NEWS RELEASES
Erwin Hymer Sales Boost Thor Bottom Line 23 Percent
Editor's Note: This news item was retrieved and first published through Thor Industries, Inc's website.
ELKHART, Ind. - Thor Industries announced financial results for the fourth quarter and for its fiscal year, which ended on July 31, 2019. Net sales for the fourth quarter totaled $2.31 billion, an increase of 23.3 percent over 2018, thanks to a $719.5 million boost from the Erwin Hymer Group ("EHG"), which Thor acquired for a reported $2.45 billion on February 1, 2019. The EHG sales partially offset a 17.6% decrease in North American towable sales and an 8.1% decrease in North American motorhome sales. Thor ended the fiscal year with net sales of $7.86 billion including EHG contributions. The company has so far paid more than $480 million of principal on the debt that financed the EHG acquisition.
"Fiscal 2019 was a year of significant accomplishments amid challenging industry conditions,” Bob Martin, Thor president and CEO, said in a news release. “We completed the largest acquisition in our Company's and the RV industry's history, while managing through the overhang of inventory among our independent dealers. As we look ahead to fiscal 2020, we see many reasons for optimism as we leverage the global growth opportunities of EHG.”
Complete details can be found on the Thor Industries investor website.