Thor Fiscal ’09 Profits Exceed Analysts’ Forecasts
Thor Industries Inc. today (Sept. 29) announced results for the fourth quarter and 12 months ended July 31.
Net income for the quarter was $24.78 million, up from $5.04 million last year. Sales for the quarter were $440.9 million versus $569.8 million last year. Net income for the 12 months was $17.14 million, compared to $92.7 million last year. Sales for the 12 months were $1.521 billion, compared to $2.64 billion last year.
Earnings per share (EPS) of 45 cents in the quarter is nearly double analysts’ consensus estimates of 23 cents, while EPS of 31 cents for the year is almost triple analysts’ consensus estimates of 11 cents. Operating margins significantly improved in the quarter as a result primarily of cost-cutting initiatives.
“We achieved profits in both RV and bus in the quarter and year, a notable accomplishment,” said Wade F. B. Thompson, Thor chairman. “Further, we maintained our record of ‘never a loss’ in the 29 years since our founding, a performance that we believe is unique in our industries. The RV business is improving after having been in a depression for over a year, with industry shipments down over 50%. The bus business was also affected by the recession. Recently, bus order input has benefited from the federal stimulus package. These orders will be reflected in F2010 results. In August, for the first time in two years, industry towable RV sales increased (up 14%) while motorized sales continue to be very soft.”
RV sales in the quarter were $337.99 million versus $454.52 million last year. Bus sales in the quarter were $102.93 million versus $115.33 million last year. RV sales in the 12 months were $1.,115 billion compared to $2.224 billion last year. Bus sales in the 12 months were $406.89 million, versus $415.73 million last year.
RV income before tax was $24.83 million in the quarter, almost triple $8.66 million last year and $17.62 million in the 12 months versus $145.78 million last year. Bus income before tax in the quarter was $7.16 million versus $8.32 million last year and $17.42 million in the 12 months versus $21.13 million last year.
“Thor is the only company to show an increase in market share in both towables and motorized recreation vehicles,” Thompson noted. “For the seven months ended July 31, Stat Surveys reported that Thor increased its towable share to 31.1%, up from 30.4% last year and increased its motorized share to 17.7% versus 15.1% last year. Thor’s market share of the mid-size bus market is also up, at approximately 40%, according to industry statistics.”