OR Images/DigitalVision via Getty Images THOR Industries ( THO ) just reported its Q3 ’26 earnings, which were mixed-to-bad, in my opinion. I wanted to go over the numbers in more detail and give some comments on why I think this is not the end of the bad performance yet. The last time I covered THOR was around 3 years ago, and since then the company’s share price has gone nowhere, compared to the...
OR Images/DigitalVision via Getty Images THOR Industries ( THO ) just reported its Q3 ’26 earnings, which were mixed-to-bad, in my opinion. I wanted to go over the numbers in more detail and give some comments on why I think this is not the end of the bad performance yet. The last time I covered THOR was around 3 years ago, and since then the company’s share price has gone nowhere, compared to the SPY’s ( SPY ) 84% increase. By the Numbers Starting from the top, net sales came in at around $2.78B, down around 4% y/y, but beat estimates by around $130m. Let’s take a look at the revenue segments in more detail. North American Towable RVs’ net sales declined by close to 25% y/y, mostly due to a 25% decrease in unit shipments, which were brought on by a “challenging retail environment and cautious independent dealer ordering patterns.” Order backlog for the segment declined by a whopping 39% to just $386m from last year’s $634m. The NA Motorized RV sales, on the other hand, increased by close to 8%, while units shipped increased by 9.1% to 6,009 units. It seems that the company sold some units at a discount, as net sales did not keep up with the units sold. Or in this case, the reason ASP fell was that customers went for the more moderately priced Class C product. The European EV market seems to be going pretty strong, with close to 12% growth in net sales and 4.2% growth in units shipped. A lot of the net sales increase was due to a favorable foreign currency exchange and not because the company was able to increase pricing. Let’s take a look at the company’s profitability across all the segments. NA Towable RVs’ gross margin declined by 470 bps to 10.2% due to lower sales and increased cost of materials, as well as unfavorable product mix. NA Motorized RVs’ gross margins declined 170 bps to 8.8% due to the rise in the cost of materials, which was partially offset by an increase in sales. European RV market’s gross margins also took a beating despite good top-line perf...
George Boubouras, Managing Director of Research, Investments and Advisory at K2 Asset Management, discusses his outlook for markets and investment strategy. He speaks with Haidi Stroud-Watts and Shery Ahn on Bloomberg: The Asia Trade. (Source: Bloomberg)
George Boubouras, Managing Director of Research, Investments and Advisory at K2 Asset Management, discusses his outlook for markets and investment strategy. He speaks with Haidi Stroud-Watts and Shery Ahn on Bloomberg: The Asia Trade. (Source: Bloomberg)
Satellite Images Expose China’s Massive New 120-Meter Sail-Free Mystery Submarine Authored by Aamir Khollam via Interesting Engineering , China has quietly launched another advanced submarine, signaling the rapid expansion of a naval force that already outpaces Western production rates. ROKS Dosan Ahn Changho class submarine and satellite imagery of China's sailless submarine. Wikimedia Commons an...
Satellite Images Expose China’s Massive New 120-Meter Sail-Free Mystery Submarine Authored by Aamir Khollam via Interesting Engineering , China has quietly launched another advanced submarine, signaling the rapid expansion of a naval force that already outpaces Western production rates. ROKS Dosan Ahn Changho class submarine and satellite imagery of China's sailless submarine. Wikimedia Commons and @Mack8miltech on X Fresh satellite imagery shows a large new submarine at Shanghai's Jiangnan Shipyard. The vessel features an unusual "sailless" profile and a highly streamlined hull. Analysts say the design could reflect China's push toward faster, quieter, and harder-to-detect underwater platforms. The launch comes as the U.S. and its allies struggle to increase submarine output. China, meanwhile, has launched roughly 15 to 20 submarines during the past five years . Several belong to entirely new classes. Streamlined Underwater Design The newly spotted submarine measures around 120 meters long. Its beam appears narrower than other recent Chinese attack submarines, while satellite imagery also shows X-shaped stern control surfaces and what may be a shrouded propulsion system. Defense analysts believe the submarine could use a pumpjet propulsor. That setup reduces underwater noise at higher speeds compared to traditional propellers. The vessel's most striking feature, however, remains the absence of a traditional sail. Conventional submarines rely on sails to house periscopes, communication masts, and snorkel systems. Removing that structure cuts drag and improves hydrodynamic efficiency. A cleaner hull shape can improve submerged speed and maneuverability while also reducing acoustic signatures, making the submarine harder to track. China previously tested similar concepts. About eight years ago, the same shipyard launched a smaller experimental submarine with a reduced sail design. More recently, Chinese shipbuilders revealed unmanned underwater vehicle concepts with s...
Earnings Call Insights: ServiceTitan (TTAN) Q1 FY 2027 Management view “During Q1, our focus on delivering customer ROI resulted in 25% year-over-year revenue growth, healthy efficiency and record operating margins.” (Co-Founder, Chairman of the Board & CEO Ara Mahdessian) “During Q1, we introduced speed to lead, inbound call booking automation, auto inventory replenishment and invoice protection,...
Earnings Call Insights: ServiceTitan (TTAN) Q1 FY 2027 Management view “During Q1, our focus on delivering customer ROI resulted in 25% year-over-year revenue growth, healthy efficiency and record operating margins.” (Co-Founder, Chairman of the Board & CEO Ara Mahdessian) “During Q1, we introduced speed to lead, inbound call booking automation, auto inventory replenishment and invoice protection, among others...” (CEO Mahdessian) “During Q1, we more than doubled the number of locations on Max... and expect to again double the number of locations on Max during Q2.” (Co-Founder, President & Director Vahe Kuzoyan) “In enterprise, during Q1, we surpassed 2,000 total customers with annualized billings greater than $100,000... [and] represent greater than 60% of our annualized billings.” (President Kuzoyan) “Q1 total revenue of $268.8 million grew 25% year-over-year.” (Chief Financial Officer Dave Sherry) Outlook “For the second quarter, we expect total revenue in the range of $284 million to $286 million... operating income in the range of $38 million to $39 million.” (CFO Sherry) “For the full fiscal 2027, we expect total revenue in the range of $1.13 billion to $1.14 billion, and... operating income in the range of $142 million to $147 million.” (CFO Sherry) “We now expect our incremental operating margins for the full fiscal year 2027 to be higher than our initial target of 25%.” (CFO Sherry) Compared with the prior quarter’s initial FY 2027 outlook, management raised FY 2027 revenue from “$1.11 billion to $1.12 billion” to “$1.13 billion to $1.14 billion,” and operating income from “$128 million to $133 million” to “$142 million to $147 million.” (CFO Sherry) Financial results “Q1 gross transaction volume or GTV was $21.7 billion, representing 23% year-over-year growth.” (CFO Sherry) “Subscription revenue of $202 million grew 24% year-over-year... Usage revenue grew 29% year-over-year to $58.5 million.” (CFO Sherry) “Q1 operating income of $40.8 million resulted in ...