Thor reports strong quarterly growth driven by RV market
Posted: 03/07/2013 at 7:00 pm

By: Justin Leighty
jleighty@etruth.com


Click here to view in a gallery.


ELKHART — Thor Industries reported increased second-quarter sales, net income and earnings per share for fiscal 2013 compared to the same quarter a year earlier.

“We are pleased with the continued growth in revenues we were able to achieve in the second quarter,” said Bob Martin, Thor president and chief operating officer. “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.”

Thor’s RV sales were $636.6 million, up 27 percent from the second quarter of 2012, with towables up 18 percent and motorized RV sales more than double what they were during the same period of 2011. Bus sales were up nine percent over the same quarter of 2012.

Total sales for the quarter were $741.6 million, up 24 percent from last year’s second quarter. Net income was $19.9 million, up 45 percent over the same period of 2012, and diluted earnings per share were 37 cents, up 48 percent from 2012’s second quarter.

Net income for the first half of the year was up 41 percent over the first half of fiscal 2012, coming in at $50,9 million so far for 2013.

“Thor generated strong gains in both revenues and net income during the second quarter, driven primarily by continued strength in the RV market,” said Peter B. Orthwein, Thor Chairman and CEO. “Our results for the second quarter reflect the dealer optimism that has been building over the past several months, which is now supported by improving retail traffic and sales at the early spring shows. Based on current market trends, we expect continued sales growth and second half operating margins consistent with the second half of fiscal 2012.”

The company is in the process of moving its headquarters from Jackson Center, Ohio, to Elkhart. Most of its RV and bus manufacturing operations are concentrated in this area.

 
Elections Bowling Scores Little Leauge Box Score Feedback Forums Subscribe VIP Manage Account VIP Welcome Back VIP landing Manage Print Subscirbtions Submit Wedding Announcments Submit Anniversary Announcments Submit Engagement Announcments Contact our Staff News Tips etruth Marketplace Interns post job ads Post Classified Ads Deadline Deals Anniversaries Archive Births Blogs Business Business And Industry Crimes/Fires/Courts Digital Edition Elkhart News Engagements Faith Food Goshen News Health & Fitness Help Indiana News Lifestyle Local News Michigan News Nation/World Obituaries Opinion Obituaries Opinion Sports Prep Sports Notre Dame Sports Txt Alerts Weather Weddings Truth in Education Advertising Apartments Autos classifieds Brides 365
eTruth.com is best viewed with Internet Explorer 7+ or Firefox 2+
Our Staff - Privacy Statement - Terms of Service- Copyright © Truth Publishing Co., All Rights Reserved