Record Sales Drive Thor’s Profit
Elkhart-based Thor Industries Inc. (NYSE: THO) is reporting fiscal third quarter net income of $78.6 million, up from $62.8 million during the same period last year. Chief Executive Officer Bob Martin says the company’s strategic operating plan resulted in record sales for the quarter.
The company is reporting sales from continuing operations of $1.28 billion for the quarter. Martin says the overall results were based on growth in revenues, improved product mix and lower material costs as the company’s core markets continued to grow.
"This spring we have visited dealers and attended dealer meetings where we have heard consistent feedback that our dealer partners are seeing an influx of younger consumers entering our markets, which gives us optimism for the long-term growth of our business and industry," said Martin. "As we see growth of younger and more ethnically diverse consumers, we continue to invest in new product features and floorplans to meet their needs. Thor leads in innovation with new technology features that make RVs easier to use and better connected, positioning us to expand our markets over the long term."
Colleen Zuhl, chief financial officer, says the company has already invested nearly $40 million in "organic development projects," including expansions at various facilities throughout the country. She says plans are in place to invest an additional $20 million over the rest of the fiscal year.