Thor Reports Profits Rose on Sales Turnaround

March 9, 2010 by RV Business Leave a Comment

Thor Industries Inc., Jackson Center, Ohio, reported Monday (March 8) increased sales, net income and earnings per share (EPS) for the second quarter and six months ended Jan. 31.

Net income for the second quarter was $11.92 million versus a loss of $14.86 million last year. EPS were 22 cents versus a loss of 27 cents last year, according to a news release.

Sales for the second quarter were $430 million, up 90% from $226.7 million last year. Net income for the six months was $35.35 million, compared to a loss of $9.74 million last year. EPS for the six months were 65 cents versus a loss of 18 cents last year. Sales for the six months were $932.6 million, up 40% from $665.5 million last year.

RV income before tax in the quarter was $18.06 million compared to a loss of $19.84 million last year. Bus income before tax in the quarter was $6.23 million, up 67% from $3.72 million last year. RV sales in the quarter were $335.8 million, up 150% from $134.6 million last year. Bus sales in the quarter were $94.2 million, up 2% from $92.1 million last year. Net corporate costs in the quarter were $5 million vs. $6.8 million last year.

RV income before tax for the six months ended Jan. 31 was $49.7 million compared to a loss of $14.07 million last year, a $64 million turnaround. Bus income before tax for the six months was $14.61 million, up 62% from $9.02 million last year.

RV sales for the six months ended Jan. 31 were $725.7 million, up 56% from $465 million last year. Bus sales for the six months were $206.9 million, up 3% from $200.5 million last year. Net corporate costs for the six months were $7.8 million versus $9.7 million last year.

“Thor’s results continue to progress, propelled by improving RV market conditions and strong bus efficiencies. We continue to be profitable in all segments of our businesses, including motorhomes, reflecting the permanent cost reductions we have made,” said Peter B. Orthwein, Thor chairman.