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THOR Industries, Inc. reports company developments across its recreational vehicle manufacturing business, including quarterly results, wholesale unit trends, product mix and regular dividend actions. The company owns operating subsidiaries that manufacture motorized and towable RVs, including Class A, Class B and Class C motorhomes, travel trailers and fifth-wheel towables, with North American brands and European operations expanded through Erwin Hymer.
Recurring news also covers THOR's operating model, leadership appointments, investor relations changes, data and digital platform initiatives, supply-chain capabilities and aftermarket component activity through Airxcel. Updates may address brand-level developments involving businesses such as Tiffin Motorhomes, Thor Motor Coach and Keystone, as well as collaboration across dealers, OEM customers and supply partners in the RV ecosystem.
THOR Industries, Inc. (NYSE:THO) has acquired Elkhart Composites, Inc., a manufacturer of sustainable foamed polypropylene-based composite materials known as Elkboard. This acquisition, by THOR's subsidiary Airxcel, enhances THOR's focus on sustainable solutions within the RV industry. Elkboard is lightweight, durable, and resistant to rot, positioning it as a viable alternative to lauan-based sidewalls. THOR plans to expand Elkboard's production capacity, anticipating growing demand and potential applications across various RV offerings. The acquisition aligns with THOR's strategic growth initiatives.
THOR Industries, Inc. (NYSE: THO) announced the promotion of Todd Woelfer to SVP & Chief Operating Officer as of December 1, 2021. Woelfer, who joined THOR in 2012, will oversee corporate initiatives like innovation, marketing, and sustainability. Under his leadership, consolidated net revenue grew from over $2 billion in 2012 to over $12 billion in fiscal 2021. Additionally, Trevor Gasper was promoted to Vice President, General Counsel, and Secretary, enhancing the company's legal leadership.
THOR Industries, Inc. (NYSE: THO) has announced the release date for its fiscal 2022 first quarter earnings, scheduled for December 8, 2021, before market opening. Alongside the earnings release, a comprehensive Q&A document and a slide presentation will be made available on their website. THOR is recognized as the world's largest manufacturer of recreational vehicles, owning several key subsidiaries.
THOR Industries (NYSE: THO) announced the closing of a $500 million offering of 4.000% Senior Notes due 2029 on October 14, 2021. The offering size was increased from $400 million. Proceeds were used to repay outstanding borrowings on its revolving credit facility and cover transaction costs. The management emphasized that this financing strengthens their capital structure, enhances liquidity, and aligns with strategic objectives. The Notes were offered to qualified institutional buyers and non-U.S. persons, underlining the company's commitment to maintaining a robust financial position amid ongoing uncertainties.
On October 7, 2021, THOR Industries (NYSE: THO) announced a 5% increase in its quarterly dividend, raising it from $0.41 to $0.43 per share. This dividend is payable on November 5, 2021, to shareholders of record as of October 22, 2021. The company is the largest manufacturer of recreational vehicles globally, reflecting its strong position in the market.
THOR Industries has announced the pricing of a $500 million offering of 4.000% Senior Unsecured Notes, maturing on October 15, 2029, which was increased from an initial size of $400 million. The offering is set to close on October 14, 2021. Proceeds will be utilized to reduce existing borrowings and cover transaction expenses. The Notes will rank equally with THOR's current senior debt and are exclusively for qualified institutional buyers. The company faces risks related to the COVID-19 pandemic, supply chain disruptions, and interest rate fluctuations.
THOR Industries intends to offer $400 million in Senior Unsecured Notes due 2029, subject to market conditions. The proceeds will be used to partially repay outstanding borrowings on its asset-based revolving credit facility and cover fees and expenses. The Notes rank equally with existing senior indebtedness but will be junior to secured indebtedness. They are offered to qualified institutional buyers and non-U.S. persons under specific regulations. The offering does not constitute a solicitation for purchase in jurisdictions where it is unlawful.
THOR Industries (NYSE: THO) reported record financial results for the fourth fiscal quarter and fiscal year ending July 31, 2021, with net sales surpassing $12 billion and net income of $659.9 million. The fourth quarter net sales reached $3.59 billion, a significant increase from $2.32 billion a year prior. Earnings per share rose to $4.12, up from $2.14. The company managed to navigate supply chain challenges effectively while maintaining a record backlog of $16.86 billion, driven by strong demand across its RV segments. THOR anticipates continuing growth into fiscal 2022 despite ongoing uncertainties.
THOR Industries, Inc. (NYSE: THO) has announced the release date for its fiscal fourth quarter earnings, set for September 28, 2021, before market opens. Alongside the earnings release, the company will provide a comprehensive question-and-answer document and a slide presentation on its website. As the world's largest manufacturer of recreational vehicles, THOR continues to offer insights into its financial performance during a challenging economic landscape.
L Catterton announced that its portfolio company Airxcel has sold its RV Group to THOR Industries (NYSE: THO) for an all-cash price of $750 million. The deal, subject to post-closing adjustments, allows Airxcel to focus on its specialty HVAC segment, which will be rebranded as AirX Climate Solutions, Inc.. Under L Catterton's guidance since 2018, Airxcel launched 55 new products and expanded through strategic acquisitions, enhancing its market presence. The transaction reflects growth and operational improvements within Airxcel, strengthening both the RV and HVAC industries.