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Thor Industries Inc. reports it achieved record sales revenue, net income and earnings per share for the three- and nine-month periods that ended on April 30.
The New York Stock Exchange-listed company’s net income for the February-through-April period was a record $32.8 million, up 63% from $20.2 million a year earlier, the highest for any quarter in the company’s history. Earnings per share for Thor’s third fiscal quarter was 57 cents, up 63% from 35 cents a year earlier, and above the Wall Street consensus estimates of 48 cents.
Total sales for the three months ended April 30 were $645.7 million, up 56% from $412.8 million a year earlier.
Included in Thor’s sales and earnings for the recently completed three- and nine-month periods were contributions from Class A motorhome manufacturer Damon Motor Coach, which Thor acquired Sept. 2. Damon had sales of $67.6 million during the February-through-April period and $157.4 million in the nine-month period ended April 30. Damon’s pre-tax income was $4.6 million in Thor’s third fiscal quarter and almost $9 million for the nine-month period.
Thor’s total net income for the nine months ended April 30 was a record $74 million, up 31% from $56.4 million a year earlier. Earnings per share for the nine months was $1.29, up 30% from 99 cents a year earlier.
Sales for the nine-month period totaled $1.56 billion, up 36% from $1.15 billion a year earlier.
Thor’s RV sales in its third fiscal quarter were a record $594.2 million up 65% from $359.2 million a year earlier. Its bus sales during the February-through-April period were $51.5 million, down 4% from $53.6 million a year earlier.
The company’s RV sales during the nine months ended April 30 amounted to $1.4 billion, up 42% from $987.3 million a year earlier. Bus sales during the nine-month period were $161.2 million, versus $161.6 million a year earlier.
RV pre-tax income was $55.4 million during Thor’s third fiscal quarter, up 72% from $32.3 million a year earlier. Its RV pre-tax income was $117.9 million for the nine-month ended April 30, up 32% from $89.2 million a year earlier.
Bus income before tax in the quarter was $1.4 million, versus $2.5 million a year earlier, and $7.5 million during the nine months ended April 30, down from $8.5 million a year earlier.
Thor’s RV retail registrations during the February-through-April period were up 26% over the same period a year earlier to 20,719 units, versus 16,489 units a year earlier, the highest for any quarter in the company’s history.
According to Statistical Surveys Inc., an independent market research firm, Thor had a leading 30.2% share of the combined travel-trailer and fifth-wheel retail market during the first quarter of this year, up from 29.5% during the first three months of 2003. In Class A and Class C motorhomes combined, Thor ranked No. 4 with a 10.2% retail market share during the first quarter, up slightly from 10.1% a year earlier.
Thor’s RV order backlog on April 30 was a record $479 million despite price increases averaging about 3% taken in March and April, and up 177% from $173 million on April 30, 2003. The company’s bus order backlog on April 30 was $121 million, up 25% from $97 million a year earlier.
Thor will pay a quarterly cash dividend of 3 cents per share on July 2 to stockholders of record on June 15.