ELKHART, Ind. (Inside INdiana Business) – Elkhart-based Thor Industries Inc. (NYSE: THO) is reporting fiscal third quarter net income of $24.1 million, down from $32.7 million during the same period last year. Despite the drop, the recreational vehicle manufacturer says it was profitable and generated positive net cash from operations.
Thor says the results reflect the negative impact of the ongoing coronavirus pandemic and the related governmental mandates forcing it to shut down operations for part of the third quarter.
“Our financial position has remained strong as a result of numerous management-led actions that were executed quickly in conjunction with our temporary plant shut-downs in mid-March. Our results are the product of both the highly variable cost structure we have created and our ability to quickly align our production and cost structure to meet fast-changing market conditions,” said Bob Martin, chief executive officer of Thor.
The manufacturer said consolidated net sales, gross profit, North American and European wholesale shipments and retail sales were all negatively impacted during the quarter.
Martin said, “Today, market indicators in North America are increasingly positive. Every North American dealer I have spoken to in the last few weeks has been very excited about the pace at which sales are picking up. Many of our dealers are reporting a significant improvement in sales from April to May and are excited about the sales potential for June and beyond. Because of this improved outlook and the relaxation of many stay-at-home restrictions, we began to restart production in the first week of May in North America. We have been successful in safely bringing our people back to work, and we are ramping-up production in a measured way in order to keep our team members safe and product quality high, while also fulfilling dealer orders as quickly as possible.”
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