News

One of the world’s biggest RV companies, Thor Industries, has announced its fourth quarter and 2022 fiscal year results, reporting a huge 32.4 per cent increase in net sales compared to 2021. The company’s net sales for fiscal 2022 were $16.31 billion, making it a record-breaking year for Thor and its numerous brands. The increase has been attributed to increase in product demand, selling price increases to offset known and anticipated material cost increases, and also the impact of acquisitions such as that of Airxcel (September 2021). Thor also said that its acquisition of the Tiffin Group in December 2020 helped to account for around 4 per cent of the overall 32.4 per cent net sales increase.

Bob Martin, president and CEO of Thor Industries, said: “Our fourth quarter results capped off a record-breaking fiscal year for Thor Industries. 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.

“Responding to record post-pandemic demand that accelerated a secular shift in our market since the middle of 2020, our teams did a remarkable job of navigating labor and supply chain constraints to deliver record unit shipments in fiscal 2022 in order to meet strong end demand and restock dealer inventory. At July 31, 2022, North American independent dealer inventory levels of most towable products were fully restocked while independent dealer inventories of motorized and European products remained below optimal levels.

“During the fiscal fourth quarter, and consistent with our previously announced expectations, we experienced a softening in towable order activity due to successful dealer restocking of towable units combined with lower consumer confidence and macroeconomic uncertainty, which adversely impacted end consumer demand. In response to these conditions, our teams proactively reduced production levels of towable products to keep dealer inventory levels balanced and we remain disciplined in aligning wholesale production with retail demand. Despite the near-term macroeconomic uncertainty, our variable cost structure and the experienced leadership across our enterprise enabled us to successfully manage through the changing market conditions, and our fourth quarter results demonstrate that success.”