Thor Industries (THO 152.47, +16.22) has spiked 11.9% after beating first quarter expectations.
The parent company of RV manufacturers like Airstream, Bison Coach, Dutchmen RV, DRV, Heartland RV, and Jayco, among others, reported above-consensus first quarter earnings of $2.43 per share on a 30.6% year-over-year increase in revenue to $2.23 billion, which was also well ahead of expectations.
Thor's first quarter results revealed record sales and record net income of $128.40 million, which increased 63.1% year-over-year. Gross margin improved to 14.9% from 13.9% one year ago. The improvement was owed to process improvements at Jayco, favorable changes in product/mix, and selective net price increases.
The company's consolidated RV backlog increased 69.9% to $3.58 billion, driven by continued demand for affordably-priced travel trailers and motorhomes.
Looking at the segment breakdown, Towable RV revenue jumped 33.7% year-over-year to $1.62 billion while Towable RV backlog grew 75.3% to $2.46 billion.
Motorized RV sales rose 22.8% year-over-year to $566.60 million. Growth in gas Class A and Class C motorhomes drove the increase. Motorized RV backlog grew 59.1% year-over-year to $1.12 billion.
Thor did not issue official earnings and revenue guidance, but noted that market indicators and the company's internal indicators and metrics point to a strong remainder of the fiscal year. The company expects that positive industry growth will continue, bringing new customers into the RV market.