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Oct 31, 2020
Thor Q1 2021 Earnings Report
Thor Industries reported strong growth in net sales, gross profit margin, and earnings per share for the first quarter of fiscal 2021.
Key Takeaways
Thor Industries announced strong first quarter fiscal 2021 results, with net sales increasing by 17.5% to $2.54 billion and net income attributable to THOR increasing by 122.8% to $113.8 million, or $2.05 per diluted share. The company's backlog continued to increase, setting a record, while dealer inventories continued to decline.
Net sales for the first quarter were $2.54 billion, an increase of 17.5%.
Consolidated gross profit margin for the first quarter was 14.9%, a 60 basis point improvement over the prior-year period.
Net income attributable to THOR for the first quarter increased 122.8% to $113.8 million, or $2.05 per diluted share.
Consolidated RV backlog as of October 31, 2020 was $8.92 billion, an increase of 194.5% over October 31, 2019.
Thor
Thor
Thor Revenue by Segment
Revenue by Segment
NA Towable RVs Revenue
CapyFin.comNA Motorized RVs Revenue
CapyFin.comEuropean RVs Revenue
CapyFin.com Forward Guidance
The RVIA expects an increase of 18.7% in calendar 2021 shipments over their most-likely estimate for calendar 2020 shipments.
Positive Outlook
- Financial results were very strong for the first quarter, despite the continued challenges faced as a result of the pandemic.
- Teams have done a great job of managing through what continues to be an uncertain operating environment.
- Expect to achieve continued growth in fiscal 2021 supported by the October 31st backlog of $8.92 billion.
- The long-term growth potential for the RV industry remains very positive.
- Believe there is potential for upside to the RVIA's forecast based on current industry conditions.
Challenges Ahead
- Continued challenges faced as a result of the pandemic.
- Uncertain operating environment.
- Current chain constraints are temporary in nature.
- Working hard to manage through temporary supply chain issues, which are currently common across the entire RV industry.
- It will take a number of months of production to first fill dealer presold orders before we will begin a restocking cycle to help our dealers get their inventory back to a more historically normal level.