Thor Industries (THO) 2021 Q3 Financial Results

Thor Industries (NYSE:THO) traces its roots back to 1980 when Wade Thompson and Peter Orthwein purchased famous recreational vehicle brand Airstream. Thor went public in 1984 and grew over the years through strategic acquisitions. Today, it is one of the world’s biggest producers of recreational vehicles (RVs).

The company recently reported strong financial results for the third quarter amid solid demand for its RVs. Thor Industries reported earnings of $183.3 million, or $3.29 per share for the three months ended April 30, well above $24.1 million, or 43 cents per share in the comparable period of 2020. Analysts, on average, were looking for earnings of $3.03 per share.

Revenue for the quarter climbed 106 percent on a year-over-year basis to $3.46 billion, topping the consensus forecast of $3.03 billion. If we look at the performance of different segments, North American Towable RV sales skyrocketed 124 percent to $1.73 billion, while North American Motorized RV sales climbed 193.7 percent to $775.4 million. In comparison, European RV sales rose 47.3 percent to $775.4 million.

Speaking on the results, CEO Bob Martin said, “We posted record results in our third fiscal quarter, achieving both the highest quarterly net sales and net income figures in the history of THOR Industries. These results show that growth continued unabated after the initial temporary shutdown of our dealers and THOR Industries’ production lines in late March through the end of April of last year due to the pandemic. We have increased our production levels, often with modest capital expenditures, and intend to continue to increase production levels to address the ongoing, robust consumer and dealer demand for THOR Industries RV products, while also managing through continuing supply chain challenges.”

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