Thor Reports 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 record fiscal year net income of $256 million, up from $199 million the previous year. Chief Executive Officer Bob Martin says 2016 was "the strongest year in Thor’s history," which included the acquisition of Middlebury-based Jayco Corp.
The company is also reporting record fiscal fourth quarter net income of $82.8 million, up from $69 million during the same period last year. The quarter also included record net sales of $1.29 billion.
"During the fourth quarter, we saw continued year-over-year industry growth in most product categories and were able to capitalize on opportunities to expand our production capacity and output to meet the growing demand for affordably priced travel trailers and motorhomes," said Martin. "Our products continue to hit the mark in terms of the expectations of our dealers and consumers."
Martin says the integration of Jayco into Thor has been smooth for employees, dealers and consumers since it was announced in early July. The $576 million deal included the Jayco, Starcraft RV, Highland Ridge and Entegra Coach nameplates.
"During the Jayco annual dealer meeting last month, I had the opportunity to talk directly with many of Jayco’s dealers and I heard positive feedback on the acquisition and the dealers’ vision of the future of Jayco as part of Thor," said Martin. "The success of Jayco is an integral part of our future growth plans and is a critical action item within our strategic plan."
Peter Orthwein, executive chairman of Thor, says the company sees "ample reasons for optimism in the year ahead" following the earnings report.
