Full-Year Profit Rises for Thor
RV maker Thor Industries is based in Elkhart. (photo courtesy of Thor Industries)
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowElkhart-based Thor Industries Inc. (NYSE: THO) is reporting fiscal full-year net income of $221 million, up from $132 million the previous year. Chief Financial Officer Colleen Zuhl credited the results to the recreational vehicle manufacturer’s flexibility during an uncertain time.
The company is also reporting fiscal fourth quarter net income of $119 million, up from $92 million during the same period last year. Chief Executive Officer Bob Martin says net sales increased “significantly” over each month in the quarter.
“We saw increasing retail demand over the course of the quarter, driving dealer inventories to historically low levels by year end and our year-end backlog to a record high,” said Martin. “As I have noted before, the long-term outlook for our business remains excellent. Now, with the increasing interest in the RV lifestyle from a new group of consumers, the short-to-medium-term outlook is also robust. This current demand for RVs, coupled with the need to replenish dealer inventories that are at all-time lows, positions us for continued success well into calendar 2021.”
Martin says the influx of new RV buyers could lead to many becoming long-term RV enthusiasts, which would further position the company for success in the future.
You can connect to the full earnings report by clicking here.