Thor’s Earnings Double, Towables Share Reaches 24%
Thor Industries Inc. reported today (Sept. 30) its net earnings increased 140% in its fourth fiscal quarter and 92% for its full fiscal year 2002.
Thor also said its towable RV retail market share climbed to 23.9% for the first seven months of this year.
Thor, a New York Stock Exchange-listed company, said it earned $20.2 million in its fourth fiscal quarter, which ended July 31. That represents a 140% increase over the $8.4 million it earned in the May-through-July portion of 2001.
Meanwhile, the RV and transit bus manufacturer earned $51.2 million during the 12 months ended July 31, a 92% increase over the $26.7 million earned in fiscal year 2001.
The Jackson Center, Ohio-based company’s fourth fiscal quarter total sales revenue climbed 81% higher to $401.4 million and its full fiscal year 2002 total revenue was up 52% to $1.25 billion.
RV sales revenue during the May-through-July period increased 138% to $344.9 million and RV revenue was up 84% fori the 12 months ended July 31 to $973.7 million.
Additionally, Thor’s RV-related pre-tax income was up 321% in the May-through-July period to $34.9 million, and its full fiscal year 2002 RV-related pre-tax income climbed 207% higher to $77.5 million.
Thor’s fourth fiscal quarter and full fiscal year 2002 results include contributions from Keystone RV Co. since November 2001, when Thor acquired Keystone. However, its fourth fiscal quarter 2001 and full fiscal year 2001 results do not include any Keystone contributions.
When Keystone’s contributions are excluded from 2002 figures, Thor’s RV-related pre-tax income was up 71% in the fourth quarter and up 29% for full all of fiscal 2002.
Thor’s fiscal year 2003 got off to a strong start with its August sales climbing 86% higher to $136 million, according to Chairman Wade Thompson. When calculating the rate of increase, Thompson did not include Keystone’s sales in August 2001.
Meanwhile, Thor’s share of the retail market for all of the types of towable RVs that are followed by Statistical Surveys Inc. climbed to 23.9% in the first seven months of this year, Thompson said. The figures from Statistical Surveys, an independent market research firm, include retail sales of travel trailers, fifth-wheels, folding campers and park models.
In the first seven months of 2001, including Keystone sales, Thor had a 20.7% share of the retail market for all four types of towable RVs, according to Statistical Surveys.
In travel trailers and fifth-wheels, the largest towable RV segment, Thor had a 29% share for the first seven months of this year, according to Statistical Surveys. No. 2 in the travel trailer/fifth-wheel category was Forest River Inc., Goshen, Ind., with a 14.3% retail market share.
In folding campers, Thor was No. 6 with a 4.1% retail market share in the first seven months of this year.
Thor does not build park models.