Elkhart-based Thor Industries Inc. (NYSE: THO) is reporting fiscal third quarter net income of $183.3 million, up from $24.1 million during the same period last year. Chief Executive Officer Bob Martin says the company achieved both the highest quarterly net sales and net income figures in its history.
“These results show that growth continued unabated after the initial temporary shutdown of our dealers and THOR Industries’ production lines in late March through the end of April of last year due to the pandemic,” said Martin. “We have increased our production levels, often with modest capital expenditures, and intend to continue to increase production levels to address the ongoing, robust consumer and dealer demand for THOR Industries RV products, while also managing through continuing supply chain challenges.”
Martin says demand for the company’s products continues to grow at both the retail and wholesale levels.
“While our pace of production and shipments has accelerated, demand is so high that independent dealer inventories of THOR Industries products continue to decline while dealer sales are increasing,” said Martin. “This increasing consumer demand has driven our order backlog to more than $14 billion at the end of the quarter and includes units that will be needed to restock depleted dealer inventories.”
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