THOR reports record year
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Elkhart-based THOR Industries Inc. (NYSE: THO) is reporting full fiscal year net income of $1.1 billion, a record for the recreational vehicle maker, compared to $660 million during the previous fiscal year. The company is also reporting fourth quarter net income of $281 million, compared to $230 million during the same period a year earlier.
THOR President and Chief Executive Officer Bob Martin says net sales surpassed the $16 billion mark and net income exceeded $1 billion for the first time in company history.
“Responding to record post-pandemic demand that accelerated a secular shift in our market since the middle of 2020, our teams did a remarkable job of navigating labor and supply chain constraints to deliver record unit shipments in fiscal 2022 in order to meet strong end demand and restock dealer inventory,” said Martin.
Martin says during the fourth quarter, the company experienced a softening in towable RV orders due to lower consumer confidence and macroeconomic uncertainty.
He says as the company enters fiscal year 2023, there is still a “level of uncertainty” in respect to near-term growth and consumer demand.
“We remain confident in the resiliency of our business model based on our past performance over previous economic cycles,” said Martin.
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