Elkhart-based Thor Industries Inc. (NYSE: THO) is reporting third quarter net income of $348 million, compared to $183 million during the same period last year. The RV manufacturer says net sales for the third quarter were $4.7 billion, an increase of nearly 35% compared to the same period in 2021.
“I am pleased to report this quarter that THOR once again managed through an uncertain business environment to achieve record net sales and profitability across many of our brands,” said Bob Martin, chief executive officer of THOR Industries. “Our teams have done an exceptional job navigating continued supply chain and labor constraints while still fulfilling ongoing dealer and consumer demand for our products. Net sales for our fiscal third quarter increased 34.6%, net income attributable to THOR grew 89.9% and our gross margin improved by 270 basis points compared to the fiscal third quarter of 2021.”
The company says the acquisition of Airxcel in September 2021 accounted for $154 million of the increase in net sales.
“At the end of our fiscal third quarter, due to the outstanding production efforts of our team members, our independent dealer inventories of towable RV products were at more historically normal levels,” said Martin. “Due to continued high demand for our motorized RVs and persistent global chassis supply constraints, our independent dealer inventories of motorized products were still below optimal levels. We do not expect motorized RV inventory levels to return to more historically normal levels until early in calendar 2023.”
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