Thor Industries, Inc. (NYSE:THO) saw its shares gain sharply on the release of fourth-quarter figures
The company, out of Elkhart, Indiana, reported fourth-quarter net sales of $2.32 billion, compared to $2.31 billion in the fourth quarter of fiscal 2019. This year's fourth quarter net sales figure includes $1.18 billion from the North American Towable RV segment, $366.5 million from the North American Motorized RV segment, and $739.9 million from the European RV segment.
Consolidated gross profit margin was 14.9% for the fourth quarter of fiscal 2020, compared to 14.4% in the corresponding period a year ago. The improved gross profit margin is primarily due to decreased warranty costs as a percent of sales in addition to overhead savings from management-led cost reduction measures in response to COVID-19, partially offset by an increase in the material cost percentage primarily due to product mix.
Net income attributable to Thor were $119.2 million, while diluted earnings per share for the fourth quarter of fiscal 2020 were $2.14, compared to net income attributable to Thor and diluted earnings per share of $92.1 million and $1.67 , respectively, in the prior-year period.
Said CEO Bob Martin, "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."
Shares in Thor were up $2.41, or 2.6%, shortly after Monday’s opening bell, to $95.62.
