Thor Industries (NYSE: THOR), a recreational vehicle maker, reported better-than-expected quarterly earnings Wednesday amid high demand for its products.
The manufacturer reported earnings of USD6.32 per share, compared to the expected USD4.77 a share. Furthermore, revenue amounted to USD4.66 Billion, higher than analysts anticipated USD4.17 Billion.
“I am pleased to report this quarter that THOR once again managed through an uncertain business environment to achieve record net sales and profitability across many of our brands. Our teams have done an exceptional job navigating continued supply chain and labor constraints while still fulfilling ongoing dealer and consumer demand for our products. Net sales for our fiscal third quarter increased 34.6%, net income attributable to THOR grew 89.9% and our gross margin improved by 270 basis points compared to the fiscal third quarter of 2021. Our growth and profitability are a result of our ongoing commitment to prudent operational and financial management,” said Bob Martin, President, and CEO of THOR Industries.
Thor now expects retail demand for RVs to remain strong throughout the remainder of the year. However, supply remains an issue amid the global shortage of chassis and the company says inventory will remain at below-average levels until early 2023.
“We remain disciplined in aligning production to meet current demand without overproducing and overloading our independent dealer channel,” Martin added.