Thor Industries Inc. reported record fourth-quarter and fiscal year 2004 earnings and revenues, including $1.97 billion in RV sales, while also posting a strong performance in August, the first month of its fiscal year 2005.
During the 12 months ended July 31, Thor’s net income increased 35% to $106.1 million, compared with $78.6 million a year earlier.
Fourth-quarter results of Thor’s fiscal year 2004 saw the company’s net income increase 44% to $32.1 million, compared with $22.3 million during the May-through-July portion of 2003.
And, if August is any indication, the Jackson Center, Ohio-based company may surpass those figures in 2005.
“This performance far surpasses any other company in our businesses,” said Wade F.B. Thompson, chairman of the RV and midsize bus builder. “With sales up 52% and net income up 80% in August 2004, we anticipate another record-breaking year in fiscal 2005.”
During its full fiscal year 2004, Thor’s RV sales increased 46% to $1.97 billion, compared with $1.35 billion in 2003. The New York Stock Exchange-listed company’s bus sales declined 1% in the 12-month period to $214.7 million, compared with $217 million a year earlier.
For the quarter, Thor’s RV sales increased 56% for the May-through-July period to $571.7 million, compared with $367.1 million a year earlier.
Bus sales declined 3% to $53.5 million, compared with $55.4 million a year earlier.
Class A motorhome and park-model builder Damon, which Thor acquired on Sept. 2, 2003, contributed $52.7 million in RV sales revenue during the May-through-July period and $210.1 million in sales during the 12 months ended July 31.
Damon accounted for $1.9 million of Thor’s $55.1 million in pre-tax RV-related earnings during the parent company’s fourth fiscal quarter and $10.9 million of its $173 million in pre-tax RV-related earnings for the 12 months ended July 31.