RV Daily Report Contributor posted on March 09, 2010 10:33
JACKSON CENTER, Ohio -- Thor Industries Inc. reported increased sales, net income and E.P.S. for the second quarter and six months ended January 31. Net income for the second quarter was $11,924,000 versus a loss of $14,860,000 last year. E.P.S. were 22 cents versus a loss of 27 cents last year. Sales for the second quarter were $430 million, up 90 percent from $226.7 million last year. Net income for the six months was $35,353,000, compared to a loss of $9,740,000 last year. E.P.S. for the six months were 65 cents versus a loss of 18 cents last year. Sales for the six months were $932.6 million, up 40 percent from $665.5 million last year.
RV income before tax in the quarter was $18,057,000 compared to a loss of $19,840,000 last year. Bus income before tax in the quarter was $6,233,000, up 67 percent from $3,723,000 last year. RV sales in the quarter were $335.8 million, up 150 percent from $134.6 million last year. Bus sales in the quarter were $94.2 million, up 2 percent from $92.1 million last year. Net corporate costs in the quarter were $5 million vs. $6.8 million last year.
RV income before tax for the six months ended January 31 was $49,699,000 compared to a loss of $14,068,000 last year, a $64 million turnaround. Bus income before tax for the six months was $14,613,000, up 62 percent from $9,020,000 last year. RV sales for the six months ended January 31 were $725.7 million, up 56 percent from $465 million last year. Bus sales for the six months ended January 31 were $206.9 million, up 3 percent from $200.5 million last year. Net corporate costs for the six months ended January 31 were $7.8 million versus $9.7 million last year.
"Thor's results continue to progress, propelled by improving RV market conditions and strong bus efficiencies. We continue to be profitable in all segments of our businesses, including motorhomes, reflecting the permanent cost reductions we have made," said Peter B. Orthwein, Thor chairman.
Thor is the world's largest manufacturer of recreation vehicles and a major builder of commercial buses.
Source: Thor Industries Inc. press release