Thor Industries swings to quarterly loss
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Elkhart-based Thor Industries Inc. is reporting a fiscal second-quarter net loss of $551,000, compared to net income of $7.2 million during the same period the previous year.
CEO Bob Martin said the results are in line with the recreational vehicle manufacturer’s expectations going into the quarter.
Despite the loss, Martin said the company experienced “mild, but encouraging” year-over-year improvement at recent retail shows.
“As the challenging economic environment persists, our actions remain focused on what we can control: the products that we offer and the relationships that we foster with dealers and retail customers,” Martin said. “Our strategic approach continues to emphasize a strong margin profile while focusing on alignment of our production to match the current retail environment.”
Martin said the company’s approach will help avoid growth of independent dealer inventory levels of its products until market conditions improve.
“Holding true to our strategy places our operating companies in an advantageous position to outperform the market when retail demand inevitably picks up,” he said.
Martin added that looking ahead, the company is continuing to be cautious in its preparation for the rest of the year, but he is confident that they will show resilience in the current economic market.
“While we are resolute in our belief in the strength of the foundation and future of our industry, we are aware that the recent decline in consumer confidence and the impacts of a broad tariff policy create uncertainty in the market in the near term,” he said. “We remain confident in our ability to navigate this uncertain market environment while continuing to position Thor for future success.”
You can view the full earnings report by clicking here.