Thor Posts Better-Than-Expected Q4 Results

September 29, 2010 by RV Business Leave a Comment

Thor Industries, Inc. announced on Tuesday (Sept. 28) better-than-expected results for the fourth quarter and year ended July 31, 2010.

According to a news release, sales for the quarter were $663,788,000, up 51% from $440,924,000 last year. Net income for the quarter was $40,600,000, up 64% from $24,781,000 last year. Basic earnings per share (E.P.S.) for the quarter were 78 cents versus 45 cents last year.

Sales for the year were $2,276,557,000 up 50% from $1,521,896,000 last year. Net income for the year was $110,064,000, more than six times the $17,143,000 of net income last year. Basic E.P.S. for the year were $2.08 versus 31 cents last year.

Total RV segment sales for the quarter were $563,658,000, up 67% from $337,990,000 last year. Towable RV sales for the quarter were $465,749,000, up 61% from $288,762,000 last year. Motorized RV sales for the quarter were $97,909,000, up 99% from $49,228,000 last year. Total RV segment sales for the year were $1,848,549,000, up 66% from $1,115,006,000 last year. Towable RV sales for the year were $1,556,591,000, up 63% from $953,279,000 last year. Motorized RV sales for the year were $291,958,000, up 81% from $161,727,000 last year. Bus segment sales for the quarter, including buses and ambulances, were $100,130,000, compared with $102,934,000 last year. Bus segment sales for the year were a record $428,008,000, up 5% from $406,890,000 last year.

Total RV segment income before tax for the fourth quarter was $57,779,000, more than double $24,827,000 last year. Towable RV income before tax for the quarter was $52,207,000, double the $26,150,000 of income before tax last year. Motorized RV income before tax for the quarter was $5,572,000, compared with a loss of $1,323,000 last year. Total RV segment income before tax for the year was $156,232,000, up dramatically from $17,619,000 last year. Towable RV income before tax for the year was $145,604,000, more than triple the $47,347,000 of income before tax last year. Motorized RV income before tax for the year was $10,628,000, versus a loss of $29,728,000 last year. Bus segment income before tax for the quarter was $6,149,000, compared with $7,159,000 last year and was $29,904,000 for the year, up 72% from $17,422,000 last year.

“I am particularly proud of our improved margins which reflect Thor’s cost-cutting and process efficiency efforts and have resulted in our quarterly and annual earnings being well in excess of analyst consensus estimates,” said Peter B. Orthwein, Thor chairman. “Our bus segment continues to be performing well amidst tenuous market conditions. Thor’s September 2010 acquisition of Heartland RV, coupled with our strong cash position and no outstanding debt, will help fuel additional growth and shareholder value in 2011 and beyond.”

Shares of Thor, which gained 18% in the past month, were up 1% at $29.50 in trading after the closing bell on the New York Stock Exchange.