Record Q3 results for two of America’s biggest RV manufacturers

Two of the United States’ most iconic RV names Thor Industries and Winnebago Industries have both reported record Q3 results in their latest financial figures.

Thor Industries reported net sales of $4.66 billion (up 34.6 per cent on 2021) for the third quarter of its fiscal year, while also noting a consolidated gross profit margin of 17.3 per cent. Meanwhile Winnebago Industries reported a record $1.5 billion (an increase of 51.8 per cent compared to 2021) for its fiscal year Q3 and also noted a RV retail market share gain of 13.2 per cent.

Bob Martin, the president and CEO of Thor Industries, said of his company’s latest figures: “I am pleased to report this quarter that Thor once again managed through an uncertain business environment to achieve record net sales and profitability across many of our brands. Our teams have done an exceptional job navigating continued supply chain and labor constraints while still fulfilling ongoing dealer and consumer demand for our products.

“At the end of our fiscal third quarter, due to the outstanding production efforts of our team members, our independent dealer inventories of towable RV products were at more historically normal levels. Due to continued high demand for our motorized RVs and persistent global chassis supply constraints, our independent dealer inventories of motorized products were still below optimal levels. We do not expect motorized RV inventory levels to return to more historically normal levels until early in calendar 2023.”

Meanwhile, on Winnebago Industries’ latest impressive figures, its president and CEO Michael Happe said: “The trend in recent quarters continued, as Winnebago Industries delivered impressive third quarter results, driven by our team’s focused execution and good progress on reducing our order backlog in the quarter from our expanded portfolio of premier outdoor lifestyle brands. In the third quarter, we capitalized on the prime spring selling season to further gain share and expand our pipeline of lifelong customers, as our golden threads of quality, innovation and customer experience continue to differentiate the Winnebago portfolio and resonate with consumers. The unique strength of our brands positioned Winnebago Industries to not only gain market share but also to successfully take continued pricing actions to offset meaningful component and material cost inflation and enhance margin performance across our segments. We are incredibly proud of our results and the efforts of our talented team across the organization. As we look ahead to our last quarter in the fiscal year, we will maintain our focus on executing our proven strategy and build on our momentum to further grow and solidify our expanding market position, while driving long-term value for end customers, dealers, employees and shareholders. We will also continue to demonstrate appropriate discipline in capacity utilization in accordance with matching our production schedule to dealer demand.”

Main image © Winnebago Industries