Goshen News, Goshen, IN

Business

March 6, 2014

RV maker Thor hit hard by tough winter

ELKHART — Thor Industries' second quarter income was hit pretty hard by the impact of severe weather, being a factor in driving the company's earnings down 9 percent.

Thor released its earnings report for the second quarter and six months Thursday afternoon.

Below is Thor's earnings report as released.

Thor Industries, Inc. (NYSE:THO) today announced financial results for the second quarter and six months ended January 31, 2014.  Highlights of the Company's financial results follow:

• Sales from continuing operations for the second quarter of fiscal 2014 were $635.3 million, down slightly from $636.6 million in the second quarter last year, due in large part to severe winter weather which adversely affected operations during the quarter. 

• Gross profit margins improved to 11.1% in the second quarter compared to 10.6% in the prior year period.

• Net income from continuing operations for the second quarter was $17.2 million, down 9% from $19.0 million in the prior-year second quarter.  Including the discontinued operations of Thor's Bus business, net income for the second quarter was $16.2 million, down 19% from $19.9 million in the second quarter of fiscal 2013. 

• Diluted earnings per share (EPS) from continuing operations for the second quarter was $0.32, down 11% from $0.36 in the second quarter last year.  Including the discontinued operations of Thor's Bus business, diluted EPS for the second quarter was $0.30, down 19% from $0.37 in the second quarter of fiscal 2013.

• Sales from continuing operations for the six months ended January 31, 2014 were $1.44 billion, up 3% from $1.40 billion in the prior year. 

• Net income from continuing operations for the six months ended January 31, 2014 was $53.6 million, up 12% compared to $47.8 million in the first six months of fiscal 2013.  Including discontinued operations, net income for the six months was $57.3 million, up 13% from $50.9 million in the first six months of the prior year.

• Diluted EPS from continuing operations for the six months ended January 31, 2014 was $1.01, up 12% from $0.90 in the first six months of the prior year. Including discontinued operations, diluted EPS for the six months was $1.07, up 11% from $0.96 in the first six months of fiscal 2013.

"Despite the impact of the severe winter weather on our results in the quarter, we remain optimistic about our markets, our long-term strategic goals and our expectations for a year of continued growth in fiscal 2014," said Bob Martin, Thor President and CEO. "As we work through our backlog in both towables and motorized we expect to make up for the second quarter weather delays throughout the remainder of our fiscal year. We are making considerable progress in establishing an appropriate footprint to meet the growing demand for our products, including the recently announced addition of another prime production facility to support our motorized growth.  Given the success of early retail shows and the strength of our dealer base, our expanded production infrastructure will be helpful as we work to meet peak seasonal demand over the next two quarters," he added.

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