Thor profit jumps in first quarter
ELKHART, Ind. (Inside INdiana Business) — Elkhart-based Thor Industries Inc. (NYSE: THO) is reporting fiscal first quarter net income of $51.8 million, up from $14 million during the same period last year. Chief Executive Officer Bob Martin says having a solid start to the fiscal year has created optimism within the company for improved results throughout the year.
The results come as Thor saw a drop in full-year profit during the last fiscal year, which the recreational vehicle manufacturer attributed to costs related to the $2.4 billion acquisition of Germany-based Erwin Hymer Group SE.
Martin says the integration of EHG is advancing as planned and the company is making progress in a number of areas.
“We are already leveraging our global supply chain relationships to enhance our material spend and are also leveraging efficiencies across our global operations,” said Martin. “Additionally, our international product transfer team is aggressively developing a plan to manufacture EHG products in North America and we expect to release additional details regarding their efforts shortly.”
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