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Jan 31, 2022
Thor Q2 2022 Earnings Report
Achieved excellent financial results with net sales of $3.88 billion, consolidated gross profit margin of 17.4%, and earnings per share of $4.79.
Key Takeaways
THOR Industries announced record financial results for its second fiscal quarter ended January 31, 2022, with net sales of $3.88 billion and earnings per share of $4.79.
Consolidated net sales were $3.88 billion, compared to $2.73 billion in the prior year.
Consolidated gross profit margin increased to 17.4% from 15.2% in the prior year.
Net income attributable to THOR Industries was $266.6 million, compared to $132.5 million in the prior year.
Diluted earnings per share were $4.79, compared to $2.38 in the prior year.
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Thor Revenue by Segment
Revenue by Segment
NA Motorized RVs Revenue
CapyFin.com Forward Guidance
The outlook for THOR and the RV industry continues to be very positive, and the company believes their outstanding performance will continue for the balance of their fiscal year.
Positive Outlook
- Consumer interest is at an all-time high as evidenced by record attendance and sales at the recent Florida RV SuperShow in Tampa.
- Continued strong demand as they enter our peak selling season.
- Remain very optimistic about the growth of the RV industry for 2022 and in the long term.
- Continue to agree with the RV Industry Association forecast which projects total North American wholesale RV shipments ranging between 578,800 and 603,300 units with a most likely total of 591,100 units.
- Calendar year 2022 started strong for THOR as we grew our market share position in every category in which we participate.
Challenges Ahead
- Aware of the current macro-economic and geopolitical events, including Russia’s invasion of Ukraine, that combine to create a litany of challenges that could affect the performance of virtually every company in the short term.
- Chassis shortages had a more significant impact on our European production and shipment volumes.
- Currently expect to see the global chassis issues begin to resolve by the end of the 2022 calendar year.
- In the event that the macro pressures eventually create a downturn, we expect THOR to outperform the market as it has in every downturn since its inception in 1980.
- THOR has delivered outstanding financial performance over the last six quarters, and at the same time has experienced some shift of market share.