In a call with analysts, Crane Co. President and CEO Max Mitchell said the sidewalls, roof and panels maker sees continuing strong demand from its RV business.
“I think … that I jokingly said at Investor Day, when we were calling this a little early that RV demand is going to see an increase because of limited vacation options and that’s exactly what’s playing out,” Mitchell told analysts on a call following the release of the company’s quarterly earnings, according to a transcript of the call provided by Seeking Alpha.
Mitchell noted that the data indicated the pandemic brought an “entire new entrant” into the RV lifestyle.
“Just the September numbers that were reported from RVIA, towables are up 35 percent. So while motorhomes are kind of flat, we have a little more content on some of the higher end vehicles,” Mitchell said, according to the Seeking Alpha transcript. “It’s good news, all in, really, and today’s entry-level buyer is tomorrow’s upsize buyer.”
Chief Financial Officer Richard Maue noted that the company expects seasonality at the end of the year to slow gains, but that customers tell Crane that strong demand is expected for at least an additional 12 months.
“So I think it’s just a fascinating trend,” Mitchell added. “I think it’s going to continue. We’ve got some work to do with our team to understand what we’re going to expect for next year. I think the strength will generally continue and it’s a positive for the business.”
