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Thor Industries Inc. reported its third fiscal quarter net earnings increased 147% to a record $16.6 million.
The New York Stock Exchange-listed company’s sales during the three months ended April 30 also increased 67% to $369.8 million.
A significant portion of Thor’s increases in sales and earnings came as a result of its acquisition last Nov. 9 of rapidly growing towables manufacturer Keystone RV Co. For example, Thor’s RV sales revenue during the February-through-April period increased 106% to $302.7 million, when compared with the same period a year-ago.
Thor’s transit bus sales revenue declined 10% to $67 million during its third fiscal quarter.
For the nine months ended April 30, including Keystone’s contributions since Nov. 9, Thor’s net income increased 69% to a record $31 million and its total sales climbed 41% to $848.8 million.
Thor’s RV sales for the nine months ended April 30, counting Keystone’s contribution since Nov. 9, were up 63% to $633.6 million. Its bus sales during the period were flat at $215.1 million.
Thor’s pre-tax earnings from RV sales climbed 260% during the February-through-April period to $26.3 million and were up 151% during the nine months ended April 30 to $42.6 million.
Meanwhile, Thor’s pre-tax earnings from bus sales declined 46% during its third fiscal quarter to $2.7 million and slipped 25% lower during the nine months ended April 30 to $11.5 million.
Thor’s financial results exceeded Wall Street analysts’ expectations, said Wade F.B. Thompson, chairman. Investors have been rewarding Thor recently, pushing its stock price above $64 a share earlier this week.
Thor’s stock closed at $63.47 on Tuesday.
Thompson also cited Statistical Surveys Inc. data to point out that Thor’s retail market share in the combined travel trailer/fifth-wheel segment climbed to 29.5% during the first quarter of this year. Thor had a 25.9% retail market share in travel trailers and fifth-wheels during 2001, including Keystone’s contribution for the full year.