Elkhart-based Thor Industries Inc. (NYSE: THO) has announced record fourth quarter net income of $69 million, compared to $66.8 million during the same quarter a year earlier. The recreational vehicle manufacturer also detailed a westward expansion with plans for a new $12 million facility in Idaho.
Heartland is one of several subsidiaries of the industry giant. The nearly 250,000 square-foot operation will serves West Coast markets and is expected to employ 120 workers when it fires up production early next year.
The company’s full fiscal year results also reflected growth. It reported net income of nearly $200 million, and increase from $179 million during fiscal 2014.
Thor President and Chief Executive Officer Bob Martin says "fiscal 2015 marks the first year Thor has exceeded $4 billion in annual sales, an accomplishment in which we all take great pride. Our entire team has worked relentlessly to achieve record results on both the top and bottom lines. Over the coming year, we see many opportunities for growing our markets and Thor, particularly with the ongoing strength of retail RV sales. With the continued entry of baby boomers into the prime RV buying years, along with increasing levels of outreach and effort to engage younger, more diverse consumers, we are optimistic about the years ahead."
The company has been active in other areas in recent months, announcing discontinuation of its bus business and the May acquisition of Postle Aluminum Co.