Thor Q1 2022 Earnings Report
Key Takeaways
THOR Industries reported record first-quarter results, with net sales reaching $3.96 billion, a 56.0% increase year-over-year, and earnings per share of $4.34, up 111.7% from the prior year. The company's performance reflects strong demand for RV products and successful navigation of supply chain challenges.
Net sales for the first quarter were $3.96 billion, a 56.0% increase compared to the prior fiscal year.
Gross profit margin for the first quarter was 16.6%, a 170 basis-point improvement year-over-year.
Earnings per share for the first quarter were $4.34 per diluted share, a 111.7% increase year-over-year.
Consolidated RV backlog as of October 31, 2021, was $18.07 billion, an increase of over 100% compared to the prior year.
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Thor Revenue by Segment
Forward Guidance
Thor expects continued supply chain constraints, logistical challenges and cost pressures. However, the company expects to continue to excel at its top and bottom lines. Thor is confident that fiscal year 2022 will be another year of meaningful growth.
Positive Outlook
- Continued strategic operational execution
- Integration of recent acquisitions
- Positive outlook for the RV industry
- Record backlog levels providing visibility beyond this fiscal year
- Expects to outperform the market
Challenges Ahead
- Continued supply chain constraints
- Logistical challenges
- Cost pressures
- Global revenue mix normalization may pressure gross margins
- Cost increases continue to occur