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Thor Industries has a $ 14 billion backlog as demand for RVs continues.

Even if Covid’s restrictions are lifted, RV makers Tall Industries CEO Bob Martin told CNBC on Tuesday that there is a sustained demand for outdoor living and an increase in backlog.

Thor’s backlog was $ 14.32 billion at the end of April, the company said in a third-quarter report released Tuesday. This is an increase of 32.5% from $ 10.81 billion at the end of January and an increase of 550% from a year ago.

Martin told Jim CramerFlirt“The company is’almost sold out next year’, and most of the inventory of new recreational vehicles is promised to customers who are already waiting.

“We have a backlog full of retail orders, so they arrive at the dealer’s lot and then leave. Therefore, we still can’t build inventory with the dealer’s lot,” he said.

During the pandemic, the demand for outdoor living surged as consumers at home sought new ways to spend their time safely. And young customers are starting to buy, Martin said.

“At this point, this is a long-term trend, and if we can win people with entry-level prices and entry-level products, they will grow throughout their lives,” he said. “People are three to five years old. We trade year by year, but now we’re looking at it a bit early. This can be seen on long runways. “

Thor manufactures towable electric RVs under multiple brands such as Airstream, Heartland RV and Jayco. The company’s supply in the North American market was about 75,000 at the end of the previous quarter, down almost 30% from about 106,000 in 2020 and 43% below the 132,500 before the 2019 coronavirus infection. ..

The results are similar in Europe, where Thor’s backlog is growing exponentially. The company reported a backlog of $ 3.34 billion, nearly five times the pre-pandemic level.

Thor exceeded its third-quarter earnings forecast. The company’s total revenue more than doubled from $ 1.68 billion in the previous year to $ 3.46 billion.

Thor’s share price fell 1.26% to $ 115.60 on Tuesday. Stock prices have risen 24% year-to-date.

Thor Industries has a $ 14 billion backlog as demand for RVs continues.

Source link Thor Industries has a $ 14 billion backlog as demand for RVs continues.

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