Thor Industries Inc. Reports Record Q1 Sales
Thor Industries Inc. reported record sales of $876.8 million during its fiscal 2013 first quarter, ended Oct. 31, representing a 30% increase from $673 million the previous year.
RV sales were $763 million, up 36% from $561.7 million in last year’s first quarter. Towable RV sales were $640.8 million, a 28% increase from $499.1 million a year ago, while motorized RV sales doubled to $122.2 million from $62.6 million. Bus Group sales were $113.8 million, up 2% from $111.3 million in the first quarter last year.
Cash, cash equivalents and investments on Oct. 31 were $215.6 million versus $209.5 million the previous year. Backlog on Oct. 31 was $720.4 million, up 41% from $509.7 million last year. RV backlog was $516.7 million, up 73% from $299.5 million at the end of the first quarter of fiscal 2012.
“Thor achieved a first-quarter record for revenue in the quarter ending Oct. 31 as the strength of our products met with considerable success among dealers at the Open House held in Elkhart, Ind., in September,” said Peter B. Orthwein, Thor chairman and CEO. “While we are pleased with the favorable reception our products received, the overall environment is still very competitive and industry incentives remain elevated. Our higher backlogs provide us with a clearer view into sales expectations through the first half of fiscal 2013.
“Given the view of our business through the January quarter, we believe Thor will be well positioned to enter the important spring retail show season. The success of our products in those early spring shows will help shape our outlook for the second half of the fiscal year.”