Thor quarterly profit dips
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Elkhart-based Thor Industries Inc. is reporting fiscal third quarter net income of $113.6 million, down from $120 million during the same period last year.
CEO Bob Martin said Wednesday that despite the dip the company remains confident in its long-term outlook and that of the recreational vehicle industry as a whole.
Martin said while independent RV dealers saw increased retail activity during the Spring selling season, converting that activity to actual sales remained difficult, citing current economic pressures. He noted that many dealers remain cautious with their ordering patterns and, as a result, dealer inventory levels remain suppressed.
“Given the macroeconomic conditions, we see this cautious approach as healthy for our industry and maintain our confidence in a robust return of our top and bottom line performance once macro pressures subside,” he said. “Until a strong market does return, we will continue to be disciplined with production and will continue to work with our independent dealers to maintain a steady, albeit depressed, retail pull-through.”
Consolidated net sales for the third quarter totaled $2.8 billion, down from $2.9 billion in the third quarter of 2023.
“Although the near-term environment remains challenging, we continue to be very optimistic about global consumer interest in the RV lifestyle and long-term demand for our products,” Martin added.
Thor’s stock was down 1.5% to $94.46 per share at midday trading Wednesday. You can view the full earnings report by clicking here.