Thor Full-Year Profit Jumps
ELKHART - Elkhart-based Thor Industries Inc. (NYSE: THO) is reporting fiscal full-year net income of $374 million, up from $257 million the previous year. Chief Executive Officer Bob Martin says the strong earnings are the result of heavy demand, especially for the RV manufacturer's more affordably-priced products.
The company is also reporting fiscal fourth quarter net income of $119 million, up from $82.8 million during the same period in 2016, and record fourth quarter revenues of $1.93 billion. Thor says the results are due to organic growth in both the towable and motorized RV markets, as well as the inclusion of results from Jayco, which Thor acquired last year.
"The outlook for Thor remains very positive. We expect demand in the industry to remain strong, as more numbers and types of consumers adopt the RV lifestyle and are attracted to the exceptional brands and products of our subsidiaries," said Peter Orthwein, executive chairman for Thor. "As an industry leader, we remain focused on delivering the innovation that our loyal customers have come to expect, and that our dealers associate with our long-standing brands. Looking ahead, we will continue to manage our growth and balance costs, especially during this period of a tight labor market, all while maintaining our discipline of investing in those areas that deliver continued high return for our shareholders."
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