Thor Industries, Inc. (NYSE: THO) and the conglomerate of its subsidiaries, represents one of the largest manufacturers of recreational vehicles. It has seen an 11% increase in the stocks since releasing record breaking Q3 reports.
Reported net income in Q3 was up to $111.3 while its gross profit went up a staggering 43%. Additionally, its diluted Earnings per Share went up to $2.11, up 41.6% from its 2016 Q3 marker of $1.49. The acquisition of Jayco has also brought in $516.5 million in sales and $66.1 million in gross profit.
Recreational vehicle demand has steadily been growing in a market that has found RVs to be a highly worthwhile investment. "RVs provide exceptional value to consumers, allowing them to enjoy time with family and friends experiencing the many great outdoor spaces in North America at an affordable price point for the average family. Consumers continue to find new uses for RVs. From youth sports and tailgating, to festivals and concerts, they are able to enjoy their RVs over a longer season than many other recreation alternatives" reasoned Bob Martin, President and CEO of Thor Industries.
His belief holds merit as towable RV sales were up to $1.43 billion, and motorized RVs lurched to $549.9 million, representing a 52.6% and 78.7% rise, respectively, from 2016 Q3 reports. Another major window into the future of Thor can be found in the backlogs for the two types of RVs, with towable RV's backlog up 115.1% or $837.1 million, although this does include Jayco's $445.9 million in backlogs, and motorized RV backlog up $446.2 million or 141.6%, including $123.2 million from Jayco. Now this could also the mean the company would be unable to meet this demand, but the future looks bright for Thor.