Thor Q4 2020 Earnings Report
Key Takeaways
Thor Industries reported increased net sales of $2.32 billion, improved gross profit margin of 14.9%, and higher earnings per share of $2.14 for the fourth quarter of fiscal 2020. The company also reported a record backlog of $5.74 billion at the end of fiscal year 2020.
Net sales for the fourth quarter were $2.32 billion.
Fourth-quarter results include $1.55 billion in North American RV net sales and $739.9 million in European RV net sales.
Consolidated gross profit margin for the fourth quarter was 14.9%, a 0.5% improvement over the prior year.
Net income attributable to Thor for the fourth quarter was $119.2 million, or $2.14 per diluted share.
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Thor Revenue by Segment
Forward Guidance
Thor Industries anticipates continued growth in fiscal year 2021, aligning with RVIA's forecast of an approximate 19.5% increase in calendar 2021 shipments over the estimated calendar 2020 shipments. The company is working to manage supply chain constraints and remains positive about the short-term and long-term outlook.
Positive Outlook
- Strong balance sheet
- Record backlogs
- Dealer inventories at historic lows
- Considerable interest in the RV lifestyle from first-time buyers
- Continued strength in the upgrade buyer
Challenges Ahead
- Challenges and constraints in the supply chain
- Suppliers ramping up to meet the unexpectedly high level of demand from manufacturers
- Potential impacts to production schedules
- Managing through peaks and valleys of demand and supply constraints
- Temporary supply chain issues