Thor quarterly profit doubles
ELKHART, Ind. (Inside INdiana Business) – Elkhart-based Thor Industries Inc. (NYSE: THO) is reporting fiscal second quarter net income of $267 million, compared to $133 million during the same period a year ago. Chief Executive Officer Bob Martin says the company’s performance was extremely strong, despite supply chain challenges.
Martin says the results show continued strong demand in the recreational vehicle industry.
“In addition to our second-quarter record top line, we reported consolidated gross profit margin of 17.4%,” said Martin. “Our increased margins were driven by the increase in net sales, improved quality and operating efficiencies, a reduction in sales discounts compared to the prior-year period and certain selling price increases put in place since the prior-year period to offset known and anticipated material cost increases. We continue to outperform the market and continue to hold a positive outlook.”
Martin says the RV manufacturer’s consolidated wholesale shipments were up by 14.5% compared to wholesale shipments during the same period in 2021.
“Our consolidated RV backlog for the second fiscal quarter of 2022 increased by more than 60% compared to RV backlog as of the second fiscal quarter ended January 31, 2021. At the same time, our order backlog declined sequentially from our fiscal first quarter ended October 31, 2021 and dealer inventory levels are improving. Our backlog at the end of our second fiscal quarter of 2022 decreased by approximately $344 million to $17.73 billion from $18.07 billion at the end of our first fiscal quarter on October 31, 2021.”
You can view the full earnings report by clicking here.