Thor Reports 6% Jump in Third-Quarter Profits
Thor Industries Inc. reported Thursday (June 6) a 6% increase in earnings for its fiscal third quarter, ended April 30, on a 13% increase in sales.
Revenue for the third quarter totaled $1.05 billion compared to $926.5 million in the third quarter last year, based on strength in RV sales. Net income for the third quarter was $43.8 million, or 82 cents per diluted share, up 6% from $41.3 million, or 78 cents per diluted share, in the prior-year third quarter.
Sales for the nine months totaled $2.67 billion, up 22% from $2.2 billion in the prior-year period. Net income for the nine months was $94.6 million, or $1.78 per share, up 22% compared to $77.4 million, or $1.43 per share, in the first nine months of fiscal 2012.
“We are pleased with the continued growth in revenues and earnings we were able to achieve in the third quarter, as a number of the actions we’ve taken to improve our operations began to gain traction,” said Bob Martin, Thor president and COO. “While our markets remain competitive, we are now in the middle of the peak selling season for the RV industry, when demand improves and discounting tends to stabilize, leaving us in a strong position to finish out the year.”
Click here to read the entire results, as reported by RVBUSINESS.COM.