Thor Industries Inc. today (Nov. 30) reported increased sales, net income and earnings per share (E.P.S.) for the first quarter ended Oct. 31, according to a news release.
Net income was $23,429,000, more than quadruple last year’s $5,120,000. E.P.S. were 42 cents versus 9 cents last year. Sales for the quarter were $502.6 million, up 15% from $438.8 million.
RV income before tax in the quarter was $31,642,000, up more than five-fold from $5,772,000 last year. Bus income before tax was $8,380,000, up 58% from $5,297,000 last year. RV sales in the quarter were $389.9 million, up 18% from $330.4 million last year. Bus sales in the quarter were $112.6 million, up 4% from $108.4 million last year. Net corporate costs were $2.8 million, the same as the prior year.
“Thor’s financial condition remains excellent,” said Peter B. Orthwein, Thor chairman, CEO and president. “Cash, cash equivalents and investments were $329 million, even after distributing a special dividend of 50 cents per share or $27.7 million to Thor shareholders in the quarter. Results are much improved, driven by aggressive cost cutting, strong towable and modest motorized RV sales increases and greater efficiencies in Bus (segment). We were profitable in all business segments in the quarter, including motorhomes, and our backlog remains at record levels for this time of year.”
Thor is the world’s largest manufacturer of recreation vehicles and a major builder of commercial buses.