Blowout Quarter; Backlog up 95%; Raising Estimates
- 4Q17 (July) EPS of $2.26 (vs $1.57 last year) rose 44% YoY, 38 cents above our projection on 20% organic growth and significant margin improvement at acquired Jayco;
- FY17 sales increased 58% to a record $7.25 billion, and EPS climbed 45% to a record $7.09;
- BACKLOG JUMPED 95% ORGANICALLY YoY to $2.33 billion on July 31, 2017;
- We are raising our FY18 EPS estimate to $8.00 (from $7.60), up 13% from FY17, due to continued margin benefits from Jayco (now anniversaried), record-setting RV shows, and shifting demographics to a new wave of younger/first-time RV buyers;
- Our FY19 EPS estimate is being introduced at $8.99, up 12% from FY18.
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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