THOR Industries, an Elkhart-based RV manufacturer, has released their fourth quarter 2023 financial report. THOR Industry officials are optimistic about the growth trajectory of the RV industry. Photo from Google.

News Release

ELKHART — THOR Industries, an Elkhart-based RV manufacturer, has released their fourth quarter 2023 financial report. The report states the manufacturer made a net income of $374 million, which is down from a record high of $1.1 billion in 2022.

“Fiscal 2023 presented a series of challenges as a result of higher interest rates, rising inflation, increased economic uncertainty, ongoing supply chain constraints and geopolitical issues,” explained Bob Martin, president and CEO of THOR Industries, in a press release.

The report stated the manufacturer’s net sales for the fiscal year plummeted nearly 32% to $11 billion. The sale decrease is attributed to lower consumer demand.

“Our European segment achieved another quarter of record performance while our North American operating teams made further progress with our independent dealers to reduce and rebalance channel inventory ahead of the model year 2024 rollout,” Martin explained in a press release.

THOR Industry officials are optimistic about the growth trajectory of the RV industry.

The company’s stock is $94.82 per share.

View the full earning report here.