Thor Sales Up In Q3, Backlog Orders Increase
Q3 Sales are up nearly 106% as backlogged orders reach $14 billion
Thor Industries released its fiscal third-quarter report June 8 showing record sales at $3.46 billion, an increase of 105.6% since April 2020. In addition, president and CEO of Thor Industries Bob Martin told CNBC their backlog in orders had reached $14.32 billion, an increase of 32.5% since the end of January and 550% since last year.
The increase in popularity and increase in sales reflects a growing interest in RVs since the start of the pandemic in early 2020 when more consumers looked to the outdoors for safer recreation opportunities. Younger customers have helped increase the demand for RVs as well.
“We posted record results in our third fiscal quarter, achieving both the highest quarterly net sales and net income figures in the history of THOR Industries. These results show that growth continued unabated after the initial temporary shutdown of our dealers and THOR Industries’ production lines in late March through the end of April of last year due to the pandemic,” Martin said.
Thor Industries is one of the industry’s largest manufacturers and sells RVs under multiple brands, including Airstream, Heartland RV, and Jayco.
“We have increased our production levels, often with modest capital expenditures, and intend to continue to increase production levels to address the ongoing, robust consumer and dealer demand for THOR Industries RV products, while also managing through continuing supply chain challenges,” Martin said.