Editor’s Note: Following this week’s release of the wholesale RV shipments report from the Recreation Vehicle Industry Association (RVIA), the investment firm of Robert W. Baird & Co. distributed a routine advisory note to its investors. Highlights of that note follow.

October RV shipments up 31%. Wholesale shipments improved 31% on strong growth across all categories. Key categories drove the robust growth, with both motorhome (Class A and C) and towable (travel trailer and fifth-wheel) shipments growing 32% in the month. The growth is consistent with elevated dealer sentiment and reportedly strong orders out of the Elkhart open house. Class A and C shipments are now up 8% YTD, and travel trailer and fifth-wheel shipments have grown 14% YTD.

Towable (TT and 5W) shipments up 32%. Travel trailer shipments grew 33%, while fifth-wheel shipments jumped 29%. The strong October growth followed robust shipments in July (+30%), August (+15%), and September (+13%). Combined, travel trailer and fifth-wheel shipments were up 14% YTD.

Motorhome (A and C) shipments grew 32%. Robust motorhome growth continued for the fourth consecutive month as Class A shipments grew 26% while Class C shipments jumped 43%. Class A and C shipments are now up 8% YTD.

Thor. October marks the third month of Thor’s fiscal 1Q13. Thor reported quarterly results on Nov. 26 — towable shipments increased 27% and motorhome shipments jumped 78%.

Winnebago. October marks the second month of Winnebago’s fiscal 1Q13. The October industry growth in motorhomes (A and C; +32%) compares favorably to our +24% expectation for Winnebago shipments.

RVIA updates shipment forecast. RVIA released its updated RV shipment forecast in conjunction with the Association’s annual National RV Trade Show. RV shipments are projected to have increased nearly 10% by the end of 2012, and 2013 shipments are projected to grow 4.5% to nearly 290K units.

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