RV Builder Thor Reports Sales Rose 13% in Q2
RV industry leader Thor Industries Inc. reported today (Feb. 2) a 13% increase in sales for company’s fiscal second quarter ending Tuesday (Jan. 31).
Sales during the quarter totaled $596.4 million, including $500.6 million in RV revenue, representing a 15% increase from $437.1 million last year. Bus sales were $95.7 million, a 7% increase from $89.1 million last year.
For the six months, sales rose 12% to $1.27 billion from $1.1 billion the previous year. RV sales gained 13% to just over $1 billion compared with $943.7 million last year. Bus sales in the six months were $207 million, up 9% from $189.2 million the year prior.
Cash, cash equivalents and investments on Jan. 31 were $157 million, lower compared to the prior quarter primarily as a result of the repurchase of 2 million shares of Thor stock on Jan. 20 for $57 million from the estate of Thor co-founder Wade Thompson. Consolidated backlog on Jan. 31 was $647 million compared to $689 million last year. RV backlog was $413 million in comparison with $467 million last year. Bus backlog was $234 million, up 5% from $222 million last year.
“Sales momentum remains strong for Thor, with good results seen in both our RV and bus businesses through the first half of the fiscal year,” said Peter B. Orthwein, Thor chairman, CEO and president. “Results from January retail RV shows have been positive, with good attendance and retail sales activity reported at most shows, reflecting rebounding consumer confidence, access to credit and low interest rates. Internal tracking of Thor’s recent retail RV sales activity has also been encouraging. Discounting remains a factor in the competitive RV and bus markets, although Thor continues to be well positioned in each of its product categories to take advantage of improving market trends.”
Thor is based in Jackson Center, Ohio, and has major manufacturing facilities in Northern Indiana.