Thor Year-End Sales Grow 9% to $3.53 Billion
Thor Industries Inc. today (Aug. 4) announced preliminary sales from continuing operations, as well as continued strong year-over-year growth in the company’s backlog, for the fourth quarter and full year, ended July 31.
Preliminary consolidated sales from continuing operations in the fourth quarter were $1.04 billion, up 14% from $914.0 million in the fourth quarter last year. Towable sales for the fourth quarter increased 11% to $825.5 million from $745.8 million while motorized sales grew 29% to $217.5 million from $168.2 million.
For the full year, sales from continuing operations were $3.53 billion, up 9% from $3.24 billion last year. Towable sales for the year showed a 3% gain to $2.72 billion compared to $2.65 billion and motorized sales rose 36% to $803.5 million from $591.5 million.
Consolidated backlog on July 31 was $538.1 million, up 22% from $441.5 million at July 31, 2013. Towable backlog increased 30% to $296.9 million versus $228.4 million at the end of fiscal 2013 while motorized backlog increased 13% to $241.2 million from $213.1 million.
Thor’s preliminary sales results and backlog for the fourth quarter of fiscal 2014 included a full-quarter impact of the acquisition of K-Z Inc., which was completed on May 1. Thor’s fourth-quarter results will include the required purchase price accounting for the K-Z transaction.
“We are pleased with the progress we’ve made in the fourth quarter and fiscal year as we’ve continued to execute our operational plans, consolidate facilities and begin to integrate our acquisition of K-Z, resulting in another strong quarter of sales for Thor,” said Bob Martin, Thor president and CEO. “With the actions we have taken in the past year, we have incurred some short-term financial costs, but the result is a strong base on which to build our long-term success. As we begin fiscal 2015, we are excited to showcase our new model year products at our upcoming Dealer Open House to be held in Elkhart next month, which we expect will provide a positive start to the fiscal year.”
Thor expects to report its fourth-quarter operating results on Sept. 25.