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Thor Industries Inc. posted an 18% increase in net income to over $20 million during the Jackson Center, Ohio-based company’s fiscal second quarter, ended Dec. 31, and showed a 35% gain in profits for the first six months.
The largest manufacturer of recreational vehicles and mid-size buses reported net income for the quarter was a record $20.6 million compared with $17.5 million the previous year, yielding a 16% rise in earnings per share to 36 cents. Sales for the quarter were $537 million, up 26% from $426.5 million in the same three-month period a year prior.
Net income for the six months was $55.7 million versus $41.2 million in the previous year on revenues of nearly $1.2 billion, up 28% from $916 million. Results include the acquisition of CrossRoads RV last November.
RV sales in the quarter were up 28% to $479 million and increased 31% to just over $1 billion for the sixth months.
Thor also reported receiving an order from rental firm Cruise America for motorhomes valued at $59 million.
Shares of Thor stock closed trading today (March 1) down $2.74 at 35.30.