Thor Hits Record Full-Year Results
Elkhart-based Thor Industries Inc. (NYSE: THO) is reporting fiscal full-year net income of $430 million, up from $374 million the previous year. The recreational vehicle manufacturer, which earlier this week announced a $2.4 billion acquisition of Germany-based Erwin Hymer Group SE, says the results include record net sales and gross profit.
Thor says net sales for the fiscal year totaled $8.3 billion and gross profit reached $1.16 billion. Chief Executive Officer Bob Martin says the results are due to strength in retail demand, though the company spent the second half of the year working to assist RV dealers in balancing their inventory and working to offset rising costs.
"As dealer orders, and our resulting production schedules, return to a more normalized pattern beginning in calendar 2019, we will continue to match production to our dealer needs, protect and seek to grow our space on dealer lots, ensure we provide high-quality, innovative products in all key price points with the features consumers are seeking and act aggressively to offset items pressuring our margins, whether from labor, tariffs, commodity increases or other sources," said Martin. "Our outlook for fiscal year 2019 reflects a similar healthy macroeconomic environment consistent with current conditions, as well as the continuation of favorable demographic and lifestyle growth trends, including the ongoing strength of baby boomer customers, in addition to first-time and younger buyers. Dealer optimism remains high and their inventory is fresh."
The company is also reporting fiscal fourth quarter net income of $88.2 million, down from $119.5 million during the same period the previous year. You can connect to the full earnings report by clicking here.