RTTNews | Jun 8, 2021 07:06AM EDT

07:05 Tuesday, June 8, 2021 (RTTNews.com) - Shares of recreational vehicles maker Thor Industries, Inc. (THO) are up more than 4% in pre-market trade on Tuesday following better-than-expected third-quarter results.

The company reported third-quarter net income of $183.3 million or $3.29 per share compared with $24.1 million or $0.43 per share in the prior-year period. On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $2.34 per share.

Net sales for the quarter increased 105.7% year-over-year to $3.46 billion. The consensus estimate was for $3.01 billion.

The increase in year-over-year results are attributed to strong demand during the quarter as well as the negative impact of the pandemic during the previous-year period.

"Demand for our products continues to grow at both the retail and wholesale levels. While our pace of production and shipments has accelerated, demand is so high that independent dealer inventories of THOR Industries products continue to decline while dealer sales are increasing. This increasing consumer demand has driven our order backlog to more than $14 billion at the end of the quarter and includes units that will be needed to restock depleted dealer inventories. Since a significant number of units in our backlog have already been retail sold, we currently believe the restocking cycle will extend well into calendar 2022," said Bob Martin, President and CEO of THOR Industries.

THO closed Monday's trade at $117.07, down 0.43%. The stock is currently at $122.

Read the original article on RTTNews ( https://www.rttnews.com/3200703/stock-alert-thor-industries-rises-in-pre-market-following-upbeat-results.aspx)

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