▪ Company paid down $300.0 million on its U.S. Term Loan B and made principal payments totaling $50.0 million to fully pay off the outstanding balance on its ABL during 4Q23 $1.4 billion , including cash and cash equivalents of $441.2 million and $940.0 million available under our ABL 4

$1,152.0 $5,741.3 $8,761.2 $5,548.6 $693.2 $2,763.7 $9,284.2 $2,571.0 $756.0 $458.8 $1,451.6 $4,014.7 $3,436.6 $1,242.9 $1,526.0 $3,559.1 $2,753.6 $3,549.7 NA Towables NA Motorized European (4) Includes Tiffin backlog subsequent to the December 2020 acquisition of the Tiffin Group 07/31/19 07/31/20 07/31/21 07/31/22 07/31/23 European $1.02 bn 37.2% NA Motorized $0.66 bn 24.0% NA Towable $0.93 bn 34.0% Other $0.13 bn 4.8% 103,400 63,900 58,300 87,500 7/31/19 7/31/20 7/31/23 NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS 127,000 RV BACKLOG OF $5.55 BILLION (36.7)% $16,858.1 Inventory Units (3) Includes units of Tiffin products subsequent to the December 2020 acquisition of the Tiffin Group (1) As compared to the fourth quarter of fiscal year 2022 (2) Attributable to THOR Industries FOURTH QUARTER OF FISCAL YEAR 2023 Gross Margin 14.4% (310) bps (1) (2) Diluted EPS $1.68 (67.4)% (1) Net Sales $2.74 billion (28.4)% (1) (3) (3) (4) (4) (3) 7/31/21 7/31/22 Unit Shipments 47,152 (31.2)% (1) 5 (4) Net Sales

($ in Millions) Fourth Quarter Fiscal 2023 Net Sales YOY Change Gross Profit YOY Change Gross Profit Margin YOY Change $930.7 million (48.2)% $110.8 million (59.4)% 11.9% (330) bps NORTH AMERICAN TOWABLE SEGMENT 6 Key Drivers ▪ Unit shipments decreased 44 . 7 % primarily due to a softening in current consumer demand and dealer demand in advance of model year 2024 production ▪ Disciplined wholesale production recalibrated independent dealer inventory to appropriate levels entering fiscal 2024 ▪ Calendar year 2023 travel trailer and fifth wheel market share grew to 42 . 7 % (+ 80 bps y/y) ▪ Gross profit margin decrease d riven by higher manufacturing overhead and warranty as a percentage of net sales, partially offset by a decrease in the material cost percentage due to the combined favorable impacts of product mix changes, net selling price increases and cost savings initiatives exceeding the impact of increased sales discounts ▪ Order backlog of $ 756 . 0 million

($ in Millions) Fourth Quarter Fiscal 2023 Net Sales YOY Change Gross Profit YOY Change Gross Profit Margin YOY Change $656.1 million (36.0)% $56.5 million (69.3)% 8.6% (940) bps NORTH AMERICAN MOTORIZED SEGMENT 7 Key Drivers ▪ Unit shipments decreased 29.4% due to softening consumer and dealer demand ▪ Disciplined wholesale production recalibrated independent dealer inventory to appropriate levels entering fiscal 2024 ▪ Calendar year 2023 market share of 49.0% ( - 40 bps y/y) ▪ Gross profit margin decrease d riven by an increase in sales discounts, higher material costs (primarily related to chassis) and an increase in manufacturing overhead costs as a percentage of net sales due to the reduction in net sales ▪ Order backlog of $1.24 billion

EUROPEAN SEGMENT Key Drivers ▪ Net sales increase driven by a 23.1% increase in the overall net price per unit due to the total combined impact of changes in foreign currency, product mix and price and a 3.2% increase in unit shipments ▪ Favorable foreign currency exchange impact of 5.7% on net sales compared to prior - year period ▪ Higher concentration of sales of motorcaravans and campervans in the current fiscal quarter on improved chassis supply ▪ Independent dealer inventory levels of motorized products generally remain below historical levels ▪ Strong order backlog of $ 3 . 55 billion ▪ Slight improvement in the gross profit margin primarily driven by a decrease in manufacturing overhead costs as a percentage of net sales due to the increase in net sales ($ in Millions) Fourth Quarter Fiscal 2023 Net Sales YOY Change Gross Profit YOY Change Gross Profit Margin YOY Change $1.02 billion 26.3% $193.3 million 26.7% 19.0% 10 bps 8

9 NET DEBT / TTM EBITDA (3) 1.0x NET DEBT / TTM ADJUSTED EBITDA (3) 0.9x STRONG FINANCIAL POSITION ($ millions) $352.6 $990.1 $507.5 $981.6 4QFY23 FY23 YTD OPERATING CASH FLOW TOTAL LONG - TERM DEBT (1) ($ millions) LIQUIDITY (2) ($ millions) SELECTED FINANCIAL RATIOS (2) TLB $758.1 Senior Unsecured Notes $500.0 ABL $0.0 Other $69.3 Total Long - Term Debt $1,327.4 Cash equivalents $441.2 Available credit under ABL $940.0 Total Liquidity $1,381.2 $208.2 4QFY22 FY22 YTD Capital Expenditures ($ millions) $71.7 $242.4 $57.7 (1) Total gross debt obligations as of July 31, 2023 inclusive of the current portion of long - term debt (2) As of July 31, 2023 (3) See the Appendix to this presentation for reconciliation of non - GAAP measures to most directly comparable GAAP financial measures

CAPITAL MANAGEMENT PRIORITIES AND FISCAL YEAR 2023 ACTIONS Invest in THOR’s business ▪ Capex spending of $208.2 million Pay THOR's dividend ▪ Increased regular quarterly dividend to $0.45 in October 2022 ▪ Represents 13 th consecutive year of dividend increases Reduce the Company's debt obligations ▪ Reduced debt with principal payments of $402.4 million on our Term Loan and paydown of $100.0 million on the ABL ▪ Achieved long - term net debt leverage ratio target of ~1.0x Repurchase shares on a strategic and opportunistic basis ▪ Repurchased $42.0 million ▪ $491.2 million available to be repurchased as of July 31, 2023 under current authorizations Support opportunistic strategic investments 10

INVESTING IN THE FUTURE: THOR INNOVATION TECHNICAL INNOVATION FOCUS AREAS Electrification Lead the RV electrification transition with a full portfolio of solutions and strategic opportunities across product categories and the larger ecosystem Product Technology for a better Experience I mprove vehicle ease of use and enable more sustainable RV experiences, with more efficient and better performance vehicle systems, extending the usage and freedom of RV’ing Connected Products & Customers Leverage hardware and software solutions to increase ease of use, enhance efficiency and improve the overall RV experience Industrial & Supply Chain Tech Arm the Operating Companies with advanced tools and equipment to improve product quality, operational efficiency, and supply chain resilience while lowering costs and improving workforce retention THOR is leveraging its size and scale to invest in its future to create true differentiation. Whether it is by how we make our products, the products that we do make, or the features that we make available to our customers and dealers, THOR is making significant investment today to create true competitive advantage in the future. 11

FULL - YEAR FISCAL 2024 GUIDANCE OUTLOOK ASSUMPTIONS ▪ Modest year - over - year consolidated net sales decline driven by anticipated reductions in overall average selling prices and lower unit shipments of motorized products, partially offset by higher planned wholesale shipment volumes within the North American Towable segment ▪ North American industry wholesale shipment range between 350 , 000 and 365 , 000 units for fiscal 2024 anticipated and matched 1 : 1 with retail demand ▪ Expected gross profit margin improvement largely driven by a return to more historical levels within the North American Towable segment ▪ Improved supply - demand dynamics with recalibrated dealer lot inventory ▪ Realization of sourcing strategies and value - enhancing model year 2024 product offering ▪ Substantial investments in automation and innovation strategies expected to increase capex investments and SG&A expense as a % of sales OTHER MODELING ASSUMPTIONS $ 10.5 – $ 11.0 B NET SALES GROSS PROFIT MARGIN DILUTED EARNINGS PER SHARE 14.5 % – 15.0 % $ 6.25 – $ 7.25 ▪ Amortization of intangibles expense: $130.1 million ▪ Tax rate: between 24% and 26% (1) ▪ Full - year fiscal 2024 capital expenditures: $260 million 12 (1) Before consideration of any discrete tax items

KEY TAKEAWAYS Record quarterly financial performance in our European segment driven by continued efforts of our management team, favorable price - cost realization, operational efficiencies and further improvements in chassis supply Prudent and disciplined operating approach of our North American operating companies assisted independent dealers in rebalancing the level and mix of lot inventory as the industry fully transitioned to model year 2024 production in July Strong cash generation enabled us to aggressively pay down debt in a higher interest rate environment and achieve the Company’s long - term net debt leverage ratio target of ~ 1 . 0 x Full - year fiscal 2024 outlook reflects THOR’s commitment to driving improved gross profit margin performance and long - term growth despite the continuation of a challenging macro environment 13

APPENDIX 14

The Global RV Industry Leader THOR SNAPSHOT (1) (1) As of July 31, 2023 Founded 1980 Headquarters Elkhart, Indiana Countries with Distribution 25+ Team Members 24,900 Countries with Manufacturing 6 Facilities Worldwide >400 Independent Dealership Locations 3,500 NET SALES BY SEGMENT (1) NET SALES BY COUNTRY (1) United States 66.9% Germany, 16.3% Other Europe, 11.0% Canada, 5.3% Other, 0.5% North American Towable 37.8% North American Motorized 29.8% European 27.3% Other, 5.1% EUROPEAN OTHER NORTH AMERICAN MOTORIZED NORTH AMERICAN TOWABLE 15

THOR’S PRODUCT LEADERSHIP ( 1 ) As of calendar YTD June 30 , 2023 . Data reported by Statistical Surveys, Inc is based on official state and provincial records . This information is subject to adjustment, is continuously updated and is often impacted by delays in reporting by various states or provinces . European data is sourced from industry retail registrations statistics that have been compiled from individual countries’ reporting of retail sales . E U R O P E A N All RV Segments N O R T H A M E R I C A N CATEGORY Class B Class C Class A Fifth Wheels Travel Trailers 20.1% 38.4% 54.3% 50.6% 44.3% 42.3% MARKET SHARE (1) #2 #1 #1 #1 #1 #1 MARKET POSITION (1) 16

120.8 121.1 156.5 176.5 201.3 194.3 192.2 199.5 229.1 249.7 239.1 207.6 250.6 258.9 298.3 323.0 334.5 298.1 208.6 152.4 217.1 227.6 257.6 282.8 312.8 326.9 442.0 426.1 376.0 359.4 389.6 544.0 434.9 316.8 249.3 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (e) (e) 173.1 163.1 203.4 227.8 259.5 247.2 247.5 254.6 292.7 321.2 300.1 256.8 311.0 320.9 370.0 384.5 390.4 353.5 237.0 165.6 242.3 252.4 285.7 321.1 430.7 356.7 374.2 504.6 483.7 406.1 430.4 600.2 493.3 297.1 369.7 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (e) (e) TOWABLE RV WHOLESALE MARKET TRENDS (UNITS 000's) YTD Shipments (Units) June 2023 164,830 June 2022 323,831 Unit Change (159,001) % Change (49.1)% YTD Shipments (Units) June 2023 139,337 June 2022 293,288 Unit Change (153,951) % Change (52.5)% 52.3 41.9 46.9 51.3 58.2 52.8 55.3 55.1 63.5 71.5 61.0 49.2 60.4 62.0 71.7 61.4 55.8 55.4 28.4 13.2 25.2 24.8 28.2 38.3 44.0 47.3 54.7 62.6 57.6 46.6 40.8 56.2 58.4 47.8 52.9 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (e) (e) YTD Shipments (Units) % Change Unit Change June 2022 June 2023 (16.5)% (5,050) 30,543 25,493 Historical Data: Recreation Vehicle Industry Association (RVIA) RV INDUSTRY OVERVIEW North America RV WHOLESALE MARKET TRENDS (UNITS 000's) MOTORIZED RV WHOLESALE MARKET TRENDS (UNITS 000's) (e) Calendar year 2023 and 2024 represent the most recent RVIA "most likely" estimate from their August 2023 issue of Roadsigns 17

% Change Total CYTD June 30, 2023 2022 % Change Motorcaravans CYTD June 30, 2023 2022 % Change Caravans CYTD June 30, 2023 2022 Country (1.6)% 55,202 54,299 1.3 % 40,985 41,500 (10.0)% 14,217 12,799 Germany (7.7)% 19,471 17,980 (7.9)% 14,914 13,733 (6.8)% 4,557 4,247 France (4.5)% 13,440 12,837 3.1 % 6,464 6,667 (11.6)% 6,976 6,170 U.K. (14.4)% 6,369 5,449 (3.3)% 1,492 1,443 (17.9)% 4,877 4,006 Netherlands (17.4)% 5,516 4,557 (15.2)% 4,369 3,704 (25.6)% 1,147 853 Switzerland (35.0)% 4,172 2,711 (27.5)% 2,117 1,535 (42.8)% 2,055 1,176 Sweden (8.7)% 4,334 3,959 (9.5)% 3,905 3,534 (0.9)% 429 425 Italy (8.5)% 4,628 4,233 (4.0)% 3,752 3,601 (27.9)% 876 632 Belgium (16.8)% 4,308 3,585 (14.5)% 3,343 2,859 (24.8)% 965 726 Spain (20.5)% 14,577 11,587 (19.7)% 9,078 7,293 (21.9)% 5,499 4,294 All Others (8.2)% 132,017 121,197 (5.0)% 90,419 85,869 (15.1)% 41,598 35,328 Total The Company monitors retail trends in the European RV market as reported by the European Caravan Federation, whose industry data is reported to the public quarterly Industry wholesale shipment data for the European RV market is not available 201 192 146 138 135 140 143 152 162 166 174 182 198 203 210 208 189 154 150 156 147 137 140 152 168 190 202 211 236 261 218 144 141 170 162 151 182 217 222 219 220 253 272 274 251 274 292 324 320 310 366 289 206 228 247 264 304 333 376 416 471 493 465 522 570 449 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Europe North America (1) Source : European Caravan Federation; Calendar Years, 2023 and 2022; European retail registration data available at www.CIVD.de FULL - YEAR COMPARISON OF NEW VEHICLE REGISTRATIONS BY CONTINENT (UNITS 000's) (1) (2) RV INDUSTRY OVERVIEW Europe EUROPEAN INDUSTRY UNIT REGISTRATIONS BY COUNTRY (1) (2) Source : Statistical Surveys; North American retail registration data available at www.statisticalsurveys.com 18

19 Intention to RV is high within the next 12 months Consumer satisfaction among RV owners is very strong RV Owner future purchase intent is high Interest in the RV lifestyle continues to exceed pre - pandemic levels 38 % CONSUMER TRENDS SUPPORT LONG - TERM RV INDUSTRY GROWTH Supported by Real Data from RVers 99 % 72 Million (1) SimilarWeb; U.S. data, only; (2) 2022 THOR North American Travel Trailer Study; (3) 2022 THOR North American Fifth Wheel Study; (4) 2023 THOR North American Class A RV Study; (5) 2022 THOR North American Class C RV Study; (6) RVIA 2023 RV Summer Travel survey 92 % of Travel Trailer Owners plan to purchase an RV in the future; intention is also high across RV types: Class A RV (93%), Camper Van (57%), Class C RV (96%), Fifth Wheel (95%) (2) (3) (4) (5) increase in RV OEM website traffic when comparing 4QFY23 to 4QFY19 RV Dealership (up 67%), Campground Booking (up 53%), and RV Rental (up 70%) websites also experienced increases (1) of Class C Owners report satisfaction with their units, while Class A RV (96%), Camper Van (97%), Travel Trailer (94%) and Fifth Wheel (96%) Owners also report strong satisfaction (2) (3) (4) (5) Americans are estimated to be planning to take an RV trip in the next 12 months (6)

20 QUARTERLY EBITDA RECONCILIATION ($ in thousands) TTM Fiscal Quarters Property, Plant and Equipment TTM $ 374,240 4QFY23 $ 91,282 3QFY23 $ 119,729 2QFY23 $ 25,806 1QFY23 $ 137,423 4QFY22 $ 281,787 Net Income 97,447 22,645 26,362 25,633 22,807 22,576 Add Back: Interest Expense, Net 125,113 40,631 35,722 6,912 41,848 56,575 Income Taxes 276,928 74,102 68,151 67,682 66,993 71,959 Depreciation and Amortization $873,728 $228,660 $249,964 $126,033 $269,071 $432,897 EBITDA Add Back: 39,512 12,905 9,672 8,543 8,392 Stock - Based Compensation Expense 8,685 25,152 5,352 6,500 7,800 5,500 Change in LIFO Reserve 28,712 (5,839) (1,733) (1,006) (1,200) (1,900) Net (Income) Expense Related to Certain Contingent Liabilities 5,850 (5,543) 714 (295) (5,760) (202) Non - Cash Foreign Currency Loss (Gain) 6,173 10,895 3,476 2,682 1,693 3,044 Market Value Loss (Gain) on Equity Investments — 10,436 5,748 4,688 — — Equity Method Investment Loss (Gain) — (10,039) (5,042) — (4,997) — (9,392) Other Loss (Gain), Including Sales of $938,302 $250,080 $272,205 $132,112 $283,905 $472,925 Adjusted EBITDA $11,121,605 $2,738,066 $2,928,820 $2,346,635 $3,108,084 $3,821,766 Net Sales 8.4 % 9.1 % 9.3 % 5.6 % 9.1 % 12.4 % Adjusted EBITDA Margin (%) Total Long - Term Debt as of July 31, 2023 (1) Less Cash and Cash Equivalents Net Debt $ 1,327,405 441,232 $ 886,173 Net Debt / TTM EBITDA Net Debt / TTM Adjusted EBITDA (1) Total debt obligations as of July 31, 2023 inclusive of the current portion of long - term debt Adjusted EBITDA is a non - GAAP performance measure included to illustrate and improve comparability of the Company's results from period to period. Adjusted EBITDA is defined as net income before net interest expense, income tax expense and depreciation and amortization adjusted for certain items and other one - time items. The Company considers this non - GAAP measure in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies. 1.0 x 0.9 x

www.thorindustries.com INVESTOR RELATIONS CONTACT Michael Cieslak, CFA mcieslak@thorindustries.com (574) 294 - 7724

EX-99.3

Exhibit 99.3

FOURTH QUARTER FISCAL 2023

INVESTOR QUESTIONS & ANSWERS

September 25, 2023

Forward-Looking Statements

Reference is made to the forward-looking statements disclosure provided at the end of this document.

Executive Overview

Fiscal Fourth Quarter 2023 Highlights

• Net sales for the fourth quarter were $2.74 billion, a decrease of 28.4% compared to the record fourth quarter of fiscal 2022.

• Consolidated gross profit margin for the fourth quarter was 14.4%, a decrease of 310 basis points when compared to the fourth quarter of fiscal year 2022.

• Earnings per share attributable to THOR Industries for the fourth quarter were $1.68 per diluted share, down from $5.15 per diluted share in the same period of the prior fiscal year.

• During the fourth quarter of fiscal 2023, net cash provided by operations totaled $507.5 million and the Company made principal payments of $300.0 million on its Term Loan and $50.0 million on its ABL.

Fiscal Year 2023 Highlights

• Net sales for fiscal year 2023 were $11.12 billion, a decrease of 31.8% compared to the record fiscal 2022.

• Earnings per share attributable to THOR Industries for fiscal year 2023 were $6.95 per diluted share, down from $20.59 per diluted share in fiscal 2022.

• Net cash provided by operations for fiscal year 2023 totaled $981.6 million compared to $990.1 million in fiscal 2022.

• During fiscal year 2023, the Company made principal payments of $402.4 million on its Term Loan and $100.0 million on its ABL.

• During fiscal year 2023, the Company returned $138.0 million to shareholders via cash dividends and repurchases of common stock.

Fiscal Year 2024 Outlook

• Consolidated net sales in the range of $10.5 billion to $11.0 billion

• Diluted earnings per share in the range of $6.25 to $7.25

Quick Reference to Contents

Current Market Conditions and Outlook Assumptions		2
Q&A
	Market Update	3
	Operations Update	3
	Financial Update	6
Segment Data
	Summary of Key Quarterly Segment Data – North American Towable RVs	8
	Summary of Key Quarterly Segment Data – North American Motorized RVs	9
	Summary of Key Quarterly Segment Data – European RVs	10
Forward-Looking Statements		11

Current Market Conditions and Outlook Assumptions

• Market demand conditions in North America.

The RV industry’s calendar 2023 retail sales have been impacted by the current macroeconomic conditions faced by consumers and dealers, including higher inflation and interest rates. While near-term North American industry retail demand has significantly softened from the record calendar 2021 level and strong 2022 levels, we anticipate the recent softness in demand to be temporary as interest in the RV lifestyle continues to grow. To be clear, we acknowledge that the temporary nature of the softness is directly tied to strong headwinds faced by consumers from the current macro environment and expect that the softness will persist until those forces begin to ease up on the consumer. The Recreational Vehicle Industry Association (“RVIA”) recently issued its updated wholesale unit shipments forecast for calendar years 2023 and 2024. The RVIA forecast estimates total North American wholesale shipments in calendar year 2023 to be between 287,200 and 307,000 units, down from the record wholesale unit shipments in calendar year 2021 of 600,240 and unit shipments in calendar 2022 of 493,268. For calendar year 2024, the RVIA projects that the industry will return to growth with a forecasted wholesale unit shipment range between 363,700 and 375,700 units.

• Market demand conditions in Europe.

Similar to North America, European retail sales have been impacted by current macroeconomic conditions. However, we have seen relative strength in consumer demand when compared to North America. According to the European Caravan Foundation (“ECF”), total retail registrations in Europe for the first half of calendar year 2023 decreased 8.2% compared to the same period of calendar 2022. Due to chassis constraints, independent RV dealer inventory levels of our motorized European RV products are generally below pre-pandemic levels in the various countries we serve, including within Germany, which accounts for approximately 60% of our European product sales.

• Order backlogs.

Consolidated RV backlog was $5.5 billion as of July 31, 2023. North American RV backlog was $2.0 billion as of July 31, 2023, a decrease of 66.7% compared to $6.0 billion as of July 31, 2022. European RV backlog was $3.5 billion as of July 31, 2023, an increase of 28.9% compared to $2.8 billion as of July 31, 2022.

• Near-term and long-term RV industry outlook in both North America and Europe.

The RV industry has experienced a significant slowdown in retail activity as consumers have been adversely impacted by elevated unit prices, higher interest rates, and overall inflation impacting many facets of their budget. However, high RV utilization, strong show attendance and high repeat buyer intentions in the face of a decreasing appetite to purchase in the short-term exhibits the resilience of consumer interest in the RV lifestyle. While we remain cautious and continue to expect near-term demand to be materially impacted by the current macroeconomic conditions, particularly in North America, our long-term optimism remains undeterred. Our positive long-term outlook is supported by favorable demographics, strong interest in the RV lifestyle and a favorable perception of RVing as promoting a safe and healthy lifestyle. Numerous studies conducted by THOR, RVIA and others show that people of all generations love the freedom of the outdoors and that RVers are extremely satisfied with their RV experience. The growth in industry-wide RV sales in recent years has also resulted in exposing a much wider range of consumers to the lifestyle. We believe many of those who have been recently exposed to the industry for the first time will become future owners, and that those who became first-time owners due to the pandemic will become long-term RVers - resulting in future trade-in sales opportunities. In addition, we view the significant investments by independent dealers, campground owners and various governmental agencies into camping and RV facilities to be positive long-term factors, which should only further enhance the experience of current RVers and encourage new buyers to enter the lifestyle.

2

Q&A

MARKET UPDATE

1. Can you comment on the North American market demand environment in calendar 2023? What is your current forward-looking outlook?

a. Retail activity continues to be challenged in calendar 2023 as a result of near-term macroeconomic pressures facing the consumer. Given these pressures, the RV industry has seen a calendar year-over-year decline in North American retail registrations of approximately 18% through July 31, 2023. Despite retail sales showing signs of improvement over the course of the summer selling season, we are cognizant that significant promotional activity likely contributed to driving incremental sales. As we approach the off-season months, we take a conservative view in projecting calendar 2023 North American retail registrations to finish between 350,000 and 365,000 units, which equates to a year-over-year decrease of approximately 20% at midpoint. For fiscal 2024 planning purposes, we assume retail demand stabilizes around these calendar 2023 unit levels as consumers adjust to the interest rate environment and our industry recalibrates its pricing and product offerings to align with today’s macro environment. Furthermore, while we anticipate a mix shift towards more affordable RV products, the breadth of our product offering across product categories and price points allows us to quickly pivot to evolving market demands.

While we acknowledge there is still a range of potential retail sales scenarios, we remain fully confident that we will see a positive inflection in future retail demand once near-term macroeconomic pressures subside. Based upon recent THOR and industry studies, we remain strongly optimistic about both the industry’s and THOR’s future growth. This longer-term optimism is supported by data that indicates interest in the RV lifestyle continues to exceed pre-pandemic levels, RV utilization remains high, consumer satisfaction among RV owners is very strong, and repeat buyer intentions reaffirm the “stickiness” of the RV lifestyle. Of recent note, according to the RVIA 2023 RV summer travel survey, 72 million Americans are estimated to be planning to take an RV trip in the next twelve months.

OPERATIONS UPDATE

1. How are you planning North American production levels in fiscal 2024? What is the expected cadence of wholesale shipments?

a. Given our disciplined and prudent production approach in fiscal 2023, our North American operating teams were able to assist independent dealers in successfully destocking approximately 39,500 units in fiscal 2023, inclusive of 25,500 units in the fiscal fourth quarter, and recalibrating channel inventory to appropriate levels entering fiscal 2024. As a result, our operating plan for fiscal 2024 is to match wholesale production to our forecasted industry retail demand range of between 350,000 to 365,000 units.

Consistent with historical trends, our teams continued to sustain production levels lower than demand levels ahead of Dealer Open House as dealers continue to be prudent in regards to the levels of inventory they carry heading into the off-season months. To mitigate the impact of elevated interest rates and other associated carrying costs, we anticipate independent dealers to operate with lean inventory levels through the balance of calendar 2023. For this reason, we expect a rather modest restocking of dealer inventory in the second quarter of our fiscal 2024 with a pronounced ramp up of wholesale shipments in the second half of our fiscal 2024 that aligns with the pace of retail sales entering the prime selling season.

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2. Can you comment on the strong fourth quarter of fiscal 2023 performance and the fiscal 2024 outlook of THOR Industries’ European segment?

a. Our European segment reported its highest quarterly income before income taxes at $101.7 million on record quarterly net sales of $1.02 billion. The strong fiscal fourth quarter performance built off the strong European third quarter performance and once again demonstrated the efforts of our European management team, favorable price-cost realization, operational efficiencies and improvements in chassis supply necessary to further restock dealer inventory levels of motorized product. Despite Germany entering a mild recession, which is expected to extend through the end of calendar year 2023, Germany RV retail registrations decreased just 1.6% y/y in the first half of calendar 2023, in part helped by a historically higher percentage of cash buyers in Europe as well as improved supply of motorized products. Overall European RV retail registrations decreased 8.2% in the first half of calendar 2023 compared to the same period in calendar 2022.

Looking ahead, as chassis and other supply constraints continue to ease, we expect to complete the restocking cycle for motorized products in the second quarter of fiscal 2024. While the overall European economy is expected to see moderate growth in calendar 2024, we will continue to monitor the macro environment closely and adjust production to match the pace of retail sales. Our European segment backlog value of approximately $3.5 billion as of July 31, 2023 remains strong and indicative of the firm attachment to the RV lifestyle by European consumers. This strong attachment is reinforced by a near-record attendance of 254,000 at the recent Caravan Salon Düsseldorf. Despite any near-term macroeconomic challenges that may arise, we are extremely pleased with the continued efforts of our European team to strengthen its operations and profitability. Our fiscal 2023 results demonstrate the results of our actions and our commitment to enhancing and sustaining the long-term profitability profile of the European business. We expect to maintain a level of profitability that exceeds pre-fiscal 2023 levels moving forward.

3. Recent surveys and dealer checks have suggested that model year 2024 pricing will be lower than model year 2023 pricing. Where do you see average selling prices trending in fiscal 2024? Will introducing lower priced model year 2024 units lead to excessive discounting on model year 2023 units?

a. As we indicated in previous quarters, we are mindful that significant and persistent inflation and rising interest rates have had an impact on current consumer affordability. In response to these macro pressures, we have enacted strategies to reduce wholesale pricing on model year 2024 units to our independent dealers and create buying propositions that resonate with retail customers. On balance, we have begun to see relief on certain input costs and remain committed to working closely with our supply partners to further realize additional savings and provide relief to our independent dealer partners and retail customers. Product decontenting/recontenting, material sourcing strategies and the introduction of new, value-enhancing product offerings across our family of companies should also enable us to reduce average wholesale pricing on model year 2024 units. In addition to shifts in product mix towards more affordably-priced units, we anticipate a reduction in the average selling price of up to 10% for towable products as we move through fiscal 2024. As a result of continued inflationary pressures for motorized chassis, we anticipate a smaller reduction in the average selling price for motorized products.

Consistent with historical trends in the RV industry, it is normal course of business to discount prior model year inventory as the product ages on dealer lots. However, given the absolute level of prior model year inventory at July 31, 2023, we do not anticipate the discounting of model year 2023 units to be of the same magnitude compared to the level of incentives required to move model year 2022 units through the channel in fiscal 2023. Furthermore, given the above-mentioned strategies to reduce wholesale pricing on model year 2024 product, comparisons between model year 2023 product and model year 2024 product may not be truly deemed “like for like.”

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4. What is the expected impact on North American chassis supply as a result from the current autoworker labor disputes and work stoppages?

a. We do not currently expect the current labor disputes and work stoppages involving certain automakers to have a significant impact on our near-term operations. As a result of the supply chain constraints experienced over the past few years, we have been more proactive in sourcing chassis to ensure our operating teams have a safety stock of chassis for production. As such, we believe our current chassis supply positions us well given the forecasted North American motorized product demand. The impact of the labor disputes and work stoppages on the future availability and price from the impacted chassis OEMs is uncertain.

5. Can you provide an update of progress made against your long-term growth initiatives outlined at Investor Day last year?

a. Our commitment to investing in the long-term growth of our business has remained steadfast since June of 2022 when we held our Investor Day. Key areas of focus discussed that day continue to be points of emphasis today, including electrification, automation, aftermarket, and supply chain. In the coming year, our planned investment in innovation and growth initiatives is significant. Below, you can find greater discussion of these investments and how they impact our fiscal 2024 forecasted performance. As we foreshadowed at Investor Day, the timing of key technological advancements and THOR’s own focus on automation create an opportunity for THOR differentiate itself not only with differentiated product but also in how we build our products.

Electrification. Last week, we announced our equity investment and strategic agreement with Harbinger who will be a key supplier to us for both Class A and Class C electric chassis. Harbinger’s technology is difference making and positions THOR to differentiate our motorized product lineup in the coming electrified marketplace. We continue to develop solutions for the remainder of our product lineup, including our own “e-trailer” solution and a strong and differentiating solution for our B vans.

Automation. Today, we have automation running production parts and a robust plan to radically reshape our RV OEM production environment to create better quality, increased efficiency and repeatability. Our 5 year plan for automation will have a significant impact on our ability to improve our margins over time.

Aftermarket. We have made significant progress on our aftermarket strategy. By the end of fiscal 2024, we expect to have a significant presence in the B2B aftermarket space. Additionally, we have invested in the growth of Airxcel’s aftermarket business which will begin paying returns as early as this fiscal year.

Supply Chain. Our focus on the supply chain has been to significantly expand Airxcel’s product lineup. A central purpose for that acquisition was to ensure a robust and competitive supply chain marketplace. The expansion of Airxcel’s product lineup extends that positive impact on our core OEM business.

For those of you who will be present at the annual RV Open House event this week, please spend time in our innovation booth. There, you will find significant proprietary solutions all designed to differentiate the user experience in THOR products.

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FINANCIAL UPDATE

1. The Company initiated its financial guidance for full-year fiscal 2024 in its press release today. What are the key assumptions included in your outlook?

a. The Company initiated its full-year fiscal 2024 guidance, which includes:

• Consolidated fiscal 2024 net sales in the range of $10.5 billion to $11.0 billion

• Consolidated gross profit margin for fiscal 2024 in the range of 14.5% to 15.0%

• Diluted earnings per share for fiscal 2024 in the range of $6.25 to $7.25

Net Sales. The forecasted year-over-year decrease in consolidated net sales is driven by anticipated reductions in average selling prices and lower unit shipments of motorized products, partially offset by higher planned wholesale shipment volumes within the North American Towable segment. In North America, the Company’s operating plan for fiscal 2024 reflects an industry wholesale shipment range of between 350,000 and 365,000 units with wholesale shipments matching retail demand. Given the magnitude of destocking for North American towable products in fiscal 2023, we anticipate fiscal 2024 production with our North American Towable segment to increase and align with retail demand. Conversely, we anticipate lower fiscal 2024 wholesale shipments within our North American Motorized and European segments relative to fiscal 2023 as we also return to a 1:1 wholesale-retail relationship. As a reminder, we largely completed the restocking cycle for North American motorized products in the first quarter of fiscal 2023 and face challenging year-over-year comparisons in 1Q24. In Europe, we expect to complete the restocking cycle for motorized products in the second quarter of fiscal 2024 and then return to a 1:1 wholesale-retail relationship.

Gross Profit Margin. Despite lower forecasted year-over-year consolidated net sales, we expect to realize improved consolidated gross profit margin performance in fiscal 2024 as our North American Towable segment gross profit margin returns to more historical levels. Our fiscal 2023 efforts to assist independent dealers in significantly reducing dealer lot inventory of towable products, as well as rebalancing the mix of product, better positions THOR and its independent dealers entering our fiscal 2024. In addition to benefiting from recalibrated dealer lot inventory, a return to a more normalized production planning environment that aligns to stabilizing market demand trends should enable our operating teams to optimize their respective labor and overhead cost structures. Also, while we are mindful that a level of incentives and promotional activity may be necessary to assist our independent dealers in moving previous model year product through the channel, we do not anticipate the level of towable incentives in fiscal 2024 to be of the same magnitude when compared to fiscal 2023. Additionally, we expect to benefit from our sourcing strategies and value-enhancing product offering, which in turn assists our independent dealers respond to consumer demands in this current environment.

Investments in Automation and Innovation. Despite a still challenging macro backdrop, we remain committed to driving gross profit margin improvement and long-term growth. As such, in fiscal 2024, we plan to make substantial investments in automation and innovation strategies expected to increase both capex with construction projects and the purchase of capital equipment (capex approximated to be ~$260 million), as well as SG&A as a percent of sales with additional R&D expenses (SG&A expected to exceed 8.0% of net sales). As referenced above, our investment in innovation is viewed by management as essential to our long-term growth strategy. THOR is well underway on executing the strategies discussed at Investor Day and the investments projected for fiscal 2024 are focused on further execution of those crucial strategies.

Tax Rate. The Company’s annual effective income tax rate for fiscal 2023 was 25.1% based on the jurisdictional mix of income before income taxes between foreign and domestic jurisdictions. For fiscal 2024, we plan for our annual effective income tax rate to remain essentially flat to fiscal 2023 with an estimated range between 24.0% and 26.0% before consideration of any discrete tax items.

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Other Modeling Assumptions. As a reminder, the month of August is when most Europeans take their annual vacation, and consistent with prior years, our European segment’s first quarter will be negatively impacted by the resulting reduced fixed cost absorption from seasonally lower first quarter production and net sales levels. As a result, and consistent with prior fiscal first quarters, we expect to realize net income before income taxes near breakeven levels in our European segment.

Additionally, for the full-year fiscal 2024, we expect amortization of intangibles expense to be $130.1 million.

2. THOR continues to generate significant cash flow from operations as demonstrated by the net cash provided from operations of $981.6 million in fiscal 2023. Can you comment on your capital allocation priorities in fiscal 2024?

a. Despite the constantly changing business environment, our capital allocation strategy remains consistent. We will continue to focus on reinvesting in our businesses, paying and increasing our dividend as we have annually for 13 consecutive years, reducing our debt obligations and repurchasing THOR stock on an opportunistic basis while making selective tuck-in acquisitions or strategic investments in our long-term growth initiatives that we expect to enhance long-term shareholder value.

Capital Expenditures. Our current estimate of committed and internally approved capital spend for fiscal 2024 is $260 million, an increase from the $208.2 million spent in fiscal 2023. As discussed above, the incremental spend primarily relates to certain building projects and margin-enhancing initiatives focused on our automation, quality and operational excellence efforts in addition to recurring maintenance capital projects throughout our facilities.

Debt Repayments. Over the course of fiscal 2023, the Company further strengthened its balance sheet by paying down $402.4 million on the Term Loan B and $100.0 million on the ABL amid a challenging market and higher interest rate environment. In doing so, the Company achieved its net debt leverage ratio target of ~1.0x. Looking ahead, we will continue to reduce our indebtedness to maintain our net leverage ratio of < 1.0x across the business cycle.

Share Repurchases. During fiscal 2023, the Company purchased $42.0 million of its common stock. As of July 31, 2023, the remaining amount of the Company's common stock that may be repurchased under current authorizations is $491.2 million. Executing on our share repurchase program also remains a high priority for our management team and we expect to see additional opportunistic share repurchases in fiscal 2024.

Consistent with our historical approach, we expect to be disciplined, flexible and balanced in how we deploy capital to generate the greatest return for our shareholders.

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Summary of Key Quarterly Segment Data – North American Towable RVs

Dollars are in thousands

NET SALES:	Three Months Ended July 31, 2023			Three Months Ended July 31, 2022			% Change
North American Towable
Travel Trailers	$	557,235		$	1,114,477			(50.0	)%
Fifth Wheels		373,426			681,409			(45.2	)%
Total North American Towable	$	930,661		$	1,795,886			(48.2	)%
# OF UNITS:		Three Months Ended July 31, 2023			Three Months Ended July 31, 2022			% Change
North American Towable
Travel Trailers		18,326			34,899			(47.5	)%
Fifth Wheels		6,237			9,504			(34.4	)%
Total North American Towable		24,563			44,403			(44.7	)%
ORDER BACKLOG		As of July 31, 2023			As of July 31, 2022			% Change
North American Towable	$	756,047		$	2,571,009			(70.6	)%
TOWABLE RV MARKET SHARE SUMMARY (1)		Calendar Year to Date June 30,
		2023			2022
U.S. Market		41.4	%		40.9	%
Canadian Market		42.3	%		40.2	%
Combined North American Market		41.5	%		40.9	%

(1) Source: Statistical Surveys, Inc. CYTD June 30, 2023 and 2022.

Note: Data reported by Stat Surveys is based on official state and provincial records. This information is subject to adjustment, is continuously updated, and is often impacted by delays in reporting by various states or provinces.

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Summary of Key Quarterly Segment Data – North American Motorized RVs

Dollars are in thousands

NET SALES:	Three Months Ended July 31, 2023			Three Months Ended July 31, 2022			% Change
North American Motorized
Class A	$	178,939		$	465,228			(61.5	)%
Class C		319,861			351,455			(9.0	)%
Class B		157,328			208,085			(24.4	)%
Total North American Motorized	$	656,128		$	1,024,768			(36.0	)%
# OF UNITS:		Three Months Ended July 31, 2023			Three Months Ended July 31, 2022			% Change
North American Motorized
Class A		920			2,337			(60.6	)%
Class C		2,799			2,992			(6.5	)%
Class B		1,322			1,813			(27.1	)%
Total North American Motorized		5,041			7,142			(29.4	)%
ORDER BACKLOG		As of July 31, 2023			As of July 31, 2022			% Change
North American Motorized	$	1,242,936		$	3,436,629			(63.8	)%
MOTORIZED RV MARKET SHARE SUMMARY (1)		Calendar Year to Date June 30,
		2023			2022
U.S. Market		48.8	%		48.5	%
Canadian Market		50.6	%		60.5	%
Combined North American Market		49.0	%		49.4	%

(1) Source: Statistical Surveys, Inc. CYTD June 30, 2023 and 2022.

Note: Data reported by Stat Surveys is based on official state and provincial records. This information is subject to adjustment, is continuously updated and is often impacted by delays in reporting by various states or provinces.

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Summary of Key Quarterly Segment Data – European RVs

Dollars are in thousands

NET SALES:	Three Months Ended July 31, 2023			Three Months Ended July 31, 2022			% Change
European
Motorcaravan	$	507,211		$	400,187			26.7	%
Campervan		338,906			229,532			47.7	%
Caravan		85,894			99,297			(13.5	)%
Other		87,145			77,708			12.1	%
Total European	$	1,019,156		$	806,724			26.3	%
# OF UNITS:		Three Months Ended July 31, 2023			Three Months Ended July 31, 2022			% Change
European
Motorcaravan		6,868			6,258			9.7	%
Campervan		7,234			6,020			20.2	%
Caravan		3,446			4,725			(27.1	)%
Total European		17,548			17,003			3.2	%
ORDER BACKLOG		As of July 31, 2023			As of July 31, 2022			% Change
European	$	3,549,660		$	2,753,602			28.9	%
EUROPEAN RV MARKET SHARE SUMMARY (1)		Calendar Year to Date June 30,
		2023			2022
Motorcaravan and Campervan (2)		20.6	%		22.0	%
Caravan		18.5	%		18.0	%

(1) Sources: Caravaning Industry Association e.V. (“CIVD”) and European Caravan Federation (“ECF”), Calendar year to date June 30, 2023 and 2022. Data from the ECF is subject to adjustment, continuously updated and is often impacted by delays in reporting by various countries (some countries, including the United Kingdom, do not report OEM-specific data and are thus excluded from the market share calculation).

(2) The CIVD and ECF report motorcaravans and campervans together.

Note: Industry wholesale shipment data for the European RV market is not available.

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Forward-Looking Statements

This release includes certain statements that are “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management’s current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rate fluctuations and their potential impact on the general economy and, specifically, on our profitability and on our independent dealers and consumers; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; lower consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; the ability to efficiently utilize existing production facilities; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.

These and other risks and uncertainties are discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2023.

We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.

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XML

Cover	Sep. 25, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 25, 2023
Entity File Number	1-9235
Entity Registrant Name	THOR Industries, Inc.
Entity Central Index Key	0000730263
Entity Tax Identification Number	93-0768752
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	601 East Beardsley Avenue
Entity Address, City or Town	Elkhart
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46514-3305
City Area Code	574
Local Phone Number	970-7460
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock (Par value $.10 Per Share)
Trading Symbol	THO
Security Exchange Name	NYSE
Entity Emerging Growth Company	false