Recreation Vehicles Overview We manufacture and sell a wide variety of recreation vehicles throughout the United States and Canada, as well as related parts and accessories. Travel trailers provide comfortable, self-contained living facilities for short periods of time. Conventional trailers are towed by means of a frame hitch attached to the towing vehicle. Fifth wheel trailers, designed to be towed by pickup trucks, are constructed with a raised forward section that is attached to the bed area of the pickup truck.
Our backlog continued to increase in the first quarter, setting a record, while dealer inventories continued to decline as many of our product shipments are going directly to fill existing end-customer orders. To address the increase in demand, we have increased production levels. We are confident that once these temporary supply chain constraints are mitigated, our shipments will increase further. We also believe it will take a number of months of production to first fill dealer presold orders before we will begin a Thor Corparachion earnings on the Internet cycle to help our dealers get their inventory back to a more historically normal level," added Martin.
Story continues Consolidated gross profit margin was The improved gross profit margin is primarily due to the increase in net sales, resulting in a reduction of the manufacturing overhead percentage, and favorable warranty experience trends, partially offset by higher labor costs due to the current competitive RV labor market conditions in Northern Indiana.
The Company's effective income tax rate for the first quarter of fiscal was The primary driver of the decrease in the effective tax rate between comparable periods was additional income tax expense in the three months ended October 31, from the vesting of share-based compensation awards.
The actual effective income tax rate Thor Corparachion earnings on the Internet be Thor Corparachion earnings on the Internet upon the mix of foreign and domestic pretax earnings and subject to the impact of foreign currency exchange rates. The Company's cash flow is seasonal, and the net cash used by operating activities in the first quarter of fiscal increased compared to the prior-year period, reflecting an increase in inventory and accounts receivable in the current period, partially offset by an increase in accounts payable.
- Thor (THO) Q1 Earnings Top Estimates, Up Y/Y, Backlog Jumps
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The increase was driven primarily by an increase in unit shipments, partially offset by a change in product mix. North American Towable RV gross profit margin was The improvement in gross profit margin for the first quarter was primarily the result of a reduction in sales discounts, which effectively lowered material costs as a percentage of net sales, and favorable warranty experience trends, partially offset by higher labor costs due to the current competitive RV labor market conditions in Northern Indiana.
The increase in motorized net sales for the quarter was driven primarily by higher unit sales in our Class B and Class C motorhomes. North American Motorized RV gross profit margin was European net sales increased by European RV gross profit margin was Gross profit margin was impacted by product mix with a higher concentration of the motorcaravan and campervan motorized product sales in the current year, which half bitcoin a higher material cost percentage than caravan products.
The decrease in loss before income taxes was driven by an increase in European recreational vehicle net sales and a decrease in selling, general and administrative expenses. Our improved financial performance demonstrates our ability to successfully ramp up production volumes in response to surging demand while managing our expenses to achieve improved margins and net income in an unusually complex operating environment," said Colleen Zuhl, THOR's Senior Vice President and Chief Financial Officer.
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This is true again this year, with the added complexity of carrying additional chassis and inventory due to increased production and higher work-in-process levels as a result of temporary supply chain constraints. We expect overall working capital levels to remain elevated given strong market demand but expect our work-in-process to normalize to appropriate levels during the fiscal year as the supply chain stabilizes and we ship completed work-in-process units.
Our cash utilization priorities remain consistent with our historical priorities, namely, we will invest in our businesses, grow our dividend over time, further reduce our acquisition-related debt obligations, and support opportunistic strategic investments, including acquisitions, to enhance long-term shareholder value," concluded Zuhl.
Thor (THO) Q1 Earnings Top Estimates, Up Y/Y, Backlog Jumps
Outlook "Our financial results were very strong for the first quarter, despite the continued challenges we faced as a result of the pandemic. Our teams have done a great job of managing through what continues to be an uncertain operating environment. While it is certainly true that the impact of COVID has brought new buyers into our industry, both THOR, specifically, and the industry, generally, were attracting new buyers and saw strong demand independent of the pandemic.
Recreation Vehicles Overview We manufacture and sell a wide variety of recreation vehicles throughout the United States and Canada, as well as related parts and accessories. Travel trailers are non-motorized vehicles which are designed to be towed by passenger automobiles, pickup trucks or vans. Travel trailers provide comfortable, self-contained living facilities for short periods of time.
People have shown that they appreciate the long-term value proposition RVs offer — affordability, a vacation in a controlled environment, freedom, and outdoor fun. We also believe that the desire by consumers to 'control their own destiny' and have safer, socially distanced vacation activities has been a key factor in driving recent RV demand and will continue to be a factor for the foreseeable future.
We support their forecast and believe there is potential for upside to this option is kind based on current industry conditions," concluded Martin. Supplemental Earnings Release Materials THOR has provided a comprehensive question and answer document, as well as a PowerPoint presentation, relating to its quarterly results and other topics.
THOR is the sole owner of operating subsidiaries that, combined, represent the world's largest manufacturer of recreational vehicles. For more information on the Company and its products, please go to www.
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Forward-Looking Statements This release includes certain statements that are "forward-looking" statements within the meaning of the U. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks.
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These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form Q for the quarter ended October 31, and in Item 1A of our Annual Report on Form K for the year ended July 31, We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
The American company builds a variety of RVs in North America and Europe, and sells those vehicles along with related parts and accessories to independent, non-franchise dealers throughout the United States, Canada and Europe. Thor, through its subsidiaries, is the leading RV maker in North America in terms of unit sales and revenues. Thor is the 1 player in travel trailers, fifth wheels and motorized RVs in North America. It has emerged as one of the leaders in the European RV industry through the acquisition of Erwin Hymer Group, which was closed last February. Thor operates under three reportable segments: North American Towable Recreational Vehicles accounting for