Thor Earns Profit, Gains Market Share in Q3
Thor Industries Inc. has announced results for the third quarter and nine months ended April 30.
Sales for the quarter were $415.5 million, down from $707.9 million last year. Net income for the quarter was $2.1 million, versus $27.85 million last year.
Sales for the nine months were $1.08 billion versus $2.07 billion a year ago. Net loss for the nine months was $7.63 million versus net income of $87.67 million last year.
RV sales in the quarter were $312.04 million, down from $600.96 million last year. RV sales in the nine months were $777.02 million, down from $1.77 billion last year. Bus sales in the quarter were $103.4 million, compared to $106.97 million last year. Bus sales in the nine months were a record $303.96 million, up from $300.4 million last year.
RV income before tax was $6.86 million in the quarter versus $45.4 million last year. RV loss before tax in the nine months was $7.21 million versus $137.12 million income last year. Bus income before tax in the quarter was $1.24 million, down from $5.11 million last year and $10.26 million in the nine months versus $12.8 million last year. Corporate net costs were $3.53 million in the quarter versus $6.17 million last year and $13.18 million in the nine months versus $9.9 million last year.
“We incurred a $9.7 million RV non-cash goodwill impairment charge and a one-time $4.7 million increase in bus self-insurance and other reserves in the quarter,” said Wade F. B. Thompson, Thor chairman. “We continue to substantially increase our market share in both towable and motorized RVs. For the three months ended March, our travel trailer and fifth-wheel share increased to 32.6% from 30.2% last year and our motorhome share increased to 16.7% from 13.3% last year. We also increased our market share in the first quarter in the small and mid-size bus industry to 41% from 37%. Our operating cash flow is positive, we continue to have zero debt, and we believe our cash and working capital is the strongest in our industries.”