Thor Industries, Inc. (NYSE:THO) stock rose 0.51% (As on Dec 9, 11:31:32 AM UTC-4, Source: Google Finance) after the company reported first quarter net income of $244 million, compared to $115 million during the same period a year ago. Thor says market demand has led to a global order backlog of more than $18 billion, reaffirmed the view that the dealer restocking process will still take a number of quarters to complete and could possibly extend into calendar 2023. This also represents an increase of over 100 percent as compared to RV backlog as of October 31, 2020. Consolidated gross profit margin for the first quarter was 16.6 percent, a 170 basis-point improvement over the comparable prior-year period. In the quarter, we delivered over 88,100 units, outpacing the RV industry’s growth rate of shipments.

THO in the first quarter of FY 22 has reported the adjusted earnings per share of $4.34, beating the analysts’ estimates for the adjusted earnings per share of $3.10, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 56 percent to $3.96 billion in the first quarter of FY 22, beating the analysts’ estimates for revenue by 16.53%. The first-quarter net sales include $2.24 billion for the North American Towable RV segment compared to $1.39 billion in the first quarter of fiscal 2021, $925.0 million for the North American Motorized RV segment compared to $493.9 million in the first quarter of fiscal 2021, and $633.0 million for the European RV segment compared to $602.5 million in the first quarter of fiscal 2021. The increase in consolidated net sales is primarily due to the continuing demand for RVs and the recent acquisitions. The addition of the Tiffin Group, acquired in December of 2020, accounted for $228.3 million of the increase in net sales for the first quarter of fiscal 2022, while the addition of Airxcel, acquired in September of 2021, accounted for $88.8 million of the increase in net sales for the first quarter of fiscal 2022, net of intercompany sales.

Meanwhile, the company has announced the acquisition of Elkhart, Indiana-based Elkhart Composites, Inc. by THOR’s Airxcel, Inc. subsidiary.  Elkhart Composites is engaged in the development and sale of a proprietary sustainable foamed polypropylene-based composite material marketed and sold under the “Elkboard” brand name. Thor says the purchase of the company and its “Elkboard” brand name will allow the RV industry to reduce its dependence on lauan-based sidewalls.