Thor Industries Investor Relations Material

THOR is the world’s largest manufacturer of recreational vehicles (RVs), with brands such as Airstream, Hymer, CrossRoads, Cruiser RV, Dutchmen, Jayco, and Starcraft. Their products include travel trailers, fifth wheels; truck and folding campers; and Class A, B, and C motorhomes.

They sell these types of vehicles and related parts and accessories to independent, non-franchise dealers throughout the US, Canada, and Europe.

THOR has a decentralized structure, meaning that each subsidiary operates independently. Besides their operations in the US and Canada, THOR has recently emerged as a leader in the European RV industry by acquiring Erwin Hymer Group.

The company reports under three main segments:

• North American Towable Recreational Vehicles.

• North American Motorized Recreational Vehicles.

• European Recreational Vehicles.

THOR was founded in 1980 with the acquisition of Hi-Lo Trailer Company and Airstream. The latter was an iconic brand that had not fared well during the economic downturn of the late 1970s, reporting a loss of $12 million the year before the acquisition. However, Airstream returned to profitability in its first year under THOR’s management through an extensive quality focus and cost reductions.

Since then, the company has grown organically and through acquisitions for over five decades into the world's largest company of its kind. The company has increased its earnings per share from $3.75 to $11.93 in the last seven years, meaning a compounded annual growth rate of almost 18 percent.

Other publicly listed companies producing RVs are Knaus Tabbert, Winnebago, and REV Group.