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Motorized Sales Drive Thor 1Q Income Gains

December 2, 2013 by · Comments Off on Motorized Sales Drive Thor 1Q Income Gains 

Elkhart, Ind.-based Thor Industries Inc. today (Dec. 2) announced a 33% increase in net income for its fiscal first quarter, ended Oct. 31, on a 5% increase in sales.

Sales from continuing operations for the first quarter of fiscal 2014 were $800 million compared to $761.4 million in the first quarter last year, driven by continued strong growth in motorized sales, which was partially offset by a small decrease in towable RV sales.

Net income from continuing operations rose 27% to $36.4 million, or 68 cents per share, versus $28.7 million, or 54 cents per share, in the prior-year first quarter. Including the discontinued operations of Thor’s bus business, net income for the first quarter was $41.1 million, up 33% from $31 million in the first quarter of fiscal 2013. Results of discontinued operations included a gain on the sale of the bus business of approximately $7.8 million.

Gross profit margins improved to 13.1% in the first quarter compared to 12.1% in the prior year period. Thor noted that it completed acquisitions of Livin’ Lite Recreational Vehicles LLC and Bison Coach, expanding its “breadth of products in complementary towable RV markets.”

“Thor made significant progress toward achieving our strategic goals over the past year and that is evidenced by our improved financial results,” said Bob Martin, Thor president and CEO. “Despite these improvements, we faced a number of short-term challenges as we transitioned the first motorized production line to Wakarusa, Ind., near the end of the first quarter, which created some start-up costs that may continue as we open a second line this quarter. We also closed two smaller production facilities on the West Coast and are in the process of consolidating their production into our larger complex in Oregon. In addition to these events, we completed two acquisitions and built on our strategic foundation leaving us confident in our ability to meet the expectations of our dealers and customers while delivering improved results for our shareholders.”

First-quarter highlights included:

• Towable RV sales were $622.9 million for the first quarter, down 3% from $639.2 million in the prior year period. Income before tax was $45.6 million, up 7% from $42.7 million in the first quarter last year, primarily as a result of ongoing efforts to improve operating margins and efficiencies.

• Motorized RV sales were $177.1 million for the first quarter, up 45% from $122.2 million in the prior year first quarter. Income before tax was $13.4 million, up 60% from $8.4 million last year, which was driven primarily by increased sales volumes.

• Consolidated backlog on Oct. 31 was $733.2 million, up 41.9% from $516.7 million at the end of the first quarter last year. Towable RV backlog increased 13.5% to $419.8 million, compared to $369.9 million at the end of the first quarter of fiscal 2013. Motorized RV backlog increased 113.6% to $313.4 million from $146.8 million a year earlier.

“Although our first and second quarters are generally characterized by a more seasonally competitive environment, Thor generated improved operating results for the first quarter of fiscal 2014,” said Peter B. Orthwein, Thor executive chairman. “As we look ahead to the largest RV trade show of the year being held in Louisville this week, we have reason for optimism given the strength of our products and continued improvement in industry retail demand heading into the early retail show season in January.”

To see the full report click here.

Thor 4Q Earnings Increase 31%; Sales up 19%

September 27, 2013 by · 1 Comment 

Thor Industries Inc. Thursday (Sept. 26) reported a 19% gain in sales and a 31% increase in net income for its fiscal fourth quarter, ended July 31, buoyed by strong performance from its motorhome operations.

Highlights from the report include:

• Sales from continuing operations for the fourth quarter of fiscal 2013 were $914 million, up 19% from $769.9 million in the fourth quarter last year, based on continued strong growth in motorized recreational vehicle sales and more modest growth in towable RV sales.

• Net income from continuing operations for the fourth quarter was $55.2 million, up 35% from $40.9 million in the prior-year fourth quarter. Including the discontinued operations of Thor’s bus business, the pending sale of which was announced at the end of the fiscal year, net income for the fourth quarter was $58.2 million, up 31% from $44.4 million in the fourth quarter of fiscal 2012.

• Diluted earnings per share (EPS) from continuing operations for the fourth quarter was $1.04, up 35% from 77 cents in the fourth quarter last year. Including the discontinued operations of Thor’s bus business, diluted EPS for the fourth quarter was $1.09, up 30% from 84 cents in the fourth quarter of fiscal 2012.

• Sales from continuing operations for the fiscal year were $3.24 billion, up 23% from $2.64 billion in the prior year.

• Net income from continuing operations for the fiscal year was $151.7 million, up 36%, compared to $111.4 million in fiscal 2012. Including discontinued operations, net income for fiscal 2013 was $152.9 million, up 26% from $121.7 million in fiscal 2012.

• Diluted EPS from continuing operations for the fiscal year was $2.86, up 38% from $2.07 in the prior-year. Including discontinued operations, diluted EPS for the fiscal year was $2.88, up 27% from $2.26 in fiscal 2012.

“We are pleased to end fiscal 2013 on a positive note with continued momentum in sales and earnings,” said Bob Martin, Thor president and CEO. “The recent actions we’ve taken to divest non-core businesses and expand our RV business through acquisition leave us optimistic about the future of Thor. At the recently completed Open House in Elkhart, we were able to showcase a number of new products from all of our RV subsidiaries as well as new products from our recently acquired Livin’ Lite subsidiary, reinforcing our leadership in innovation in the RV industry.”

Segment highlights included:

• Towable RV sales were $745.8 million for the fourth quarter, up 13% from $662.1 million in the prior year period. Income before tax was $76.4 million, up 41% from $54.2 million in the fourth quarter last year, primarily as a result of higher sales volumes and ongoing efforts to improve operating efficiencies.

• Motorized RV sales were $168.2 million for the fourth quarter, up 56% from $107.8 million in the prior year fourth quarter. Income before tax was $13.5 million, up 85% from $7.3 million last year, which was driven primarily by improved product mix and increased sales volumes.

• For the full year, towable RV sales were $2.65 billion, up 16% from $2.29 billion in the prior year period. Income before tax was $205.7 million, up 29% from $159.0 million in fiscal 2012.

• Full year motorized RV sales were $591.5 million, up 67% from $353.9 million in the prior year. Income before tax was $43.9 million, up 137% from $18.5 million last year.

“Our results for the fourth quarter reflect positive outlooks on the part of dealers and consumers about our industry that form a solid foundation for Thor in the new fiscal year,” said Peter B. Orthwein, Thor executive chairman. “On this foundation, we will continue to build our business, through new product innovation, improved operating performance and opportunistic additions to our core RV business. We are focused on generating growth in sales and earnings over the coming fiscal year and believe the current industry conditions will support our efforts.”

Forest River Overtook Thor for Top RV Spot

September 23, 2013 by · Comments Off on Forest River Overtook Thor for Top RV Spot 

Pete Liegl, CEO of Forest River Inc., at an RV Open House event. The company has supplanted Thor Industries Inc. as the top U.S. RV retailer.

Forest River Inc. is the top U.S. RV retailer for the first seven months of 2013, based on July retail sales figures released Friday (Sept. 20) by Statistical Surveys Inc., the company reports.

This includes recreational vehicles marketed under the Forest River, Coachmen, Palomino, Shasta, Dynamax and Prime Time brand names, but does not include Class B van campers, a relatively small market niche in terms of total sales.

The Berkshire Hathaway subsidiary, meanwhile, announced that it has expanded its lead retailing position in conventional motorhomes.

“In all products combined (motorhomes and towables), Forest River Inc. ranks No. 1 with 34.4% market share, representing 7.4% market share growth year-to-date over the same period last year,” Forest River stated in a Friday press release. “Thor Industries ranked second with 33.9% market share and Jayco Inc. third with 10.8% market share.”

In Class A and C motorhomes, the company added, Forest River ranks No. 1 with a 25.5% market share, Thor second with 24.6% and Winnebago Industries Inc. third with an 18.3% market share. However, Statistical Surveys National RV Sales Manager Scott Stropkai points out, Thor still ranks first in all motorhomes if Class B’s are counted.

In consolidated towables, Elkhart-based Forest River ranks first with a 35.5% market share, while Thor is second with 35.1% and Jayco third with 11.4%.

“While we are certainly pleased to earn the No. 1 position in the RV industry, we are humbled by this accomplishment and remain focused on the continuous improvement of our products and services,” commented Pete Liegl, president and CEO of Forest River. “Our commitment to the satisfaction of our retail owners and to providing the absolute best value in the RV Industry has only strengthened with our success.”

Forest River, in addition to RVs, is a leading manufacturer of pontoon boats, cargo trailers and buses.

 

VIDEO: Thor Reports ‘Solid’ RV Open House

September 20, 2013 by · Comments Off on VIDEO: Thor Reports ‘Solid’ RV Open House 

New 2014 Vegas RUV (Recreational Utility Vehicle) Motorhome from Thor Motor Coach, a division of Thor Industries Inc. The new vehicle was unveiled this week at the Open House in Elkhart, Ind.

Thor Industries Inc.’s senior managers were issuing upbeat reports on Friday (Sept. 20) regarding the 2013 Elkhart Open House, which closed out Thursday amid heavy rains that apparently didn’t succeed in dampening the industry’s growing appreciation for this dynamic northern Indiana trade show at which an array of U.S. manufacturers set up shop for a few days to meet and greet an impressive influx of U.S. and Canadian dealers.

“Overall, it all went very well,” Thor President and CEO Bob Martin told RVBUSINESS.com, noting that Thor’s display this year featured more than 300 units representing all of its varied divisions. “Dealers were incredibly optimistic as they look at this year coming up, and very enthused with virtually all of the Thor brands coming into the show with all-new product lines.”

Martin said that Thor Motor Coach’s introduction of its Axis and Vegas motorhomes represented one of the highlights for the Elkhart, Ind.-based company. “Dealers seemed very intrigued by what was truly almost a new category – a new twist – in the Class A market. It offers a new size, new price points and new chassis,” Martin said, adding, “I’m definitely seeing the motorized category starting to get legs and come back stronger every month.”

Martin confirmed that despite the rain on Thursday, dealers still turned out to investigate – and buy – product.

“Dealer traffic was very strong on Tuesday and Wednesday,” he said. “Thursday, we had some rain, but just as dealers see on their retail lots, qualified buyers were out there to look at product and, you know, kind of plan their year. So, we still had some action on a rainy day. But, overall, we were very happy with the increased attendance on Tuesday and Wednesday — Thursday fell off a bit – and our big Wednesday casino night was very well attended.

“And once again, dealers loved the atmosphere of the Open House. They appreciate it and enjoyed it and thanked all of us for putting it on and just bringing everybody together.”

Martin, like most others consulted late this week, considered the 2013 Open House another step forward for the wildcat trade show, now in its fifth year, and a good signal for the future in an industry that now seems to have settled on two key sales-oriented conventions – the Open House and the Recreation Vehicle Industry Association’s (RVIA) National RV Trade Show, this year’s rendition of which is slated for Dec. 1-3 at the Kentucky Exposition Center in Louisville.

“Yeah, I mean truly, dealers really seem to enjoy the (Open House) venue,” added Martin. “It’s laid back. Dealers are able to break bread and have a cocktail with other dealers and the manufacturers. They just enjoy the laid-back feel that we have here with the campground setting we created in our display. And our display keeps getting a little bit larger every year – a few more units added every year and dealers like the opportunity to see more floorplans, more decors, just overall more units. As I’ve said, we’re going to continue to do what the dealers want, but they truly seem to enjoy this event.”

Martin said Thor is still very much focused on Louisville. “Definitely,” said Martin. “Louisville’s still an important show for us and, you know, we always hold a few surprises for Louisville and encourage everybody to come. It’s another opportunity for us to spend time with the dealers and be under one roof and it’s a good venue for dealers to go competitive shop. So, after many of us head to RVDA for a few weeks and then right after that down to Louisville, it’s a pretty quick turnaround. But we’re prepared, and this year we have all the Thor companies at one nice location in the South Wing (of the Kentucky Exposition Center). So, we’re excited about having everybody there together for the first time.”

Over at Thor Motor Coach, Vice President of Sales & Marketing Dana Simon was reviewing what for Thor’s motorized subsidiary was a solid Open House performance across the board. “Very successful, a very good show,” said Simon on Friday morning. “Our product was received really well – from our Class C’s to our diesel pushers. And, of course, our results on the Axis and the Vegas were incredible.”

Indeed, Simon noted, the Axis/Vegas certainly had the buzz this year as far as new 2014 Open House products on display because of the perception among many attendees that this newly termed “Recreational Utility Vehicle” (RUV) – a short, 24-foot Class A on a 12,500-pound GVWR, Ford E-Series strip chassis powered by a V-10 Triton engine retailing for as little as $69,999 – could be a real game changer for the motorized marketplace.

“The driveability of this new coach is better than any motorhome I’ve ever driven,” said Simon.

Matt Zimmerman, president of Keystone RV Co. and Dutchmen Manufacturing Inc., issued a similar upbeat report on behalf of his division(s), Thor’s largest.

“It went fantastic,” said Zimmerman. “I think it exceeded our expectations in every way. We don’t only measure a show’s success strictly on the orders received – and the orders were nothing short of phenomenal for us not only on the Keystone side of the fence but also the Dutchmen organization. But we also measure it on just the overall attitude of the dealer body towards our great company and our product and our people. And all three of those categories were very solid this week. Attendance was great. The display’s never looked better, and at the end of the day the results far exceeded our expectations and, in terms of sales, represented an increase over last year.”

“It was absolutely a great show,” added Dutchmen Executive Vice President Aram Koltookian. “We were a little bit ahead of last year, as far as total sales, and the dealers seemed real receptive to the change over the past year at Dutchmen. They understand all the new processes and the construction going on, and a lot of dealers decided to stick with the Dutchmen brand and our company. And we signed a lot of new dealers.”

 

July Towable RV Sales Up 21.5%; YTD 13.6%

September 20, 2013 by · Comments Off on July Towable RV Sales Up 21.5%; YTD 13.6% 

Year-over-year retail towable sales gained 21.5% in July, while registrations for the first seven months showed a 13.6% increase. Every towable segment was up for the month while all but folding camping trailers recorded double-digit growth.

According to the latest report from Statistical Surveys Inc. as reported by RVBUSINESS.COM, results showed:

  • Sales for the high-volume travel trailer sector grew 24.2% in July and 15% for the seven months.
  • Fifth-wheel registrations rose 16.8% for the month and 14.1% year-to-date.
  • Folding camping trailer sales were up 4.4% in July, but dipped 2.2% year-to-date.
  • Recreational park trailer sales increased 32% for the month, but were down 9.6% year-to-date.

Thor Industries Inc. was the towable sales leader through the July with a 35.1% market share, followed by Forest River Inc. at 22.6% and Jayco Inc. with an 11.4% share.

By segment, Thor was No. 1 in travel trailer sales with a 32.4% share for the first seven months, ahead of Forest River (22.9%) and Jayco (13.2%). Thor held a commanding lead in fifth-wheel sales, capturing a 49.5% market share, while Forest River posted an 18.6% share and Palomino RV held a 6.7% share.

Forest River was the folding camping trailer sales leader for the seven months with a 44% market share while Jayco (17.3%) held the No. 2 position followed by Forest River’s Coachmen RV division (14.3%). In the park model segment, Thor was No. 1, posting a 22.2% market share, with Kropf Manufacturing Co. Inc. No. 2 at 10.9% followed by Skyline Corp. with a 9.9% share.

To subscribe to this or other SSI reports, contact Scott Stropkai, national RV sales manager, at (616) 281-9898 ext. 128, or (616) 446-8179 (cell).

Forest River and Thor in a Mid-Year Dead Heat

August 26, 2013 by · Comments Off on Forest River and Thor in a Mid-Year Dead Heat 

Tom Walworth

For the first time in memory, the industry’s two RV-building volume leaders, Thor Industries Inc. and Forest River Inc., are in a dead heat for retail market share in both towable and motorized RVs, according to Statistical Surveys Inc., Grand Rapids, Mich.

At least they were at mid-year, with the two Elkhart, Ind.-based manufacturers each occupying exactly 35.4% of the “all towable” market. In fact, they were only nine units apart through June – Thor at 39,803 units vs. Forest River at 39,794. At the same time, Thor’s towable RV unit sales were up 8.8% and its market share was down slightly to 1.7%, while Forest River’s unit sales were up 19.5% and its market share grew 8% for the six-month period.

The picture is much the same on the motorized side of the ledger because Forest River through June was accounting for 25.2% of the retail market based on sales of 3,769 units vs. Thor with a 25% market share on 3,747 retails — a margin of only 22 units.

The rather respectable — yet heated — competition between these two hard-hitting industry leaders, occupying together more than 70% of the U.S. towable marketplace, has been going on for a good while. But the numbers haven’t been quite this close, keeping in mind that, as Stat Surveys President Tom Walworth points out, “you still have to take into account the fact that Forest River’s towable RV product lines include some lower-priced folding camping trailers, a market in which Thor isn’t involved.”

But the real news here is to what extent Forest River is pressing its case in both towable and motorized RVs, even while both companies continue to post impressive growth during the current economic recovery. Thor, for its part, recently posted its first $2 billion quarter, and revenues for Forest River, a Berkshire Hathaway Inc. subsidiary, were running at least 22% ahead of last year through June, Forest River President and CEO Pete Liegl confirms.

“I think that Forest River has been narrowing the gap,” said Walworth. “Both Forest River and Thor have aggressively gone after the market and they’ve put out a bunch of new product that has allowed them both to maintain their leadership in the market.”

Behind Forest River and Thor on the motorized side is Winnebago Industries Inc., with an 18.1% share of the market. In third place in tow-type RV retail sales is Middlebury, Ind.-based Jayco Inc., which occupied 11.2% of the market through June.

“Think about that,” said Walworth. “The top two (towable builders) are 70% of the market. Jayco brings it up to 81% of the market and the next five players take it up to 90% of the market. I mean, it’s a very top-heavy industry and more so all the time. The two big players have gained market share in an up market. The only thing to consider is that if the market becomes really hot, that usually opens the doors for the smaller startups to come in.

He added, “You know, through this, we’ll probably introduce one or two new manufacturers here who could someday end up being major ones. That’s usually because the majors and the other competitors can’t meet the dealers’ supply times, opening the door for some of the startups to get involved.”

 

 

Thor Posts Record 4Q Sales; Backlog Improves

August 6, 2013 by · Comments Off on Thor Posts Record 4Q Sales; Backlog Improves 

Elkhart, Ind.-based Thor Industries Inc. Monday (Aug. 5) announced record sales as well as an improved backlog for the fourth quarter and full year ended July 31.

Sales in the fourth quarter were $1.023 billion, up 15.2% from $888.2 million in the fourth quarter last year. RV revenue was $913.2 million, representing an 18.6% rise from $769.9 million a year ago. Towable sales were up 12.6% to $745.3 million while motorhome sales enjoyed a 55.8% jump to $167.9 million.

Bus sales were $110.1 million, down 6.9% compared to $118.3 million in the fourth quarter last year primarily as a result of the sale of SJC Industries on April 30.

For the full year, revenue grew 19.6% to $3.69 billion from just over $3 billion last year. RV sales grew 22.8% to $3.241 billion from $2.640 billion, including a 15.9% increase in towable sales to $2.650 billion and a 67.1% surge in motorized sales to $591.2 million. Bus sales were $448.8 million, up 0.9% from $444.9 million last year, including the results of SJC Industries for the first nine months of fiscal 2013 and 12 months of fiscal 2012.

RV backlog on July 31 was $441.5 million, up 31.7% from last year. Towable RV backlog increased 1.7% to $228.4 million and motorized RV backlog nearly doubled to $213.1 million.

With the decision to sell the bus business, which was announced on July 31, the financial results of the bus segment will be presented as discontinued operations for all periods presented in the upcoming annual report filed with the Securities and Exchange Commission (SEC), which the company expects to file in late September.

“Thor achieved record sales for fiscal 2013 as the continuing growth of the towable RV market was enhanced by the momentum in the motorized market. We are pleased with the strong fundamentals of the entire RV market and we are excited by the growth prospects in both towable and motorized RVs as we enter our new fiscal year,” said Bob Martin, Thor president and CEO. “In September we will be showcasing our newest RV models as we connect with our dealers at our Open House in Elkhart, which we expect will set a positive tone for the upcoming year.”

 

 

Wall Street Rewarding RV Industry’s Investors

June 10, 2013 by · Comments Off on Wall Street Rewarding RV Industry’s Investors 

RV builders and suppliers posted an unusually strong session on Wall Street on Friday (June 7). And a breakout on an 11% gain by Thor Industries Inc. drew attention to three of the group’s other stocks, Investors Business Daily reported.

RV shipments rose to more than 32,000 units in April, the highest level for the month since 2007. And the peak selling season for RVs is just beginning.

Thor reported adjusted EPS growth of 24%, easily clearing analyst expectations for a 13% pop. Revenue just met analyst forecasts. The company held its dividend steady at 18 cents, equal to about 1.7% on an annualized basis.

The stock rose in heavy trading Friday of 494,357 shares, clearing a $43.54 buy point. It also lifted shares to their highest mark since October 2007.

Winnebago Industries Inc. gained 4% in weak trade Friday. In this case, the weak trade is a positive. The possible buy point here is $21.42. Analysts see Winnebago’s EPS rising 261% this fiscal year ending in August, on a 34% gain in sales, the best estimates in the group.

Two other stocks in the group, both thinly traded, are also set up in bases. Drew Industries Inc. has scooped out a shallow, three-month “cup” with a $38.92 buy point. Cavco Industries Inc. builds manufactured homes and park model RVs.

 

Baird Touts Thor Industries Stock Investments

June 7, 2013 by · Comments Off on Baird Touts Thor Industries Stock Investments 

Editor’s Note: The investment firm of Robert W. Baird & Co. issued a client newsletter following this week’s release of the third quarter results for Thor Industries Inc. Excerpts from the Baird newsletter follow.

Raising price target. EPS exceeded expectations on significantly better margin. The margin trend is encouraging as it appears sustainable. We raised our F2013 and F2014 outlook and see potential to earn near $4.50/share in a robust recovery scenario, supporting our revised $48 price target. Fundamentally, we continue to expect demand to recover as negative equity evaporates. Meanwhile, dealer inventory increased 14% to support retail growth but appears fresh. Net, the weak margin overhang has begun to clear, supporting a brighter outlook.

EPS upside. Adjusted EPS significantly exceeded consensus expectations ($0.97 vs. $0.88), driven by solid margin upside. A lower tax rated added $0.04. Adjusted EPS excludes a $0.15 loss related the sale of the ambulance business. Management previously had expected second-half operating margin to be “consistent with” the second half of last year – but with adjusted EBIT margin 50bp better in Q3, trends clearly have improved. Recall that Thor previously reported strong revenue growth (+13%) and a healthy backlog (+24%) in May.

Encouraging margin recovery. After a period of excessive discounting, promotional pricing has “stabilized.” Thor discounted to defend lot space early in the season, betting that strong retail would support follow-on orders at better margins. With retail up 12% and margin improving, the plan worked. Meanwhile, actions to drive a 200bp margin recovery over three years are gaining traction, supporting a more optimistic profit scenario.

Raising estimates. We are raising our adjusted EPS estimates to $2.90 (F2013) and $3.35 (F2014) based on a more optimistic margin recovery. We are bullish on RV demand as negative equity evaporates, fueling a more robust replacement cycle. We expect RV retail volume to grow 10% in F2014, including solid 10% in towables and 15% in motorhomes. Dealer inventory is higher (+14%), but is turning and appears fresh. In a robust industry recovery scenario in which Thor achieves its margin goals, we see earnings power of near $4.50/share.

Big picture. We are warming to Thor as margin pressure abates. As the leading RV manufacturer, Thor is particularly well positioned to capitalize on a robust cyclical recovery. We believe the negative equity overhang that has delayed the replacement cycle has begun to clear, supporting a more optimistic outlook. We raised our price target to $48 and would look to add, especially on a pullback.

Thor Reports 6% Jump in Third-Quarter Profits

June 7, 2013 by · Comments Off on Thor Reports 6% Jump in Third-Quarter Profits 

Thor Industries Inc. reported Thursday (June 6) a 6% increase in earnings for its fiscal third quarter, ended April 30, on a 13% increase in sales.

Revenue for the third quarter totaled $1.05 billion compared to $926.5 million in the third quarter last year, based on strength in RV sales. Net income for the third quarter was $43.8 million, or 82 cents per diluted share, up 6% from $41.3 million, or 78 cents per diluted share, in the prior-year third quarter.

Sales for the nine months totaled $2.67 billion, up 22% from $2.2 billion in the prior-year period. Net income for the nine months was $94.6 million, or $1.78 per share, up 22% compared to $77.4 million, or $1.43 per share, in the first nine months of fiscal 2012.

“We are pleased with the continued growth in revenues and earnings we were able to achieve in the third quarter, as a number of the actions we’ve taken to improve our operations began to gain traction,” said Bob Martin, Thor president and COO. “While our markets remain competitive, we are now in the middle of the peak selling season for the RV industry, when demand improves and discounting tends to stabilize, leaving us in a strong position to finish out the year.”

Click here to read the entire results, as reported by RVBUSINESS.COM.

 

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