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Weather Impacts Thor Second-Quarter Revenue
Posted By RVBusiness On February 5, 2014 @ 12:13 pm In Breaking News,News In Focus | No Comments
Thor Industries Inc. today (Feb. 4) announced preliminary sales as well as continued growth in the company’s backlog for the second quarter and six months, ended Jan. 31.
Preliminary consolidated sales from continuing operations in the second quarter were $636.3 million, down slightly from $636.6 million in the second quarter last year. Towable RV sales for the second quarter totaled $474.1 million, representing a 9.3% decline from $522.8 million in the second quarter of fiscal 2013. Motorized RV sales in the second quarter increased 42.5% to $162.2 million from $113.8 million in the same quarter a year ago.
For the six months, preliminary consolidated sales from continuing operations were $1.44 billion, up 2.9% from $1.40 billion last year. Towable RV sales for the six months were $1.1 billion, down 5.2% from $1.16 billion last year while motorized RV sales rose 43.8% to $339.3 million from $236 million last year.
Consolidated backlog on Jan. 31 was $845.2 million, up 37.1% from $616.6 million at the end of the second quarter last year. Towable RV backlog increased 33.7% to $501.9 million, compared to $375.4 million at the end of the second quarter of fiscal 2013. Motorized RV backlog increased 42.3% to $343.3 million from $241.2 million a year earlier.
“Thor’s sales for the second quarter were adversely affected by the severe winter weather that has plagued the Midwest this year. In January, our operations in Indiana lost several days of production due to severe cold temperatures and heavy snow,” said Bob Martin, Thor president and CEO. “The severe weather affected our ability to receive materials, run production and ship units amid the frigid temperatures and hazardous road conditions. The second quarter sales total also reflects the impact of certain operational moves we’ve made over the past few months. Ultimately, these factors have resulted in a shift in the timing of deliveries and revenues from the second quarter to later in the year as indicated by our backlog growth. The RV markets remain strong as reflected by the higher traffic and increased sales activity we’ve seen in the early retail shows,” he added.
Thor expects to report its second-quarter operating results on March 6.
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