- Thor Industries Inc (NYSE: THO) reported second-quarter FY22 sales growth of 42.1% year-on-year, to $3.88 billion, beating the consensus of $3.57 billion.
- The company attributed the sales increase to the continuing demand for RVs and recent acquisitions.
- Net sales from the North American Towable RVs rose 44.6% Y/Y, North American Motorized RVs climbed 69.3%, and the European RVs decreased 1.3%.
- EPS of $4.79 beat the analyst consensus of $3.39.
- The gross profit margin expanded 220 basis points Y/Y to 17.4%. Selling, general and administrative expenses rose 29.7% Y/Y to $267.5 million.
- The company held $330.3 million in cash and equivalents as of January 31, 2022. The long-term debt of Thor amounted to $2.2 billion.
- Consolidated RV backlog as of January 31, 2022, was $17.73 billion, up over 60% compared to RV backlog as of January 31, 2021.
- "We remain very optimistic about the growth of the RV industry for 2022 and in the long term," said COO Todd Woelfer.
- Price Action: THO shares traded higher by 6.05% at $89.80 in premarket on the last check Wednesday.
Read at Benzinga