Thor Industries Inc., Jackson Center, Ohio, posted record first-quarter net income and sales, substantially exceeding Wall Street analysts’ consensus estimates.
The recreational vehicle and midsize bus builder reported net income of $43.4 million for the three-month period ended Oct. 31, up 24% from $35.1 million a year ago. It was the highest net income figure for any quarter in Thor’s history.
Sales for the quarter were $761.3 million, up 20% from $632.7 million last year.
Thor said its backlog on Oct. 31 was $473 million, up 38% from $344 million last year. Its RV backlog was $333 million, up 59% from last year, while its bus backlog increased by 5% to $140 million.
Thor reported 24,191 RV unit sales for the quarter, up 21% from the 19,935 a year ago.
Thor Chairman Wade F.B. Thompson noted: “We expect November retail sales to exceed November last year. Further, we have achieved significant retail market share increases in all of our RV product categories, according to Statistical Surveys. The improvements in gross and net margins versus last year are especially gratifying and bode well for a record fiscal 2006.”