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Thor Industries Inc. reported record sales and earnings for its third fiscal quarter and the first nine months of its 2003 fiscal year because of its rapidly growing RV sales.
The New York Stock Exchange-listed company earned a record $20.2 million during the three months ended April 30, a 21% increase over the $16.6 million it earned during the same portion of 2002.
Meanwhile, Thor’s earnings for the nine months ended April 30 increased by 82% to a record $56.4 million, compared with $31 million a year earlier. (Thor acquired towable RV builder Keystone RV Co. early in November 2001, so the year-earlier results do not include Keystone’s contributions from August through October of 2001.)
Meanwhile, Thor’s RV sales revenue increased 19% during the February-through-April period to $359.2 million and its RV sales climbed 57% higher in the nine months ended April 30 to $987.3 million.
However, Thor’s bus sales declined 20% in the February-through-April period to $53.6 million and its bus sales in the nine months ended April 30 declined 25% to $161.6 million.
Because of the earnings growth, Thor doubled its quarterly cash dividend to 2 cents per share, which will be payable July 3 to shareholders of record as of June 16.
Additionally, Thor reports its RV retail registrations were up 13% in May to 8,982 units, valued at $121.1 million, a 6% increase over May 2002.
However, Thor’s RV order backlog as of April 30 totaled $172.7 million, which was down 35% when compared with April 30, 2002. But Thor executives believe RV order backlog was lower “primarily as a result of the run-up to the Iraq war and the war itself.”