Thor Industries, Inc. posted record financial results for its fourth fiscal quarter and fiscal year ended July 31, 2022.
“Our fourth quarter results capped off a record-breaking fiscal year for Thor Industries,” said Bob Martin, president and CEO “Our financial results were supported by outstanding performance across our portfolio of leading brands. For fiscal 2022, net sales eclipsed the $16 billion mark and net income attributable to Thor exceeded $1 billion for the first time in the Company’s history,”
During the fiscal fourth quarter, the company experienced an anticipated slowing in towable ordering activity. Lower consumer confidence, dealer restocking and economic uncertainties drove the slowdown, Martin said. Dealer inventories of motorized products remained below optimal levels, he said.
Consolidated net sales for the 2022 fourth quarter were $3.82 billion compared with $3.59 billion in the fourth quarter of fiscal 2021.
A rise in average sales price and Airxcel drove sales higher. Airxcel, acquired in September 2021, accounted for $129.6 million, or 56%, of the increase in net sales.
Net sales for fiscal year 2022 rose 32.4% to $16.31 billion. Increased demand, price increases and acquisitions drove the sales increase.
“During the fourth quarter of fiscal 2022, we delivered solid results despite reduced production volumes for North American towable products and ongoing chassis supply constraints which continued to constrain motorized production volumes.,” said Todd Woelfer, senior vice president and COO. “These results demonstrate strong operational execution and the resiliency of our business model.”
The company proactively reduced towable production in the fourth quarter to align with softening demand, Woelfer said.
“As we enter our fiscal 2023, there remains a level of uncertainty in respect to near-term economic growth and consumer demand,” Martin said. “While we navigate this volatility, our experienced operating management teams and proven business model give us a distinct advantage in an ever-changing market.”
Thor plans to begin providing annual guidance after Elkhart Extravaganza, in conjunction with the 2023 fiscal first quarter earnings release.
