RV Business

ELKHART, Ind. – Dometic announces in a press release the launch of its newest innovation in RV climate control: the Dometic 35K Furnace Essential. Available this May, this next-generation furnace is engineered to deliver greater dependability, and serviceability for RV manufacturers, dealers and their customers.

This next-generation RV furnace from Dometic redefines reliability and comfort with its patent-pending Hall Effect Sensor and industry-leading airflow. The new Dometic 35K Furnace Essential is now available in the North American markets, the release stated.

Returning to the market with major upgrades, the 35K Essential eliminates one of the most common points of failure in RV heating systems—the traditional sail switch—by introducing the industry-first, patent-pending Hall Effect Sensor. This automotive-grade, debris-resistant sensor removes moving parts for increased durability and consistent performance, even in tough conditions.

“The 35K Furnace Essential reflects the Dometic team’s commitment to listening to our customers and delivering smarter and stronger solutions. I’m especially proud of our Greenbrier manufacturing team for their speed and dedication in bringing this innovation to the market with the quality and reliability our customers expect.” said Tim Hall, Regional President for Americas at Land Vehicle Segment.

“Our goal was to create a smarter furnace that delivers more comfort with less hassle. With more even heat and up to 22% more airflow than the leading competitor in ducted applications, the 35K achieves that and keeps RVs warmer, more efficiently—and without the cold spots.”  

Among its other standout features, the 35K includes:

• One-piece, tubular heat exchanger for superior heat transfer and no backflow or cracking
• Precision airflow with a unique air baffle design that ensures even distribution throughout the cabin
• Built-in Soft Start technology that reduces in-rush current by up to 80%, lowering strain on the RV’s power system
• Compact, intuitive design for easy installation and long-term serviceability – Horizontal or vertical installation

Assembled in Greenbrier, Tenn., the Dometic 35K Furnace Essential has fast and reliable lead times and parts availability – making it a win by reducing warranty claims & timing and repair complexity.

The Dometic 35K Furnace Essential has easy to manage choices – from bulk pack and single pack; including both door and no door models.

Later this year, Dometic will release similar updates to its full furnace family to provide flexibility and innovation no matter the size of the RV.

To learn more, visit www.dometic.com   To order, visit Dometic For Business or contact your a local representative.

The post Dometic Introduces Patent-Pending 35K Furnace Essential first appeared on RVBusiness - Breaking RV Industry News.

WASHINGTON, DC –The Trump Administration on May 2 released its budget plan for 2026, which would gut the National Park Service, jeopardizing the protection, maintenance and operation of our more than 430 national parks across the country, according to a release from the National Parks Conservation Association (NPCA).

The administration’s budget calls for a cut of more than $1 billion to the National Park Service that if enacted would be the largest cut in the Park Service’s 109-year history. The budget also proposes turning some national park sites over to states and removing them from the National Park System, a move that has never before been proposed by a president.

“Cuts of this magnitude would devastate our national parks, further pushing them into a financial hole,” theNPCA release continued, which noted that the proposal comes just after a record-breaking 2024, when the Park Service logged 331,863,358 visits. “Despite their soaring popularity and the economic and cultural value they provide, the administration continues to systematically dismantle the Park Service — freezing hiring, forcing resignations, eliminating purchasing ability, canceling leases and banning travel. And with a major workforce reduction still looming, the worst is yet to come.”

Specific Park Service-related budget cuts include:

• $900 million cut to the operation of national parks
• $73 million cut to park construction funding
• $77 million cut to recreation and preservation funding
• $197 million cut to Historic Preservation Fund

NPCA has calculated the Trump administration’s proposed cuts to the National Park Service budget could result in more than a 75% reduction to the National Park System. With 433 national park units across the country, that would essentially wipe out budgets and staffing for at least 350 national park units.

The administration’s recently released budget proposal calls for a cut of more than $1 billion to the National Park Service, NPCA officials said. A list of targeted national parks will likely not be available until the president’s full budget comes out later this month. However, based on a review of the latest reliable budget data for each unit in the Park System, achieving a $900 million cut to operations would require eliminating funding for roughly 350 park sites — from the smallest to some of the largest.

Statement by Theresa Pierno, President & CEO, National Parks Conservation Association

“This is the most extreme, unrealistic and destructive National Park Service budget a President has ever proposed in the agency’s 109-year history. It’s nothing less than an all-out assault on America’s national parks.

“Americans love their national parks and want to see them protected, but this administration’s actions do not match the will of the people. This administration is trying to dismantle the Park Service from the inside out, slashing park staff and now attempting to give away hundreds of national park sites that protect our nation’s irreplaceable history and culture and inspire and educate millions every year.

“For generations, Americans have believed that some places are so special that they should be protected for all time, and for all to experience. And that’s the mission Congress gave to the Park Service more than one hundred years ago. The Park Service is our nation’s greatest protectors and storytellers. And our more than 430 national parks are our nation’s greatest legacy. Any effort to hand many of these sites over to the states is a betrayal, and the American people won’t stand for it. If members of Congress truly care about the future of our national parks, now is the time to speak out and put a stop to this.

“This proposal strikes at the heart of who we are as a nation. NPCA and our millions of supporters are ready to fight back—for our parks, for our history and for our future.”

About the National Parks Conservation Association

Since 1919, the nonpartisan National Parks Conservation Association has been the leading voice in safeguarding our national parks. NPCA and its more than 1.6 million members and supporters work together to protect and preserve our nation’s most iconic and inspirational places for future generations. For more information, visit www.npca.org.

The post National Park Service Facing ‘Devastating’ $1.25 Billion Cut first appeared on RVBusiness - Breaking RV Industry News.

ELKHART, Ind. – Workers at three THOR Industries companies – Heartland RV, Cruiser RV and DRV Mobile Suites – received layoff notices issued in late April, according to Worker Adjustment and Retraining Notification Act (WARN) notices filed in Indiana and Michigan that have now become public record.

The news was first reported on April 30 (See “Layoff Notices Reported at Three THOR Industries Firms”).

The layoffs – affecting 14 manufacturing facilities and 570 workers – reportedly are planned to go into effect June 20.

Facilities and number of workers affected include:

• DRV – one plant in Howe, Ind., 51 workers
• Cruiser RV – five plants in Howe, 251 workers
• Heartland – six plants in Elkhart, one in Middlebury, Ind., and one in Sturgis, Mich., 268 workers.

THOR officials contacted by RVBusiness declined public comment.

The post States Post Official WARN Act Numbers of THOR Layoffs first appeared on RVBusiness - Breaking RV Industry News.

In the CNBC video above, Forest River CEO Doug Gaeddert speaks with Warren Buffett, Greg Abel and Becky Quick at the Berkshire Hathaway Annual Meeting about how tariffs and inflation are affecting the company’s prices.

Berkshire Hathaway’s annual meeting ended Saturday, May 3, with big news: Warren Buffett said he planned to ask the board to make Greg Abel the company’s CEO by year-end, according to a report by CNBC.

Abel, Berkshire’s vice chairman of non-insurance operations, was at Buffett’s side on stage when Buffett broke the news, and didn’t know these remarks were coming, according to “The Oracle of Omaha.”

The 94-year-old has had a six-decade run at the company, and its annual meetings draw thousands of shareholders from around the world to Omaha each year. The gathering, known as “Woodstock for Capitalists,” is a chance for Buffett to share his views on the markets, investing and life, in general.

This year, Buffett was asked about global trade policy and the tariffs that President Donald Trump has proposed as well as the market’s recent volatility.

“Trade should not be a weapon,” Buffett said. Read a full account of the day’s events below.

Click here to read the full report by CNBC.

The post Video: Forest River’s Gaeddert Meets with Warren Buffett first appeared on RVBusiness - Breaking RV Industry News.

In the CNBC video above, Forest River CEO Doug Gaeddert speaks with Warren Buffett, Greg Abel and Becky Quick at the Berkshire Hathaway Annual Meeting about how tariffs and inflation are affecting the company’s prices.

Berkshire Hathaway’s annual meeting ended Saturday, May 3, with big news: Warren Buffett said he planned to ask the board to make Greg Abel the company’s CEO by year-end, according to a report by CNBC.

Abel, Berkshire’s vice chairman of non-insurance operations, was at Buffett’s side on stage when Buffett broke the news, and didn’t know these remarks were coming, according to “The Oracle of Omaha.”

The 94-year-old has had a six-decade run at the company, and its annual meetings draw thousands of shareholders from around the world to Omaha each year. The gathering, known as “Woodstock for Capitalists,” is a chance for Buffett to share his views on the markets, investing and life, in general.

This year, Buffett was asked about global trade policy and the tariffs that President Donald Trump has proposed as well as the market’s recent volatility.

“Trade should not be a weapon,” Buffett said. Read a full account of the day’s events below.

Click here to read the full report by CNBC.

The post Video: Forest River’s Gaeddert Meets with Warren Buffett first appeared on RVBusiness - Breaking RV Industry News.

ELKHART, Ind.– LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today reported first quarter 2025 results.

First Quarter 2025 Highlights

• Net sales of $1 billion in the first quarter, up 8% year-over-year
• Net income of $49.4 million, which was 4.7% of net sales, or $1.94 per diluted share, in the first quarter, up 35% from the first quarter of 2024
• Net income, as adjusted for the loss on extinguishment of debt, was $55.6 million, or $2.19 per diluted share, in the first quarter, up 52% from the first quarter of 2024
• Adjusted EBITDA of $110.9 million, or 10.6% of net sales, in the first quarter, up 23% year-over-year
• Operating profit margin of 7.8% in the first quarter, up from 6.0% in the first quarter of 2024
• Cash flows from operating activities of $43 million, up $50 million from the first quarter of 2024
• Returned $57.6 million to shareholders through $28.3 million in share repurchases and a quarterly dividend of $1.15 per share, aggregating $29.4 million in the first quarter
• Refinanced long-term debt, extending most maturities, with issuance of $460 million of 3.000% convertible notes due 2030, repurchase of $368 million of 1.125% convertible notes due 2026, and refinancing of credit agreement with new $400 million term loan that matures in 2032 and $600 million revolving credit facility that matures in 2030
• Strong liquidity position with $231 million of cash and cash equivalents and $595 million of availability on revolving credit facility at March 31, 2025
• Completed the acquisition of Trans/Air, a provider of climate control systems for a wide range of buses and specialty vehicles, that has generated approximately $75 million in annual revenue in recent periods
• In April 2025, completed the acquisition of Freedman Seating, a manufacturer of transportation seating solutions to the bus and specialty vehicle markets, that has generated approximately $125 million in annual revenue in recent periods

“We delivered strong first quarter results, exceeding expectations despite ongoing macroeconomic headwinds. We continued to leverage both our innovative product portfolio and our distinct competitive advantages to capture content growth and market share across multiple product categories. This success, along with our steadfast focus on execution, effective cost management, and operational flexibility, enabled us to achieve both top and bottom line growth,” said Jason Lippert, LCI Industries’ president and chief executive officer. “Our first quarter results also demonstrated the agility of our operations, as we scaled production to support modest RV inventory rebuilding and drove 20% sales growth in our North American RV OEM business. We also recently acquired Freedman Seating and Trans/Air, deepening our position in the bus market, an adjacency shielded from consumer swings as city and transit fleet upgrades remain essential. Our ability to scale operations and presence in diverse end markets continues to support strong margin expansion, effectively driving an operating margin increase of 180 basis points.”

“This performance reinforces our confidence in the long-term potential of our approach. With an experienced leadership team that has successfully navigated a range of operating environments, we are taking proactive steps to deliver results now, not just when conditions improve,” Mr. Lippert continued. “We remain on track toward our $5 billion organic revenue goal in 2027. We are also on track to deliver an 85 basis point margin improvement in 2025 through optimizing infrastructure. As we move throughout the year, we will continue to effectively monitor, adjust, and lead through changing macroeconomic dynamics.”

“Our team’s unwavering commitment to operational excellence continues to drive LCI Industries forward, even as we navigate a complex macro environment,” commented Ryan Smith, LCI Industries’ Group President – North America. “Backed by a strong culture of innovation, quality, and service, we are executing with discipline across our operations and remain focused on delivering sustainable growth in 2025 and beyond. I wish to offer a sincere thank you for our teams who continue to perform and lead well in this tough environment!”

First Quarter 2025 Results

Consolidated net sales for the first quarter of 2025 were $1,045.6 million, an increase of 8% from 2024 first quarter net sales of $968.0 million. Net income in the first quarter of 2025 was $49.4 million, or $1.94 per diluted share, compared to $36.5 million, or $1.44 per diluted share, in the first quarter of 2024. Adjusted net income in the first quarter of 2025 was $55.6 million, or $2.19 per diluted share, excluding the loss on extinguishment of debt, net of tax effect, during the quarter, which was up 52% from net income in the first quarter of 2024. Adjusted EBITDA in the first quarter of 2025 was $110.9 million, compared to Adjusted EBITDA of $90.3 million in the first quarter of 2024. Additional information regarding adjusted net income and Adjusted EBITDA, as well as reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure of net income, is provided in the “Supplementary Information – Reconciliation of Non-GAAP Measures” section below.

The increase in year-over-year net sales for the first quarter of 2025 was primarily driven by a $65.2 million increase in net sales of the OEM Segment compared to the same period of 2024.

April 2025 Results

April 2025 consolidated net sales were approximately $392 million, up 3% from April 2024, primarily due to increases in Adjacent Industries OEM sales of 8% and RV OEM sales of 7%, partially offset by a decrease in international sales of 13%.

OEM Segment – First Quarter Performance

OEM net sales for the first quarter of 2025 were $823.6 million, an increase of $65.2 million compared to the same period of 2024. RV OEM net sales for the first quarter of 2025 were $530.8 million, up 15% compared to the same prior year period, primarily driven by an 18% increase in North American travel trailer and fifth-wheel wholesale shipments and market share gains, partially offset by an 11% decrease in motorhome wholesale shipments. Adjacent Industries OEM net sales for the first quarter of 2025 were $292.8 million, down 2% year-over-year, primarily due to lower sales to North American marine and powersports OEMs, partially offset by higher sales to utility trailers OEMs. The lower sales were driven by current dealer inventory levels, inflation, and elevated interest rates impacting retail consumer demand.

Operating profit of the OEM Segment was $62.0 million in the first quarter of 2025, or 7.5% of net sales, compared to an operating profit of $32.8 million, or 4.3% of net sales, in the same period in 2024. The operating profit expansion of the OEM Segment for the quarter was primarily driven by the impact of fixed production overhead and SG&A costs spread over increased sales, decreases in material costs, and increases in production labor efficiencies, partially offset by decreases in selling prices.

Aftermarket Segment – First Quarter Performance

Aftermarket net sales for the first quarter of 2025 were $222.0 million, an increase of 6% compared to the same period of 2024. The increase was primarily driven by higher volumes within the RV and marine aftermarkets and market share gains in the automotive aftermarket. Operating profit of the Aftermarket Segment was $19.3 million in the first quarter of 2025, a decrease of $5.4 million compared to the same period of 2024. The operating profit margin of the Aftermarket Segment was 8.7% in the first quarter of 2025, compared to 11.8% in the same period in 2024, and was negatively impacted by increases in sales mix of lower margin products, decreases in automotive aftermarket production volume, and investments in capacity and distribution processes to support growth of the aftermarket segment.

“Our aftermarket business delivered strong results to start 2025, fueled by the success of recent innovations and the growing number of vehicles entering the repair and replacement cycle,” commented Jamie Schnur, LCI Industries’ Group President – Aftermarket. “Our long-term demand potential continues to expand as LCI Industries increases content on RVs, which increases the amount of components that will ultimately enter the repair and replacement cycle and require our support. To ensure we capitalize on this demand and other emerging opportunities, we remain focused on investing in dealer training programs and delivering exceptional service to strengthen our network relationships and enhance the customer experience.”

Income Taxes

The Company’s effective tax rate was 26.5% for the quarter ended March 31, 2025, compared to 24.3% for the quarter ended March 31, 2024. The increase in the effective tax rate was primarily due to discrete tax expense related to tax deficiencies on stock-based compensation and a decrease in cash surrender value of company owned life insurance policies.

Balance Sheet and Other Items

At March 31, 2025, the Company’s cash and cash equivalents balance was $231.2 million, compared to $165.8 million at December 31, 2024. The Company used $29.6 million for an acquisition, $29.4 million for dividend payments to shareholders, $28.3 million for share repurchases, and $9.0 million for capital expenditures in the three months ended March 31, 2025.

On March 14, 2025, the Company closed the sale of $460.0 million aggregate principal amount of 3.000% convertible senior notes due 2030 (“the 2030 Convertible Notes”) in a private placement to qualified institutional buyers, resulting in net proceeds to the Company of approximately $448.5 million after deducting the initial purchasers’ discounts. Concurrent with the issuance of the 2030 Convertible Notes, the Company entered into convertible note hedge transactions and warrant transactions. The proceeds from the sale of the 2030 Convertible Notes were used to repay $368.0 million face value of 1.125% convertible senior notes due 2026 (leaving $92 million of the 2026 notes outstanding), to enter into the convertible note hedge transactions for $67.6 million (which was partially offset by the proceeds from the warrant transactions of $27.6 million), to repurchase $28.3 million of common stock, and for general corporate purposes.

On March 25, 2025, the Company entered into a new credit agreement comprised of a $600.0 million revolving credit facility and a new $400.0 million term loan B. The proceeds from the term loan were used, in part, to repay the remaining outstanding principal of the term loan under the previous credit agreement of $280.0 million and the previous credit agreement was terminated.

Following the refinancing activities detailed above, long-term debt maturities previously due in 2026 are now extended to 2030 for the revolving credit facility and the 2030 Convertible Notes (other than $92 million of the 2026 notes that remain outstanding) and to 2032 for the term loan.

The Company’s outstanding long-term indebtedness, including current maturities, was $938.3 million at March 31, 2025, and the Company was in compliance with its debt covenants. As of March 31, 2025, the Company had $595.3 million of borrowing availability under the revolving credit facility.

Conference Call & Webcast

LCI Industries will host a conference call to discuss its first quarter results on Tuesday, May 6, 2025, at 8:30 a.m. Eastern time, which may be accessed by dialing (833) 470-1428 for participants in the U.S. and (929) 526-1599 for participants outside the U.S. using the required conference ID 255011. Due to the high volume of companies reporting earnings at this time, please be prepared for hold times of up to 15 minutes when dialing in to the call. In addition, an online, real-time webcast, as well as a supplemental earnings presentation, can be accessed on the Company’s website, www.investors.lci1.com.

A replay of the conference call will be available for two weeks by dialing (866) 813-9403 for participants in the U.S. and (44) 204-525-0658 for participants outside the U.S. and referencing access code 323974. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.

The post LCI Industries Q1 ’25 Shows 8% YoY Increase in Net Sales first appeared on RVBusiness - Breaking RV Industry News.

ELKHART, Ind. – THOR Industries, Inc. (NYSE: THO) today (May 5) announced a strategic partnership between two of its subsidiaries, Jayco Inc. and Tiffin Motorhomes, whereby production of Class A diesel motorhomes for the Entegra Coach brand will transition from Jayco to Tiffin at its facilities in Red Bay, Ala., at which time these motorhomes will be marketed exclusively as Tiffin products, according to a release.

Jayco will continue to produce Model Year 2026 Entegra Coach diesel Class A motorhomes through the end of the 2025 calendar year, which include Cornerstone, Anthem, Aspire, and Reatta, at its campus in Middlebury, Ind. Jayco will provide customer service, parts and warranty experience for all Jayco-built Entegra Coach products. As part of its long-term product strategy, Tiffin will begin manufacturing successor products in calendar year 2026, integrating select Entegra Coach product names and design elements into its Model Year 2027 Class A lineup. As mentioned, these motorhomes will be marketed exclusively as Tiffin products, and service and warranty for all Tiffin-built motorhomes will be handled by Tiffin.

All Entegra Coach Class C, Class B and gas Class A motorhomes will continue to be produced, serviced and warrantied by Jayco.

This move allows Jayco to expand production capacity while ensuring that Entegra customers continue to receive the superior quality and attention to detail that they expect from an Entegra Coach unit, the release continued.

“Entegra Coach has earned a strong reputation for luxury, performance, and owner loyalty,” said Ken Walters, president of Jayco. “We’re confident that the Tiffin team understands the high standards our Entegra Coach customers expect. Tiffin’s long-standing commitment to quality and integrity makes them the ideal partner for this next chapter of Entegra.”

Tiffin Motorhomes has built its legacy on high-end craftsmanship, premium materials, and customer-first design. For the team in Red Bay, manufacturing Entegra Coach Class A motorhomes is a natural extension of that commitment.

“Tiffin is known for producing some of the highest quality motorhomes in the market, and we’re honored to bring that same level of excellence to the Entegra Coach brand,” said Leigh Tiffin, president of Tiffin Motorhomes. “We have an experienced and passionate team that takes great pride in their work, and we’re excited to uphold and continue the strong reputation Entegra has built over the years.”

“As the Class A diesel market continues to evolve and become a smaller part of the overall RV marketplace, it is important for us to optimize our production capabilities across the THOR family of companies,” said Bob Martin, president and CEO of THOR Industries, Inc. “Given the overall size of the Class A diesel market, integrating Entegra Coach into Tiffin optimizes our production at Tiffin where Class A diesels comprise a greater percentage of its product offering and allows us to leverage Tiffin’s expertise in the segment.

“As we look ahead, rapidly evolving requirements for the Class A diesel segment will require focused engineering and craftsmanship that Tiffin can provide for the Entegra brand,” Martin continued. “This strategic move reflects our ongoing commitment to adaptability, quality, and the long-term success of our brands and dealer partners with an unrelenting focus on maximizing customer experience.”

About THOR Industries

THOR Industries is the sole owner of operating companies which, combined, represent the world’s largest RVs manufacturer. For more information on the Company and its products, please visit https://www.thorindustries.com/. THOR has inspired and empowered people to connect with nature and each other nearly 45 years.

About Entegra Coach 

Headquartered in Middlebury, Indiana, Entegra Coach, a division of Jayco, Inc., manufactures and markets luxury diesel and gas motorhomes. For additional information about Entegra Coach or its products, call 1-(800)-517-9137 or visit www.entegracoach.com.

About Tiffin Motorhomes

Tiffin Motorhomes is proud to be one of the few family-operated RV manufacturers in the industry, making a significant difference in how our company operates versus our competitors. With the Tiffin name on every coach, building a superior motorhome is not just our occupation but a matter of personal pride. It has been a lifelong pursuit we are committed to perfecting. For further insights into Tiffin Motorhomes, visit www.tiffinmotorhomes.com.”

The post Entegra Coach to ‘Transition’ Class A Diesel Brands to Tiffin first appeared on RVBusiness - Breaking RV Industry News.