Thor builds camper trailers and motorhomes, selling mostly to dealers in North America and Europe. Its biggest profit source, North American trailers, is losing shipments faster than the industry, and its latest annual dividends and buybacks exceeded free cash flow.
Picture a camper trailer hitched behind a pickup on its way to a lakeside campsite. It may well have come from Thor Industries. Thor builds towables, trailers pulled by a car or truck, and motorhomes, campers with their own engine, for buyers across North America and Europe. It sells mostly to independent dealers rather than to campers. Thor earns its money when a dealer buys a unit for its lot.
Most dealers stock their lots on floor plan: a bank or finance company lends them nearly the whole price they pay Thor and holds the vehicles as security. So Thor's sales follow dealers' restocking decisions as well as what campers want. What Thor keeps depends on how many units its plants ship, which models they are and what prices it can hold, set against materials, chassis (the vehicle frame and running gear), labor and warranty repairs. North American towables are the main profit engine; Europe brings in the most revenue but earns less on it. Thor also makes the lenders a promise: if a dealer defaults, typically within up to 18 months of a unit being financed, Thor buys back the repossessed units for the amount still owed.
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