Thor Industries Inc. eclipsed $2 billion in sales for its first nine months, ended April 30, as the Jackson Center, Ohio-based company reported record third quarter revenue and earnings.
Investors responded to the healthy report, which exceeded analysts’ expectations, as Thor shares rose sharply in afternoon trading and ended the day up $2.11 at $48.01 per share.
“We continue to outperform the RV industry in both segments, motorhomes and towables,” said Thor Chairman Wade F. B. Thompson. “Our ongoing capital expenditures, process improvements, and plant expansions are yielding better products and quality, driving increased margins and setting Thor apart from RV competitors. We expect these positive trends to continue.”
The recreational vehicle and bus manufacturer reported a 43% increase in net income for the nine months to $126.3 million from $88.6 million a year ago on sales of nearly $2.3 billion, up 19% from $1.9 billion.
Net income for the quarter increased 51% from $32.9 million to $51.1 million, the highest in the company’s history. Sales for the quarter were up 18% to $857.6 million from $728.7 million last year.
“We began the fourth quarter with a record backlog of $698 million, up 53% from last year, cash and short term investments of $266 million, more than double last year, and $115 million more working capital than last year, all of which bodes well for continuing growth,” Thompson said.
RV sales in the quarter were a record $776.6 million, representing a 17% increase from $662.8 million last year. RV revenues in the nine months rose 18% to $2 billion from $1.7 billion the previous year.
Thompson said the company owned a 32.1% market share in the towable sector and had moved to the No. 3 slot among motorhome manufacturers with a 13.1% market share.