Thor Industries Posts Record Annual Sales
Sales for the fourth quarter were $888.2 million, up 15% from $770.5 million in the fourth quarter last year. Net income during the period was $44.4 million, up 20% from $36.9 million in the fourth quarter a year ago. Basic earnings per share were 84¢, an increase of 27% from 66¢ last year.
Sales for the fiscal year totaled nearly $3.1 billion, up 12% from $2.75 billion in the prior year. Net income rose 15% to $121.7 million from $106.3 million in the prior year while basic earnings per share were $2.26, up 18% versus $1.92 in the prior fiscal year.
Total RV sales for the fourth quarter increased 18% to $769.9 million from nearly $654 million in the fourth quarter last year. Towable RV sales rose 17% to $662 million while motorized RV sales were up 22% to $107.9 million.
Total RV sales for the year were $2.6 billion, up 13% from $2.3 billion last year. Towable RV sales increased 16% to $2.3 billion and motorized RV sales edged down 3% to $353.9 million
"Thor delivered record annual revenue and improving results in the fourth quarter and 2012 fiscal year, driven by a growing RV market and continuing solid bus market," said Thor Chairman Peter B. Orthwein. "Assuming stable macroeconomic conditions, we anticipate continuing increases in both of our industries through the remainder of calendar 2012 and into 2013, fueled by growth in RV retail sales, right-sized RV dealer inventories and demand for replacement buses.
"Thor's RV Open House in Elkhart, Ind., last week was another success. Dealers remain optimistic and demonstrated their confidence in Thor's new RV product lines through their orders. The strength of Thor's management team, coupled with new product launches, position Thor to perform well, despite strong competitive pressure, in the fiscal year ahead," he added.