Goshen News, Goshen, IN

Business

May 6, 2014

RV maker Thor reports record results

ELKHART — Recreation vehicle builder Thor Industries Inc. has reported record preliminary sales for its third quarter and nine months ended April 30.

According to the company, preliminary consolidated sales from continuing operations in the third quarter were $1.05 billion, up 13 percent from $929.8 million in the third quarter last year. Towable RV sales for the third quarter were $801.5 million, up 8 percent from $742.5 million in the third quarter of fiscal 2013. Motorized RV sales in the third quarter increased 31 percent to $245.6 million from $187.3 million in the same quarter a year ago.

Nine months

For the nine months ended April 30, preliminary consolidated sales from continuing operations were $2.48 billion, up 6 percent from $2.33 billion last year. Towable RV sales for the nine months were $1.9 billion, which were flat compared to last year. Motorized RV sales rose 38 percent to $585.5 million from $423.3 million last year.

Consolidated backlog on April 30 was $820.2 million, up 26 percent from $649.6 million at the end of the third quarter last year.

The company stated operations in the third quarter were adversely impacted by the harsh winter weather, start-up costs for new production facilities, a tight labor market and a shortage of RV delivery drivers.

“Although we still faced a number of factors, particularly in the first half of the quarter, that affected our operations and shipments, strong demand for our products resulted in record sales,” said Bob Martin, Thor president and chief executive officer. “As we continue to navigate through some near-term challenges, we remain optimistic about our business and our industry, as strong early retail sales results have boosted the confidence of dealers as we reach the heart of the peak selling season.”

He added that the acquisition of towable manufacturer K.Z Inc in Shipshewana and the investment in a new motorized plant in Elkhart that is scheduled to go online in the fourth quarter, the company is well positioned to finish the year.

Thor expects to report its third-quarter operating results June 5.

 

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