Baird: May Coach Sales Show Strong Demand

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July 19, 2013 by   Comments Off on Baird: May Coach Sales Show Strong Demand

Editor’s Note: The investment firm of Robert W. Baird & Co. issued a client newsletter after this week’s release by Statistical Surveys Inc. of the summary of retail sales of motorhomes in May. Excerpts from the Baird newsletter follow.

U.S. motorhome retail up 28%. According to data from Statistical Surveys, motorhome (Class A & C) retail increased 28% in May. Class A sales jumped 29% while Class C retail improved 27%. Thor motorhome retail demand increased 35% in May, the first month of the company’s fiscal Q4. Winnebago reported results for its May quarter on June 27.

Motorhome retail registrations in the U.S. increased 28% in May. Class A registrations improved 29% while Class C reported registrations increased 27% in May. The robust growth is consistent with the strong retail trends reported in our recent dealer survey. According to SSI, year-to-date Class A retail improved 28% while Class C demand jumped 31% through May. Industry comparisons become more difficult in June.

Thor retail up 35% in May. Thor U.S. motorhome retail demand jumped 35% in May, which represents the first month of Thor’s fiscal Q4. The growth was driven by robust demand for Class A models (+47%) and strong growth in Class C (+25%). We model Thor North American motorhome retail growth of 35% in fiscal Q4, consistent with the early-quarter trends.

Winnebago. Winnebago already reported fiscal Q3 results on June 27, so the data are not incremental. Winnebago results implied North America motorhome retail improved 23% in the May quarter.

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