Thor Industries Inc. today (Nov.2) announced record sales of $632.3 million and also expects significantly improved operating margins for its fiscal 2005 first quarter.
“Our strong start in the first quarter leads us to be optimistic for a very positive fiscal 2005, our 25th year,” said Chairman Wade F.B. Thompson.
Sales in the quarter, ended Oct. 31, were $632.3 million, up 29% from $490.4 million last year. RV sales were $581.5 million, up 34% from $433.0 million last year while bus sales were $50.8 million versus $57.4 million last year.
According to CBS MarketWatch, first quarter revenues exceeded Wall Street expectations and were above the average analyst estimate compiled by Thomson First Call of $561.1 million.
The report comes on the heels of Monday’s (Nov. 1) announcement concerning the acquisition of Topeka, Ind.-based towable builder CrossRoads RV. Thor said the acquisition of CrossRoads gives the Jackson Center, Ohio-based company a 35.8% market share in fifth wheels, larger than its next four competitors combined.
Thor also reported a record backlog on Oct. 31 of $343.6 million, up 8% from $319.3 million last year. RV backlog was $209.6 million, down 4% from last year and bus backlog was up 33% to $134 million.
Thor’s retail RV unit sales in the quarter were up 3% to 19,471 units versus 18,847 units last year. Towable retail sales were up 3% to 17,844 units and motorized retail sales were up 3% to 1,627 units.