Thor Reports 25% Increase in 3Q Revenues
Jackson Center, Ohio-based Thor Industries Inc. announced today (May 3) preliminary sales, backlog, and cash, cash equivalents and investments for the third quarter and nine months ended April 30.
Preliminary consolidated sales in the quarter were $848.9 million, up 25% from $680.2 million last year. RV sales in the quarter were $739.45 million, up 32% from $559.2 million last year. Both consolidated and RV sales in the third quarter of Thor’s 2011 fiscal year include Heartland Recreational Vehicles LLC, acquired Sept. 16, 2010. Bus sales in the quarter were $109.5 million versus $121 million last year.
Consolidated sales in the nine months were $1.98 billion, up 23% from $1.6 billion last year. RV sales in the nine months were $1.7 billion, up 31% from $1.28 billion last year. Both consolidated and RV sales in the nine months of Thor’s 2011 fiscal year include Heartland RV since its acquisition. Bus sales in the nine months were $298.7 million versus $327.9 million last year.
Cash, cash equivalents and investments on April 30, 2011 were $61 million. Cash is lower this year as Thor used cash resources to acquire Heartland RV, invested in greater capital expenditures to upgrade and increase its production capacity, and increased its working capital utilization, which is tied to higher RV production and sales.
Consolidated backlog on April 30, 2011 was $633 million, compared to $667 million last year. RV backlog was $427 million, down 5% from $448 million last year. Both consolidated and RV backlogs on April 30, 2011 include Heartland RV. Bus backlog was $206 million versus $219 million last year.
“Thor had solid sales performance in the third quarter,” said Peter B. Orthwein, Thor Chairman, CEO and president. “The RV market is well balanced today, with dealer inventories better aligned with current demand, a healthy backlog, an improving promotional environment, and better conditions in both wholesale and retail credit. However, we continue to feel pressure from escalating fuel prices and other commodity costs. Thor’s retail RV market share has grown in each of its reported segments, according to the latest Statistical Surveys retail sales results as of February, 2011.”