Carlton Getz

Thor Industries: Appearances Are Deceiving

Thor Industries (NYSE:THO) is a leading manufacturer of recreational vehicles and light commercial buses. The company's market share in the smaller towable segment of the recreational vehicle market is a dominant 38% while its share in the smaller but complementary motorized market is 21%. The company also maintains a 35% market share in the small to midsize bus market, giving it a leading or strong market position in each of its major segments.

The vast majority of the company's revenue - roughly 75% - are derived from the towable segment with the balance coming from motorized recreational vehicles (11%) and buses (14%). The company's profits are even more concentrated in the towable segment, which represents 88% of pretax...

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