Thor Q2 Earnings Up 45%; Revenue Rose 24%
Thor Industries Inc. announced double-digit gains in revenue and earnings for its fiscal second quarter, ended Jan. 31.
Sales for the second quarter totaled $741.6 million, up 24% from $597 million in the second quarter last year, while net income was $19.9 million, up 45% from $13.7 million in the prior-year second quarter. Diluted earnings per share (EPS) for the second quarter were 37 cents, up 48% from 25 cents in the second quarter last year.
For the six months, sales totaled $1.617 billion, up 27% from $1.270 billion in the prior-year period. Net income during the period was $50.9 million, up 41% compared to $36 million in the first six months of fiscal 2012. Diluted EPS were 96 cents versus 66 cents in the prior-year period.
The overall effective tax rate for the second quarter of fiscal 2013 was 22.1% compared to 36.4% for the second quarter last year and was favorably impacted by the settlement of certain state uncertain tax benefits and the retroactive reinstatement of various tax credits.
“We are pleased with the continued growth in revenues we were able to achieve in the second quarter,” said Bob Martin, Thor president and COO. “As we have said in our recent press releases, the RV and bus markets remain very competitive, with elevated levels of discounting on certain products. In the first and second quarters, we made the decision to defend our RV shelf space on dealer lots and maintain momentum with our dealers. Similarly, in our bus business we decided to strategically pursue and win certain bus contracts which required more aggressive pricing, including contracts for entry into new markets.”