Thor Posts Record 4Q Sales; Backlog Improves
Elkhart, Ind.-based Thor Industries Inc. Monday (Aug. 5) announced record sales as well as an improved backlog for the fourth quarter and full year ended July 31.
Sales in the fourth quarter were $1.023 billion, up 15.2% from $888.2 million in the fourth quarter last year. RV revenue was $913.2 million, representing an 18.6% rise from $769.9 million a year ago. Towable sales were up 12.6% to $745.3 million while motorhome sales enjoyed a 55.8% jump to $167.9 million.
Bus sales were $110.1 million, down 6.9% compared to $118.3 million in the fourth quarter last year primarily as a result of the sale of SJC Industries on April 30.
For the full year, revenue grew 19.6% to $3.69 billion from just over $3 billion last year. RV sales grew 22.8% to $3.241 billion from $2.640 billion, including a 15.9% increase in towable sales to $2.650 billion and a 67.1% surge in motorized sales to $591.2 million. Bus sales were $448.8 million, up 0.9% from $444.9 million last year, including the results of SJC Industries for the first nine months of fiscal 2013 and 12 months of fiscal 2012.
RV backlog on July 31 was $441.5 million, up 31.7% from last year. Towable RV backlog increased 1.7% to $228.4 million and motorized RV backlog nearly doubled to $213.1 million.
With the decision to sell the bus business, which was announced on July 31, the financial results of the bus segment will be presented as discontinued operations for all periods presented in the upcoming annual report filed with the Securities and Exchange Commission (SEC), which the company expects to file in late September.
“Thor achieved record sales for fiscal 2013 as the continuing growth of the towable RV market was enhanced by the momentum in the motorized market. We are pleased with the strong fundamentals of the entire RV market and we are excited by the growth prospects in both towable and motorized RVs as we enter our new fiscal year,” said Bob Martin, Thor president and CEO. “In September we will be showcasing our newest RV models as we connect with our dealers at our Open House in Elkhart, which we expect will set a positive tone for the upcoming year.”