Company also Reports Record Backlog of $5.74 Billion at the End of Fiscal Year 2020
- Net sales for the fourth quarter were $2.32 billion. Fourth-quarter results include $1.55 billion in North American RV net sales and $739.9 million in European RV net sales.
- Consolidated gross profit margin for the fourth quarter was 14.9%, a 0.5% improvement over the prior year.
- Net income attributable to Thor for the fourth quarter was $119.2 million, or $2.14 per diluted share.
- Net cash from operations for fiscal year 2020 was $540.9 million.
- During the fiscal year, the Company paid $275.0 million on its EHG acquisition-related debt. Life-to-date, the Company has paid approximately $678 million on its acquisition-related debt.
- Consolidated RV backlog increased 186.4% over the prior year, to $5.74 billion as of July 31, 2020.
ELKHART, Ind., Sept. 28, 2020 /PRNewswire/ -- Thor Industries, Inc. (NYSE: THO) today announced results for the fourth quarter and full year of fiscal 2020, which ended July 31, 2020.
"I am pleased to report that Thor's net sales increased significantly with each passing month in the fourth quarter of fiscal 2020 as we emerged from the COVID-19 induced production furlough that started in our third fiscal quarter. Our fourth quarter results prove that our employees and management teams around the world are experienced and agile, and that our highly variable business model facilitated a rebound from a virtual production standstill in May to full production by July," said Bob Martin, President and CEO of Thor Industries.
"We saw increasing retail demand over the course of the quarter, driving dealer inventories to historically low levels by year end and our year-end backlog to a record high. As I have noted before, the long-term outlook for our business remains excellent. Now, with the increasing interest in the RV lifestyle from a new group of consumers, the short-to-medium-term outlook is also robust. This current demand for RVs, coupled with the need to replenish dealer inventories that are at all-time lows, positions us for continued success well into calendar 2021. We also believe that the influx of new RV buyers will lead to many becoming long-term RV enthusiasts down the road. Historically, long-term RVers trade in and trade up for a new RV every 3 to 5 years, which further positions us for success well into the future," added Martin.
Thor Industries, Inc. - Thor Reports Increased Net Sales, Improved Gross Profit Margin, And Higher Earnings Per Share For The Fourth Quarter Of Fiscal 2020
