Elkhart’s Thor Industries announces final annual results of $3.24 billion in sales, mostly recreational vehicles
ELKHART — Fresh off the heels of a successful Elkhart RV Open House Week, Elkhart-based Thor Industries announced its final fourth-quarter and fiscal-year financial results Thursday afternoon, Sept. 26.
“We are pleased to end fiscal 2013 on a positive note with continued momentum in sales and earnings,” said Bob Martin, Thor president and chief executive officer, in the company’s written announcement.
“The recent actions we’ve taken to divest non-core businesses and expand our RV business through acquisition leave us optimistic about the future of Thor.
“At the recently completed open house in Elkhart, we were able to showcase a number of new products from all of our RV subsidiaries as well as new products from our recently acquired Livin’ Lite subsidiary, reinforcing our leadership in innovation in the RV industry,” Martin said.
Peter Orthwein, surviving founder of the company and executive chairman, said, “Our results for the fourth quarter reflect positive outlooks on the part of dealers and consumers about our industry that form a solid foundation for Thor in the new fiscal year. On this foundation, we will continue to build our business, through new product innovation, improved operating performance and opportunistic additions to our core RV business. We are focused on generating growth in sales and earnings over the coming fiscal year and believe the current industry conditions will support our efforts.”
Thor’s fourth quarter results
Towable RV sales were $745.8 million for the fourth quarter, up 13 percent from $662.1 million in the prior year period. Income before tax was $76.4 million, up 41 percent from $54.2 million in the fourth quarter last year, primarily as a result of higher sales volumes and ongoing efforts to improve operating efficiencies.
Motorhome sales were $168.2 million for the fourth quarter, up 56 percent from $107.8 million in the prior year fourth quarter. Income before tax was $13.5 million, up 85 percent from $7.3 million last year, which was driven primarily by improved product mix and increased sales volumes.
Sales from continuing operations for the fourth quarter of fiscal 2013 were $914.0 million, up 19 percent from $769.9 million in the fourth quarter last year, based on continued strong growth in motorhome sales and more modest growth in towable RV sales.
Net income from continuing operations for the fourth quarter was $55.2 million, up 35 percent from $40.9 million in the prior-year fourth quarter. Including the discontinued operations of Thor’s bus business, the pending sale of which was announced at the end of the fiscal year, net income for the fourth quarter was $58.2 million, up 31 percent from $44.4 million in the fourth quarter of fiscal 2012.
Diluted earnings per share (EPS) from continuing operations for the fourth quarter was $1.04, up 35 percent from $0.77 in the fourth quarter last year. Including the discontinued operations of the bus business, diluted EPS for the fourth quarter was $1.09, up 30 percent from $0.84 in the fourth quarter of fiscal 2012.
Thor’s fiscal year results
Towable RV sales were $2.65 billion, up 16 percent from $2.29 billion in the prior year period. Income before tax was $205.7 million, up 29 percent from $159.0 million in fiscal 2012.
Motorhome sales were $591.5 million, up 67 percent from $353.9 million in the prior year. Income before tax was $43.9 million, up 137 percent from $18.5 million last year.
Sales from continuing operations for the fiscal year were $3.24 billion, up 23 percent from $2.64 billion in the prior year.
Net income from continuing operations was $151.7 million, up 36 percent compared to $111.4 million in fiscal 2012. Including discontinued operations, net income for fiscal 2013 was $152.9 million, up 26 percent from $121.7 million in fiscal 2012.
Diluted EPS from continuing operations for the fiscal year was $2.86, up 38 percent from $2.07 in the prior-year. Including discontinued operations, diluted EPS for the fiscal year was $2.88, up 27 percent from $2.26 in fiscal 2012.