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Thor Industries Inc. reports its net earnings more than tripled and its sales revenue increased 95% to record levels during the first quarter of its fiscal year 2003, which ended on Oct. 31.
The company earned $20.8 million in the August-through-October period, compared with $6.7 million earned a year earlier. Its first fiscal quarter sales revenue totaled $406.3 million, compared with $208.5 million a year-ago.
Thor’s financial results were “well in excess of (market) analysts’ estimates and reflect increasing strength in the growing recreational vehicle industry,” according to the New York Stock Exchange-listed company.
Thor’s acquisition of travel-trailer and fifth-wheel builder Keystone RV Co., which became effective in November 2001, was a major contributor to the increases.
Including Keystone, Thor’s first fiscal quarter RV sales revenue was up 178% to $352.2 million. Excluding Keystone’s contribution during the August-through-October portion of this year, Thor’s RV sales revenue was up 33%.
Thor’s RV-related pre-tax earnings, including Keystone, amounted to $34.6 million in the three months ended Oct. 31, compared with $5.5 million earned from pre-tax operations, excluding Keystone, a year earlier. Though
Thor’s RV sales and earnings are up, its bus sales and earnings are down. It’s bus sales declined 34% during the three months ended Oct. 31 to $54.1 million and its bus-related pre-tax earnings declined 53% to $2.6 million.
Thor’s RV order backlog as of Oct. 31 amounted to $162 million, quadruple last year’s amount. Excluding Keystone, Thor’s order backlog from its other RV operations was up 81% versus Oct. 31, 2001.
Meanwhile, Thor’s bus order backlog as of Oct. 31 was down 29% to $98 million.