Quarterly profit falls for Thor
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowElkhart-based Thor Industries Inc. is reporting fiscal second quarter net income of $7.2 million, down from $27 million during the same period last year. CEO Bob Martin attributed the drop to seasonally lower retail demand and cautious dealer sentiment.
The recreational vehicle manufacturer reported net sales of $2.21 billion for the quarter, down from $2.35 billion in the second quarter of 2023.
Despite the challenges, Martin said the Thor proactively worked to improve the competitive positioning of its operating companies and independent dealer partners.
“We continued to work with our North American independent dealer partners to closely match wholesale production with the pace of retail sales, and we enacted promotional programs to assist independent dealers in moving prior-model-year units and stimulate retail demand,” Martin said.
Martin said while the levels and mix of inventory are well-positioned ahead of the retail selling season, the company believes dealers will remain focused on limiting inventory levels.
However, he said the company is encouraged by good attendance figures at recent retail RV shows, noting consumer interest remains strong.
“Our teams will continue to monitor evolving market trends as we progress through the upcoming selling season, and we remain highly confident in our operating teams and flexible business model to deliver value for our independent dealer partners and end consumers,” he said.
You can view Thor’s full fiscal second quarter earnings report by clicking here.