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Investing.com – Thor Industries stock (NYSE:THO) soared nearly 9% Tuesday as the maker of recreational vehicles recorded its most profitable year with annual sales topping the $12 billion mark for the first time.
The robust performance comes on the back of production falling short as the economy reopened. People stepped out to enjoy the great outdoors again, and demand for its recreational vehicles soared.
According to Thor Industries President and CEO Bob Martin, the sustained demand has led to historically low dealer inventory levels getting extended and resulted in a new record-high backlog value of $16.86 billion as of July 31, almost triple from last year’s.
The company sold over 300,000 units during the year and posted a diluted earnings per share of $11.85, nearly triple of previous year’s $4.02 and erasing the previous record of $8.14 set in financial year 2018.
The annual sales got a big boost from the jump in fourth quarter which saw net sales rise 55% to $3.59 billion. Diluted EPS was $4.12, and like sales, topped estimates.
