Thor Industries reported 2024 fiscal second-quarter financial results Wednesday. The manufacturer released a question-and-answer document detailing the company’s focus areas during the year-long RV industry slowdown.
As Thor brands throttled back shipments to 50% of calendar 2021 levels, the manufacturer said operating companies proactively reduced their manufacturing footprint.
With all Thor Industries companies collectively participating in the effort, Thor said the company realized cost and overhead savings.
Thor singled out Heartland RV for its “strategic repositioning” over the past year.
Thor said Heartland suffered a sudden slump in private-label brand sales over the past year. The effects led Heartland to pare back operations—Thor said the manufacturer consolidated its footprint by half in the past year and retired 10 brands so far.
“Having recently opened its new Sturgis, Michigan, manufacturing facility,” Thor said, “the company is also streamlining its processes aimed at becoming a leaner and more focused company with a much-improved margin profile.”
Meanwhile, Thor said Airxcel was an example of company success during the past year. Although the company’s North American OEM segments registered year-over-year declines in net sales, Airxcel increased net sales.
Thor attributed the success to Airxcel’s investments in product development, facilities and personnel over the past year. As a result, Thor said the supplier expects to generate new businesses across product lines and brands. Most new business products will begin shipping in the spring, in time for model 2025 year manufacturing.
Airxcel has new core product line extensions and product categories expected to be launched later this year.
“Growing Airxcel’s business continues to be a key part to our strategy to ensure a robust and competitive supply chain marketplace for RV OEMs,” Thor said. “We continue to be encouraged by Airxcel’s growth prospects moving forward.”
Finally, Thor said its global innovation team continued progress in initiatives related to electrification and connected vehicle experiences in the past year. Thor said its investments in the team will differentiate the company over the long term.
