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Thor Industries, Inc. (NYSE: THO), headquartered in Elkhart, Indiana, is the world's largest manufacturer of recreational vehicles (RVs). Established in 1980, Thor owns a comprehensive portfolio of well-known RV brands, including Airstream, Heartland, Jayco, and more. The company offers a wide range of products, such as Class A, Class B, and Class C motorhomes, travel trailers, and fifth-wheel towables.
Over the years, Thor Industries has been recognized with numerous accolades for its growth and management excellence. For instance, Forbes included Thor in its Platinum 400 list in January 2000, and the company was added to Standard & Poor's Mid-Cap 400 in April 2004. Thor has also been acknowledged as one of the 'Best Managed Companies in America' by Forbes and one of 'America's Most Admired Companies' by Fortune in 2005. Industry Week named Thor as one of the fifty best U.S. manufacturers.
In recent years, Thor Industries has expanded its geographic footprint through strategic acquisitions. The acquisition of Erwin Hymer Group in 2019 allowed the company to produce motorized and towable RVs for the European market, including motorcaravans, campervans, and urban vehicles. Further extending its product offerings, Thor acquired Airxcel in 2021, entering the aftermarket component parts market, although this segment currently accounts for less than 10% of total sales.
In fiscal 2023, Thor Industries wholesaled 187,015 units and generated over $11.1 billion in revenue, demonstrating its strong market presence and financial stability. The company continues to innovate and adapt to emerging trends, such as the development of electric recreational vehicles (eRVs) and the creation of state-of-the-art EV charging stations to support this new market.
Thor's latest news highlights include the unveiling of 3-D renderings of an EV charging station concept designed to cater to the needs of electric RVs. Additionally, Airstream, a Thor subsidiary known for its iconic 'silver bullet' travel trailers, was recently featured in the documentary ALUMINATION, which celebrates the history and adventurous spirit of the brand.
Thor Industries remains committed to delivering high-quality, innovative products that inspire exploration and adventure, maintaining its leadership position in the global RV industry.
THOR Industries (NYSE: THO) announced a strategic partnership with TechNexus Venture Collaborative on January 18, 2022. This collaboration aims to engage with global entrepreneurs and start-ups to enhance THOR's innovation strategy, improve customer experience, and drive margin improvement. The partnership will focus on leveraging emerging technologies like autonomy, robotics, and electric vehicles. THOR's investment will facilitate faster innovation and help redefine the RV lifestyle for a new generation of consumers, aligning with changing market demands.
THOR Industries (NYSE: THO) has signed a binding Memorandum of Understanding with ZF Friedrichshafen AG for the joint development of a proprietary high voltage electric drive system, the eTrailer System, for towable recreational vehicles. This innovative system aims to enhance the range of electric vehicles when towing trailers, potentially extending the range of conventional tow vehicles as well. The eTrailer System was successfully demonstrated in July 2021, enabling an electric Audi etron Sportback to tow a trailer 386 km on a single charge. A concept vehicle will be showcased at the Tampa RV Supershow in January 2022.
THOR Industries has authorized a $250 million share buyback program, effective until December 21, 2024. The company aims to repurchase shares through open market purchases and other methods, citing a material misalignment between its stock price and intrinsic value. CEO Bob Martin emphasized the firm’s strong earnings and cash flow, viewing the buyback as a strategic investment in its own shares. In fiscal year 2021, THOR invested $129 million in capital expenditures and returned $91 million to shareholders through dividends, reinforcing its focus on enhancing shareholder value.
THOR Industries, Inc. (NYSE: THO) has announced a quarterly cash dividend of $0.43 per share, approved by its Board of Directors on December 16, 2021. This dividend is payable on January 13, 2022, to shareholders on record as of December 30, 2021. As the world's largest manufacturer of recreational vehicles, THOR continues to demonstrate financial commitment to its shareholders while navigating ongoing market challenges.
THOR Industries (NYSE: THO) reported record first-quarter fiscal 2022 results, with consolidated net sales of $3.96 billion, up from $2.54 billion a year prior. The increase was bolstered by strong demand for RVs and acquisitions, including Airxcel. Net income reached $242.2 million, translating to diluted earnings per share of $4.34. The company's order backlog rose to over $18 billion. Despite ongoing supply chain challenges, THOR's gross profit margin improved to 16.6%. Looking ahead, the company remains optimistic about growth and strategic execution in a dynamic market.
THOR Industries, Inc. (NYSE:THO) has acquired Elkhart Composites, Inc., a manufacturer of sustainable foamed polypropylene-based composite materials known as Elkboard. This acquisition, by THOR's subsidiary Airxcel, enhances THOR's focus on sustainable solutions within the RV industry. Elkboard is lightweight, durable, and resistant to rot, positioning it as a viable alternative to lauan-based sidewalls. THOR plans to expand Elkboard's production capacity, anticipating growing demand and potential applications across various RV offerings. The acquisition aligns with THOR's strategic growth initiatives.
THOR Industries, Inc. (NYSE: THO) announced the promotion of Todd Woelfer to SVP & Chief Operating Officer as of December 1, 2021. Woelfer, who joined THOR in 2012, will oversee corporate initiatives like innovation, marketing, and sustainability. Under his leadership, consolidated net revenue grew from over $2 billion in 2012 to over $12 billion in fiscal 2021. Additionally, Trevor Gasper was promoted to Vice President, General Counsel, and Secretary, enhancing the company's legal leadership.
THOR Industries, Inc. (NYSE: THO) has announced the release date for its fiscal 2022 first quarter earnings, scheduled for December 8, 2021, before market opening. Alongside the earnings release, a comprehensive Q&A document and a slide presentation will be made available on their website. THOR is recognized as the world's largest manufacturer of recreational vehicles, owning several key subsidiaries.
THOR Industries (NYSE: THO) announced the closing of a $500 million offering of 4.000% Senior Notes due 2029 on October 14, 2021. The offering size was increased from $400 million. Proceeds were used to repay outstanding borrowings on its revolving credit facility and cover transaction costs. The management emphasized that this financing strengthens their capital structure, enhances liquidity, and aligns with strategic objectives. The Notes were offered to qualified institutional buyers and non-U.S. persons, underlining the company's commitment to maintaining a robust financial position amid ongoing uncertainties.
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