By Nicholas G. Miller

Thor Industries had a higher fourth-quarter profit and better-than-expected sales, but guided for fiscal 2026 sales below analysts' expectations, saying it expects a challenging macroeconomic environment for the year.

"While consumer spending and wage growth have been resilient, there is mounting household debt and signs that the labor market is weakening amidst a backdrop of falling interest rates," the RV company said. "Moreover, consumer sentiment and inflation expectations remain volatile."

The company guided for 2026 sales of $9 billion to $9.5 billion, and earnings of $3.75 to $4.25 a share. Analysts had forecasted sales of $9.63 billion and earnings of $4.12 a share.

Shares rose 4.5% to $106.89 and are now up 12% so far this year.

Thor said affordability concerns were weighing on consumers and that it was trying to mitigate pricing pressures exacerbated by tariffs. "Affordability remains one of the most significant challenges that we face in the marketplace," the company said. "Our operating companies are working tirelessly to prevent any incremental costs from being passed on to the consumer, but in some cases it is unavoidable."

The company said it had developed more affordable private label products in its motorized RV segment that were resonating with consumers. Thor reported a 4.6% decline in sales of North American towable RVs but a 7.8% increase in sales of North American motorized RVs.

"We believe strongly in our ability to continually identify opportunities that address affordability so as to keep customers engaged with the RV market and foster future sales growth," the company said.

The company reported fourth-quarter net income of $125.8 million, or $2.36 a share, up from $90 million, or $1.68 a share, the year prior. Analysts had expected $1.23 a share.

Sales were $2.52 billion, down from $2.53 billion the year before. Wall Street had expected $2.32 billion.

Write to Nicholas G. Miller at nicholas.miller@wsj.com.

(END) Dow Jones Newswires

September 24, 2025 10:30 ET (14:30 GMT)

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