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RV maker Thor Industries shares rise on earnings beat

A factory worker installs rivets on the rear window of an Airstream RV travel trailer at the company's assembly plant in Jackson Center, Ohio.
Luke Sharrett | Bloomberg | Getty Images

Shares of Thor Industries gained more than 12 percent Tuesday after the recreational vehicle maker posted earnings and revenue above analysts' forecasts.

The company reported fiscal first-quarter earnings of $1.49 per share on revenue of $1.71 billion, well over Thomson Reuters estimates for $1.23 a share and revenue of $1.5 billion.

Thor said the results are a reflection, in part, of strength in the company's towable trailer segment and consumer reception of its products.

"Starting with our dealer open house in September, our new products have been incredibly well-received, with strong year-over-year sales and backlog growth," President and CEO Bob Martin said in the earnings release. "With continued dealer optimism and steady economic conditions, we believe 2017 will be one of the strongest years for wholesale shipments for the industry since the 1970s."

Thor Industries 5-Day Chart

Martin told CNBC's "Mad Money" on Tuesday that much of the company's success is due to millennials and younger generations who are camping more.

"For us, getting these younger buyers in at an earlier age really helps the cycle to where once they start camping, they typically don't stop," he said. "They typically trade into another unit, typically a larger unit, and for us that is just great news for the long-term of the RV industry as a whole."

He added that people in the younger demographic are finding more ways to use their RVs outside of the campground, such as for tailgating and soccer games. More people are also rejecting Black Friday in favor of "Campsgiving," he said.

"With an RV, it's a little bit different than a boat because you extend the season." he said. "So there are just so many things in our camp that are doing well for us."

Thor's stock is up more than 81 percent year to date.

— CNBC's Antonio José Vielma contributed to this report.