Elkhart-based Thor Industries Inc. (NYSE: THO) is reporting fiscal first quarter net income of $116 million, up from $51.8 million during the same period last year. Chief Executive Officer Bob Martin says the recreational vehicle manufacturer also saw strong year-over-year growth in other metrics, including net sales.
Martin says the company’s backlog set a record as it continued to increase over the quarter, while RV dealer inventories continued to decline.
“To address the increase in demand, we have increased production levels. Even with our higher production output and deliveries, demand and backlog for our RV products continue to grow,” said Martin. “We are working hard to manage through temporary supply chain issues, which are currently common across the entire RV industry. We are confident that once these temporary supply chain constraints are mitigated, our shipments will increase further. We also believe it will take a number of months of production to first fill dealer presold orders before we will begin a restocking cycle to help our dealers get their inventory back to a more historically normal level.”
Thor says net sales for the quarter totaled $2.5 billion, up from $2.2 billion during the same quarter last year.
Martin says the long-term growth potential for the RV industry remains “very positive.” You can view the full earnings report by clicking here.