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Thor Reports 6% Rise in Third-Quarter Earnings
Posted By RVBusiness On June 7, 2013 @ 12:24 pm In Breaking News,News In Focus | No Comments
Thor Industries Inc. today (June 6) reported a 6% increase in earnings for its fiscal third quarter, ended April 30, on a 13% increase in sales.
Revenue for the third quarter totaled $1.05 billion compared to $926.5 million in the third quarter last year, based on strength in RV sales. Net income for the third quarter was $43.8 million, or 82 cents per diluted share, up 6% from $41.3 million, or 78 cents per diluted share, in the prior-year third quarter.
Sales for the nine months totaled $2.67 billion, up 22% from $2.2 billion in the prior-year period. Net income for the nine months was $94.6 million, or $1.78 per share, up 22% compared to $77.4 million, or $1.43 per share, in the first nine months of fiscal 2012.
“We are pleased with the continued growth in revenues and earnings we were able to achieve in the third quarter, as a number of the actions we’ve taken to improve our operations began to gain traction,” said Bob Martin, Thor president and COO. “While our markets remain competitive, we are now in the middle of the peak selling season for the RV industry, when demand improves and discounting tends to stabilize, leaving us in a strong position to finish out the year.”
Highlights of Thor’s third quarter include:
• Total RV sales were $929.8 million, up 15% from $807.2 million in the third quarter last year.
• Towable RV sales were $742.5 million, up 9% from $680.5 million in the prior-year period.
• Motorized RV sales were $187.3 million, up 48% from $126.7 million in the prior-year third quarter.
• Bus segment sales were $119.4 million, up slightly from $119.3 million in the third quarter last year.
“Thor generated strong gains in both revenues and net income during the third quarter, based on continuing strength in our RV business and stability in our bus business,” said Peter B. Orthwein, Thor chairman and CEO. “Our results for the third quarter reflect the dealer optimism and improved retail consumer demand that has been building since the beginning of the year, which is now entering peak seasonal demand for our RV products. Based on the current positive momentum we see in our markets, we are confident in our ability to generate growth in sales and earnings for the remainder of the year.”
To view the entire report click here.
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