Thor Industries Inc. reported record sales revenue for its fourth fiscal quarter and fiscal year 2003, both of which ended last Thursday (July 31).
The New York Stock Exchange-listed company reports its total sales revenue increased 5% during the May-through-July period to a record $420.9 million. Its RV sales increased 6% to $365.5 million, although its transit bus sales declined 2% in the period to $55.4 million.
For fiscal year 2003, Thor’s total sales increased 26% to $1.57 billion and its RV sales climbed 39% to $1.35 billion.
Thor’s fiscal 2002 results, against which its fiscal 2003 performance is compared, includes only nine months of contribution from Keystone RV Co., which Thor acquired in November 2001.
Meanwhile, Thor’s transit bus sales revenue declined 20% during fiscal 2003 to $217 million.
In terms of unit volume, retail sales of Thor’s motorhomes and towable RVs increased 17% in the May-through-July period to 26,023 units, compared with 22,209 units sold by a year earlier.
Retail sales of Thor RV products exceeded wholesale shipments by 7,200 units. That means Thor’s dealer inventories were reduced by 22%, “which bodes well for a strong start to fiscal 2004,” according to the company.
As of Thursday of last week, however, Thor’s RV order backlog totaled $201 million, which was down 20% when compared with July 31, 2002.
Meanwhile, the company’s bus-order backlog increased 9% to $108 million, also of Thursday, its highest in 18 months.
Thor will issue its fourth fiscal-quarter and full fiscal-year 2003 earnings report in about eight weeks.