Another Great Quarter; Backlog up 123%; Raising Estimates
- 3Q17 (April) EPS of $2.11 (vs $1.51 last year) rose 40% YoY, 19 cents above our projection due to better-than-anticipated margins, including improvement from acquired Jayco;
- BACKLOG JUMPED 123% YoY to $2.36 billion on April 30, 2017, up 69% even excluding Jayco;
- We are raising our FY17 EPS estimate to $6.71 (from $6.40), up 37% from FY16 due to the 3Q outperformance, benefits from Jayco, and shifting demographics to a new wave of younger/first-time RV buyers;
- Our FY18 EPS estimate is now $7.60 (from $7.44).
Thor Industries is a manufacturer of recreational vehicles. The company has three segments: North American Towable Recreational Vehicles, which consists of: Airstream (towable), Heartland (including Bison, Cruiser RV and DRV), Jayco (including Jayco towable, Starcraft and Highland Ridge), Keystone (including CrossRoads and Dutchmen) and KZ (including Venture RV); North American Motorized Recreational Vehicle, which consists of: Airstream (motorized), Jayco (including Jayco motorized and Entegra Coach) and Thor Motor Coach; and European Recreational Vehicles, which consists of the Erwin Hymer Group business.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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