Inside Indiana Business
ELKHART — Elkhart-based Thor Industries says strong consumer demand for recreational vehicles as a result of the pandemic led to the most profitable year in company history.
Thor is reporting a fiscal full-year net income of $660 million, compared to $223 million the previous year.
For the fourth quarter, Thor registered net income of $230 million, compared to $119 million during the same period a year earlier. Chief Executive Officer Bob Martin says the company posted record net sales and net income despite the economic challenges of the pandemic.
The RV maker says Q4 net sales were $3.6 billion, an increase of 54.6% as compared to the fourth quarter of the previous year. Martin says the company sold over 300,000 motorized and towable units during the year.
“Demand for our RV products remains very robust, continuing to exceed production output,” said Martin. “This sustained level of strong demand has led to a continuation of historically low dealer inventory levels and resulted in a new record-high backlog value of $16.86 billion as of July 31.”
Martin says its North American dealer inventory levels are 9% lower than previous historic lows and 44% lower than two years ago.
“Dealers remain confident in the long-term outlook for the RV industry and continue to invest in growing their businesses as the industry sees continued buying interest from both the first-time and repeat RV buyers,” said Martin.
The company says it was able to proactively manage ongoing supply chain constraints, logistical bottlenecks and labor shortages throughout the year.