Thor Industries announced higher sales and profits in the third quarter as the company continued to see strong demand for its recreational vehicles.
The vehicle maker posted a net profit of $ 348.1 million for the quarter to April 30, up from $ 183.3 million a year ago.
Earnings were at $ 6.32 per share against $ 3.29, while analysts were expecting earnings of $ 4.90.
Net sales rose 35% to $ 4.66 billion, mainly due to higher prices and higher sales volumes.
Analysts expected sales of $ 4.19 billion.
The consolidated gross profit margin increased to 17.3% from 14.6% a year ago.
“We remain disciplined in aligning production to meet current demand without overproduction and without overloading the channel of our independent suppliers,” said CEO Bob Martin.
As of April 30, the company’s outstanding balance stood at $ 13.88 billion, reflecting the healthy long-term demand for the company’s products.
The chief financial officer stressed that supply chain issues reduced production in the quarter and demand exceeded supply.
Source: Capital
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