News

RV giant Thor Industries has reported record results for the second quarter of its 2021 fiscal year with sales up by 36.2 per cent to an impressive US$2.73 billion. North American net sales were largely responsible for this figure reporting results of US$1.95 billion while European sales came in at US$733.5 million.

Thor Industries president and CEO, Bob Martin, said: “In our quarter ended January 31, 2021, we delivered record results for a fiscal second quarter, which is typically our lowest sales quarter. We generated sizeable growth in the key metrics of net sales, gross margin and earnings per share. Demand for our products continued to be extremely strong, as evidenced by the increase in our backlog, which set a record of $10.81 billion as of January 31, 2021.

“We are aggressively working to meet this demand by selectively and strategically expanding production capacity at numerous plants by reconfiguring them or adding additional production lines and the requisite inventory while managing through temporary supply chain limitations. In addition, we have increased production levels across the vast majority of our plants. We are focused on balancing volume with quality output and being mindful not to over expand our production capabilities.”

Consolidated gross profit margin increased 240 basis points to 15.2 per cent for the second quarter of fiscal 2021, compared to 12.8 per cent in the corresponding period a year ago. 

During the quarter, Thor acquired the Tiffin Group, comprised of Tiffin Motorhomes, Vanleigh RV and a number of related supply entities for a figure of approximately US$300 million.