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

    • Startup Spirit Fuels Growth

      As the South Bend - Elkhart Region celebrates a $42.4 million grant from Lilly Endowment Inc., we know that the work to make the best investment with it is really just beginning. The spirit of entrepreneurship has been a vibrant part of our region for decades and the story of our family company could be somewhat of a guidebook for the region as it ventures forward. ITAMCO began as a dream of my uncle Donald Neidig and my father Noble Neidig to have their own business.

    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

    • (Rendering provided by the city of Fishers.)

      Flexware to Break Ground on Headquarters

      Fisher’s based engineering servicing firm, Flexware Innovation Inc., will break ground Thursday on its new headquarters the Nickel Plate District Amphitheater. The $3.5 million project will feature a 35,000-square-foot office building with 12,000-square feet of office space for Flexware and what it calls “a build-to-suit area” in the remaining space. 

    • The Waterside project aims to transform 100-acres of the former GM Stamping Plant site. (photo courtesy of Ambrose Property Group)

      Ambrose, Glick Partner on Waterside

      Indianapolis-based Ambrose Property Group has announced a key partnership for the redevelopment of the former GM Stamping Plant in downtown Indianapolis. The commercial real estate firm is teaming up with the Gene B. Glick Co. to build and manage apartments as part of the $1.4 billion mixed-use redevelopment project. Ambrose says the partnership is also part of plans to catalyze "philanthropic and community-centric strategies to strengthen Indianapolis." The firm also...

    • Photo courtesy of Lafayette Elementary School

      Hammond to Close Three Schools, to Cut Jobs

      The  School City of Hammond board has voted to close three schools and cut 130-150 positions. Our partners at The Times of Northwest Indiana report Columbia and Lafayette Elementary schools, and the Miller School will close after this school year. 

    • Pearl will take the position on May 22

      Bloomington Launches Online Economic Development Tool

      The city of Bloomington has officially launched its new online development tool. The platform will streamline public data for current and prospective business owners and entrepreneurs.

    • (rendering courtesy of Brightmark Energy)

      Construction to Begin on Plastics-to-Fuel Plant

      California-based Brightmark Energy will today break ground on its $260 million plastics-to-fuel plant in the northeast Indiana town of Ashley. The 112,000-square-foot facility, which the company says will be the first of its kind in the nation, is expected to create 136 full-time jobs when fully operational. The plant will use a state-of-the-art process to recycle plastic waste that has reached the end of its useful life, including items that normally cannot be recycled, such as...