Elkhart-based Thor Industries Inc. (NYSE: THO) is reporting record fiscal third quarter net income of $133.8 million, up from $111.3 million during the same period last year. Chief Executive Officer Bob Martin says the results "reflect another period of solid growth of both sales and earnings."
The recreational vehicle manufacturer is also reporting record net sales of $2.25 billion. Martin says the company continues to leverage the strength in industry demand to drive continued growth.
"While labor costs have moderated, we are experiencing inflationary price increases in certain raw material and commodity-based components due in large part to the headwinds created by the announcement and implementation of the steel and aluminum tariffs and other regulatory actions, as well as higher warranty costs," Martin said. "We will continue to manage these input factors through a combination of strategic actions and believe, over time, we will be able to offset these cost increases."
Martin says the company has seen improvement in product delivery times due to the completion of several production expansion projects over the past few quarters. He says the RV industry remains strong, supported by high consumer confidence rates, favorable employment trends and a healthy housing market.
"Dealer optimism also remains high, and their inventory is fresh," added Martin. Demand continues to be driven by favorable demographic and lifestyle growth trends, including the ongoing strength of baby-boomer customers, as well as first-time and younger buyers. As we complete our 2018 fiscal year, we expect another record year for Thor."
You can connect to the full fiscal third quarter earnings report by clicking here.