RV Giant Thor Industries Reports Good Q2 Results
Jackson Center, Ohio-based Thor Industries Inc. has announced improved revenue and earnings for its fiscal second quarter and six months ended Jan. 31, 2012.
Sales for the second quarter were $597 million, up 13 percent from $526.2 million in the second quarter last year. Net income for the quarter was $13.7 million, a 41 percent increase from $5.7 million the previous year. Earnings per share (EPS) for the quarter were 25 cents versus 10 cents in the second quarter last year.
Sales for the six months rose 12 percent to $1.27 billion from $1.1 billion in the prior year period. Net income was $36 million, an increase of 23 percent compared to $29 million a year ago. EPS was 66 cents versus 54 cents in the prior year period.
RV sales in the quarter grew 15 percent to $501 million from $437 million in the second quarter last year. Towable RV sales in the quarter were $444.2 million, up 22 percent from $364.8 the previous year. Motorized RV sales in the quarter were $56.8 million, down 21 percent from $72.3 million in the second quarter last year. Bus segment sales in the quarter were $96 million, up 8 percent from $89 million in the second quarter of 2011.
“We are pleased to report improved earnings during the seasonally most difficult quarter of our fiscal year,” said Peter B. Orthwein, Thor chairman and CEO. “The Recreation Vehicle Industry Association (RVIA) recently revised its 2012 wholesale RV shipments forecast upward to a 5% improvement over 2011. We are also pleased with the strong retail activity we have seen over the first two months of 2012. However, factors tempering our optimism include continuing escalations in fuel prices as well as lingering discounting activity. We continue to see improvement in Thor’s bus segment, with increased activity among transit and private bus customers driving increasing order backlogs.”
Thor is the nation’s largest RV maker. in calendar year 2011, Thor was the leading towable manufacturer with a 36.6 percent market share. Its share of the motorized market was for the year was also an inddustry-leading 20 percent..