Acquisition Costs, Low Demand Lead to Q2 Loss For Thor

Posted: Updated:
(photo courtesy of Thor Industries) (photo courtesy of Thor Industries)
ELKHART -

Elkhart-based Thor Industries Inc. (NYSE: THO) is reporting a fiscal second quarter net loss of $5.4 million, compared to net income of $79.8 million during the same period the previous year. The recreational vehicle manufacturer says the results reflect the impact of balancing production with market demand.

Thor says wholesale RV shipments declined during the quarter relative to retail sales as dealers continued to sell through existing inventories before placing new orders. Acquisition-related costs totaling more than $42 million also played a factor in the earnings report.

"We made considerable progress on a number of fronts in the second quarter, supported by a positive start to the 2019 retail show season, with a number of the larger shows posting strong attendance levels, which supports our view of a stable long-term retail environment," said Bob Martin, chief executive officer of Thor. "We were also pleased to have closed our acquisition of EHG just after the end of the second quarter. This transformational acquisition represents a major step forward in our long-term strategic growth plan, and our entire team is focused on integrating EHG and providing strong returns for our shareholders."

Martin says although the company is optimistic for the long term, he expects to face challenging conditions in the short term, as dealers continue to reduce inventory levels. He says the third quarter results for this fiscal year will also face difficult comparisons to the record numbers posted in the previous fiscal year.

You can view the full earnings report by clicking here.

  • Perspectives

    • 3 Tips to Attract and Retain Employees in the Gig Economy

      The gig economy has been around ever since workers began looking for supplemental income, but, it has recently evolved with the introduction of technology. Companies emerging like Uber, Lyft and GrubHub, are changing the gig economy landscape of the workforce. The gig economy has attracted millennials and Gen Zers because of the flexibility and autonomy to work from anywhere, at any time.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (Industrial hemp photo courtesy of Purdue University)

      Hemp Processor Announces Expansion

      Indianapolis-based BDX Indiana has announced plans to bring more than 100 new jobs to central Indiana, with about a third of those going to a planned hemp extraction facility in Westfield. BDX extracts CBD oil from Indiana-grown hemp and is a sister company of Biodynamic Ventures, the largest hemp grower in Indiana. The city says the phase one build-out of the overall $50 million project is expected to begin this month with production to start in December. 

    • (photo courtesy of Indianapolis International Airport)

      Indy Airport Showcases New Retail Offerings

      Indianapolis International Airport is celebrating the opening of the first wave of new retail offerings. The new stores are part of the airport's multi-year Concessions Refresh initiative, which aims to bring a greater mix of nationally-known brands, such as FAO Schwarz and Vineyard Vines, with more local offerings, including Natalie's Candy Jar and Fountain Square Market. In all, nine new retail stores opened Tuesday morning. In an interview with Inside INdiana Business...

    • Butler Blue III is retiring next spring as the school's mascot. (photo courtesy Butler University)

      Butler Mascot Set to Retire

      One of the best-known ambassadors for Butler University is stepping down, all four legs of him, at the end of the current academic year. The university says their furry mascot, Butler Blue III, is ready to retire after nearly eight years of greeting visitors, students and staff. 

    • (WISH-TV Photo)

      Waterside Fight Continues Between Ambrose, City

      Ambrose Property Group has taken another step in its fight with the city of Indianapolis over the former GM Stamping Plant site in the city's downtown. The developer has given a notice of the legal action it intends to pursue against the city for what it calls "the city's baseless eminent domain threat and defamation." The back-and-forth between the two parties stems from Ambrose's announcement in late September that it planned to sell the property, which was being...

    • DePauw University ranked No. 20 on list of Best "Colleges"

      Small Indiana Colleges Rank High Nationally

      Indiana has two institutions of higher learning, with intentionally small enrollments, that rank in the top 30 in the nation for an overall experience.  The personal finance website, WalletHub, conducted a survey of what it calls the 2020 Best College Ranking.