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Recreational vehicle and bus manufacturer Thor Industries Inc., Jackson Center, Ohio, reported record sales and earnings in its first fiscal quarter and projected even better results for the balance of the year.
The RV industy’s largest towable builder posted a net income of $35.1 million for the quarter, up 48 percent over the same three months last year.
Thor reported that RV sales rose 34 percent to $582.3 million compared to last year, while total sales rose 29 percent to $632.7 million. Bus sales declined from $57.4 million last year to $50.4 million in the first quarter of the current fiscal year.
“The improvements … bode well for a record fiscal 2005, our 25th year,” Thor chairman and chief executive officer Wade Thompson said in a statement.
“The trend in the (RV) industry has been surprisingly good despite shaky economic conditions,” said Joseph Chumbler, a research analyst with investment banker Stephens Inc. Thor’s sales beat his predictions by about $30 million, Chumbler said.