Elkhart-based Thor Industries Inc. (NYSE: THO) has announced record fiscal third quarter net income of $111 million, up from $78.6 million during the same period the previous year. The company says the results reflect organic growth in both the towable and motorized recreational vehicle divisions.
The RV manufacturer adds the inclusion of the results from Jayco, which Thor acquired last year, also contributed to the record earnings. Thor Chief Executive Officer Bob Martin says the company continues to see strength in the RV market as well as prospects for further growth.
"As we continue to focus on producing RVs that appeal to an ever broader base of consumers, we remain very optimistic for the long-term growth of Thor," said Martin. "Over time, we anticipate this short-term trend will translate into longer term demand for higher priced units as customers adopt the RV lifestyle and eventually trade up from entry-level units to mid-level and even high-end units."
Martin adds they company has seen an increase in demand for affordable travel trailers and motorhomes. "As a result of this significant increase in demand, we continue to expand capacity in a prudent, measured approach that will allow us to be nimble and flexible as market conditions and product demand change. Currently, we have new plants or expansion projects underway at nearly every Thor subsidiary, which will begin contributing to our overall production capacity in the fourth quarter of fiscal 2017 and early fiscal 2018."
Martin says the labor market in northern Indiana has become more competitive as Thor and other manufacturing companies continue to add capacity. He says, when possible, the company has focused its expansion efforts in outlying areas such Howe, Middlebury and Goshen.
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