Thor Sees 4Q Sales Growth, Profits Off Slightly

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Thor Industries Inc. reported a 16% increase in sales for the fourth quarter, ended July 31, while earnings edged down from $40.6 million to $36.9 million.

Sales for the quarter totaled $770.5 million compared to $663.8 million last year. Basic earnings per share (EPS) during the three-month period were 66 cents versus 78 cents last year.

Revenues for the year totaled $2.75 billion, up 21% from nearly $2.3 billion in 2010 while net income was $106.3 million compared with $110 million. Basic EPS for the year were $1.92 versus $2.08 last year.

“Thor delivered solid results in both the fourth quarter and its fiscal year amidst challenging market conditions in both the RV and bus businesses,” said Peter B. Orthwein, Thor Chairman. “We look to RV retail sales to pull through wholesale shipments in the year ahead, and to improving conditions in the 2012 public transportation market to fuel better bus sales ahead for Thor.

“Thor’s RV open house in Elkhart, Ind., last week was a success, with dealers optimistic and ordering. Dealer response to our new RV product lines is very positive. Likewise, Thor’s new low-floor cutaway bus products received favorable reviews at the recent BusCon convention in Chicago. I believe that Thor is well positioned to perform in both of our businesses this fiscal year.

Total RV sales for the quarter were $654 million, a 16% increase from $563.6 million last year. Towable RV sales for the quarter were $565.5 million, up 21% from $465.7 million in 2010. Motorized RV sales for the quarter were $88.4 million, down 10% from $97.9 million the previous year.

Total RV sales for the year were $2.3 billion, up 27% from $1.8 billion the year prior. Towable RV sales for the year were nearly $1.98 billion, representing a 27% increase from $1.55 billion last year. Towable RV sales in both the quarter and the year include Heartland RV, since its acquisition on September 16, 2010. Motorized RV sales for the year were $363 million, up 24% from $292 million last year.

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