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Jul 31, 2021
Thor Q4 2021 Earnings Report
THOR Industries reported record Q4 and fiscal year results, driven by strong demand and effective management of supply chain challenges.
Key Takeaways
THOR Industries announced record fourth-quarter results, with net sales up 54.6% to $3.59 billion and earnings per share increasing by 92.5% to $4.12. The company's performance was driven by robust demand for RV products and effective management of supply chain constraints. THOR's consolidated RV backlog reached a new high of $16.86 billion.
Net sales for the fourth quarter increased by 54.6% year-over-year, reaching $3.59 billion.
Earnings per share for the fourth quarter rose by 92.5% compared to the prior year, amounting to $4.12 per diluted share.
Consolidated gross profit margin improved by 170 basis points to 16.6% for the fourth quarter.
The company fully repaid its Asset-based Credit Facility borrowings incurred during the second quarter of fiscal 2021 related to the Tiffin Group acquisition.
Revenue by Segment
Forward Guidance
THOR is carrying great momentum into fiscal year 2022, and expects the Tiffin Group and Airxcel to contribute meaningfully to operating results in fiscal 2022 and going forward.
Positive Outlook
- Interest from new RV buyers and order activity continues to be robust across each of our business segments.
- Record backlogs supported by North American dealer inventory levels that are 9% lower than the already historically low levels from a year ago and 44% lower than they were 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
- The Tiffin Group and Airxcel, will contribute meaningfully to our operating results in fiscal 2022 and going forward.
- Airxcel complements THOR's existing Postle Aluminum subsidiary and is intended to preserve and grow the RV supply chain for the betterment of THOR and the RV industry alike.
Challenges Ahead
- Rise, fall and rise again of reported COVID-19 cases around the world.
- Supply chain shortages which change almost weekly.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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