Thor Announces Record Profit
Thor relocated its headquarters to Elkhart County in 2013.
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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. (NYSE: THO) is reporting fiscal first quarter net income of $78.7 million, up from $50.5 million during the same period last year. The recreational vehicle manufacturer says net sales for the fiscal first quarter also hit a record high of $1.7 billion, which is a nearly 66 percent increase from the same period in 2015.
Chief Executive Officer Bob Martin says the record numbers are the result of the ongoing enthusiastic reception of the company’s offerings by dealers and consumers. He adds the company’s ability to successfully manage its growth and integrate acquisitions contributed to the performance.
Earlier this year, Thor acquired Middlebury-based Jayco Corp.
"The Jayco integration has gone very smoothly, as illustrated by their meaningful contribution to our revenues and gross profit," said Martin. "We also made good progress on expanding capacity in a disciplined way to meet the strong demand for our products. New facilities or production lines at Dutchmen, Heartland, Highland Ridge, Jayco and Thor Motor Coach ramped up during the first quarter and we are evaluating additional projects to increase capacity where necessary."
Martin says the company believes 2017 will be one of the strongest years for wholesale shipments for the RV industry since the 1970s.
