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Thor Industries Inc. reports record net earnings for the three months and 12 months ended July 31, and the Jackson Center, Ohio-based says its retail sales remained robust in August and September.
The company earned $22.3 million in the three months ended July 31, the fourth quarter of its fiscal year 2003, a 10% increase over the $20.2 million it earned during the May-through-July portion of 2002.
Thor’s sales revenue increased 5% during its fourth fiscal quarter to $422.5 million.
For fiscal 2003, Thor’s net earnings increased 54% to $78.6 million, compared with $51.2 million in fiscal 2002.
The New York Stock Exchange-listed company’s fiscal 2003 sales revenue increased 26% to $1.57 billion, compared with $1.25 billion a year earlier.
Thor, which also builds transit and shuttle buses, reports its RV sales increased 6% in the May-through-July period to $367.1 million. However, its pre-tax RV-related earnings declined 4% in the three months ended July 31 to $33.5 million.
For the 12 months ended July 31, Thor’s RV sales revenue climbed 39% higher to $1.35 billion and its RV-related pre-tax earnings increased 58% in fiscal 2003 to $122.7 million.
The financial results reported today (Oct. 1) by Thor do not include contributions from Damon Motor Coach, which Thor acquired on Sept. 2. However, Thor also reported that its retail sales, in terms of units, in August and September were up 25% when compared with the same two months in 2002. In drawing the comparison, Thor included Damon’s September 2002 and September 2003 sales.
Meanwhile, Thor’s RV order backlog as of Tuesday (Sept. 30) was valued at $337 million, compared with $301 million a year earlier, excluding Damon.
Thor’s cash balance as of July 31 amounted to a record $172.2 million and the company has no debt.
Because of its earnings performance and strong financial position, Thor’s Board decided to raise the company’s quarterly cash dividend to 3 cents a share, from 2 cents a share. Thor’s first dividend at the new rate will be paid on Oct. 20 to shareholders of record as of Monday (Oct. 6).