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Exhibit 99.1 Thor Industries Net Sales Up 36 % , Gross Profit Margin Improved By 240 Basis Points And Earnings Per Share Up 358 % For The Second Quarter Of Fiscal 2021 THOR expects continued Company and RV industry expansion even after the pandemic ends - Net sales for the second quarter were $ 2.73 billion , an increase of 36.2 % as compared to the second quarter of the prior year . Second - quarter results include $ 1.95 billion in North American RV net sales and $ 733.5 million European RV net sales . - Consolidated gross profit margin for the second quarter was 15.2 % , a 240 basis point improvement over the prior - year period . - Net income attributable to THOR for the second quarter increased 362.2 % to $ 132.5 million , or $ 2.38 per diluted share , as compared to $ 0.52 per diluted share in the same period of the prior year . - Consolidated RV backlog as of January 31 , 2021 was $ 10.81 billion , an increase of nearly 280 % over RV backlog as of January 31 , 2020 . -During the quarter , THOR acquired the Tiffin Group , comprised of Tiffin Motorhomes , Vanleigh RV and a number of related supply entities for approximately $ 300 million . The financial results of the Tiffin Group since tl December 18 , 2020 acquisition date are included in THOR's Condensed Consolidated Statements of Income and Comprehensive Income . During this period , the Tiffin Group recorded net sales of $ 82.4 million and the result of operations were not material . ELKHART , Ind . , March 9 , 2021 / PRNewswire / -- THOR Industries , Inc. ( NYSE : THO ) today announced record results for the second fiscal quarter ended January 31 , 2021 . " In our quarter ended January 31 , 2021 , we delivered record results for a fiscal second quarter , which is typically our lowest sales quarter . We generated sizeable growth in the key metrics of net sales , gross margin and earnings per share . Demand for our products continued to be extremely strong , as evidenced by the increase in our backlog , which set a record of $ 10.81 billion as of January 31 , 2021 , " said Bob Martin , President and CEO o THOR Industries . " We are aggressively working to meet this demand by selectively and strategically expanding production capacity at numerous plants by reconfiguring them or adding additional production lines and the requisite inventory while managing through temporary supply chain limitations . In addition , we have increased production levels across the vast majority of our plants . We are focused on balancing volume with quality output and being mindfu not to over expand our production capabilities , " added Martin . Second - Quarter Financial Results Second - quarter net sales were $ 2.73 billion , compared to $ 2.00 billion in the second quarter of fiscal 2020. This year's second quarter net sales include $ 1.37 billion for the North American Towable RV segment , $ 577.0 million for the North American Motorized RV segment and $ 733.5 million for the European RV segment . Consolidated gross profit margin increased 240 basis points to 15.2 % for the second quarter of fiscal 2021 , compared to 12.8 % in the corresponding period a year ago . The increase in the consolidated gross profit percentage was primarily due to the impact of the increase in net sales in the current - year period compared to the prior - year period and gross margin cost percentage improvements noted below , partially offset by the negative impact of $ 4.3 million related to the step - up in assigned value of recently acquired Tiffin Group inventory included in cost of products sold during the current - year period . Net income attributable to THOR and diluted earnings per share for the second quarter of fiscal 2021 were $ 132.5 million and $ 2.38 , respectively , compared to net income attributable to THOR and diluted earnings per share of $ 28.7 million and $ 0.52 , respectively , in the prior - year period . The Company's effective income tax rate for the second quarter of fiscal 2021 was 20.0 % compared with 22.5 % for the second quarter of fiscal 2020. The primary driver of the decrease in the effective tax rate between comparable periods was certain favorable foreign return - to - provision adjustments recorded in the three months ended January 31 , 2021. The Company estimates its effective income tax rate for fiscal 2021 will be between 20 % and 23 % before consideration of any discrete tax items . The actual effective income tax rate will be dependent upon the mix of foreign and domestic pretax earnings and subject to the impact of foreign currency exchang rates . Segment Results North American Towable RVs • North American Towable RV net sales were $ 1.37 billion for the second quarter of fiscal 2021 , an increase of 39.6 % compared to second - quarter net sales of $ 983.9 million in the prior - year period . The increase was driven primarily by a 36.1 % increase in unit shipments . Of the increase in total towable RV net sales , $ 7.8 million was due to the acquisition of the Tiffin Group on December 18 , 2020 . • North American Towable RV gross profit margin improved by 330 basis points to 16.6 % for the second quarter of fiscal 2021 , compared to 13.3 % in the prior - year period . The improvement in gross profit margin for the second quarter was due to the impact of the increase in net towable RV sales and a reduction in sales discounts , which effectively lowered material costs as a percentage of net sales , and favorable warranty experience trends , partially offset by higher labor costs due to the RV labor market conditions in northern Indiana . ⚫ North American Towable RV income before income tax for the second quarter of fiscal 2021 was $ 147.9 million , compared to $ 53.4 million in the second quarter last year , driven by the increase in North American towables net sales and the improvement in gross profit margin . • North American Towable RV backlog increased by $ 4.31 billion , or 454.1 % , to $ 5.25 billion at January 31 , 2021 , compared to $ 948.1 million as of January 31 , 2020 . North American Motorized RVs • North American Motorized RV net sales were $ 577.0 million for the second quarter of fiscal 2021 , an increase of 67.9 % compared to second - quarter net sales of $ 343.7 million in the prior - year period . The increase in motorized net sales for the quarter was driven primarily by a 46.9 % increase in unit shipments and a 21.0 % increase in the overall net price per unit due to the impact of changes in product mix and price , primarily du to the addition of the higher - priced Tiffin Group product lines , and selective net price increases . Of the increase in total motorized RV net sales , $ 74.6 million was due to the acquisition of the Tiffin Group on December 18 , 2020 . • North American Motorized RV gross profit margin improved by 300 basis points to 13.0 % for the second quarter of fiscal 2021 , compared to 10.0 % in the prior - year period . The improvement in gross profit margin fo the second quarter was due to the impact of the increase in net motorized RV sales and a reduction in sales discounts , which effectively lowered material costs as a percentage of net sales , and favorable warranty experience trends , partially offset by higher labor costs due to the RV labor market conditions in northern Indiana and the negative impact of $ 3.9 million related to the step - up in assigned value of recently acquired Tiffin Motorhome inventory that was included in cost of products sold during the current - year period . ⚫ North American Motorized RV income before income tax for the second quarter of fiscal 2021 increased to $ 43.4 million compared to $ 14.9 million a year ago , driven by the increase in North American motorized ne sales and the improvement in gross profit margin . ⚫ North American Motorized RV backlog increased by $ 2.13 billion , or 271.8 % to $ 2.92 billion at January 31 , 2021 , compared to $ 784.4 million as of January 31 , 2020 . European RVs European RV net sales increased by 15.1 % to $ 733.5 million for the second quarter of fiscal 2021 , compared to $ 637.1 million in the prior - year period . The increase in total European recreational vehicle net sales for the second quarter of fiscal 2021 resulted from an increase in unit shipments and an increase in the overall net price per unit due to the impact of changes in product mix and price . This increase includes the current heightened European market demand for the Campervan product line , partially offset by the impact of current chassis supply constraints on the Motorcaravan product line and COVID - 19 related impact on production and delivery of Caravan units in the United Kingdom . $ 58.0 million , or 9.1 % of the 15.1 % net sales increase is due to the increase in foreign exchange rates since the prior - year period . ⚫ European RV gross profit margin was 12.9 % of net sales for the second quarter compared to 12.5 % in the prior - year period . The increase in gross profit margin is primarily due to slight reductions in both the labor an warranty cost percentages . European RV net income before income tax for the second quarter of fiscal 2021 was $ 10.2 million , compared to net income before income tax of $ 4.7 million during the second quarter of fiscal 2020. The change wa driven primarily by the increase in European recreational vehicle net sales . • European RV backlog increased by $ 1.50 billion , or 131.5 % , to $ 2.64 billion as of January 31 , 2021 , compared to $ 1.14 billion as of January 31 , 2020 . " Our continued improvement in financial performance demonstrates our ability to effectively and efficiently ramp up production volumes in response to surging demand while managing our expenses to achieve improved margins and net income in an unusually complex operating environment , " said Colleen Zuhl , THOR's Senior Vice President and Chief Financial Officer . " Historically , our cash flow is seasonal , as we use cash to build inventory during our first and second fiscal quarters in preparation for the typical increase in demand for our products during the second half of the fiscal year . Net cash used by operating activities for the first half of fiscal 2021 was $ 88.6 million compared to cash provided by operating activities of $ 5.3 million in the first half of fiscal 2020. This year , at January 31 , 2021 , we have the added complexity of carrying additional chassis and other inventory due to new product introductions , increased production , and higher work - in - process levels due to ongoing supply chain constraints . We expect overall working capital levels to remain elevated given the strong market demand , but expect our work - in - process inventory to approach more normalized levels during the second half of the fiscal year . " We continue to have strong liquidity with $ 183.6 million of cash and cash equivalents as of January 31 , 2021 , and approximately $ 507.0 million available for borrowing under our ABL . At January 31 , 2021 , we had borrowings outstanding on our ABL of $ 213.6 million , which consisted of $ 165.0 million borrowed in connection with the Tiffin Group acquisition and the remainder utilized for European working capital . Subsequent to the end of our second fiscal quarter , we paid $ 47.1 million on the outstanding ABL balance . We expect to repay all of the borrowings under the ABL by the end of our fiscal year .