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Thor Announces Preliminary Sales For Second Quarter; Improved Backlog

Stocks in this article: THO

JACKSON CENTER, Ohio, Feb. 4, 2013 /PRNewswire/ -- Thor Industries, Inc. (NYSE:THO) today announced preliminary sales, backlog and cash, cash equivalents and investments for the second quarter and six months ended January 31, 2013. 

Preliminary consolidated sales in the second quarter were $741.4 million, up 24.2% from $597.0 million in the second quarter last year.  RV sales were $636.1 million, up 27.0% from $501.0 million in last year's second quarter.  Towable RV sales for the second quarter were $522.4 million, up 17.6% from $444.2 million in the second quarter of fiscal 2012.  Motorized RV sales in the second quarter more than doubled to $113.7 million from $56.8 million in the same quarter a year ago.  Bus sales were $105.3 million, up 9.7% from $96.0 million in the second quarter last year.

For the six months ended January 31, 2013, preliminary consolidated sales were $1.62 billion, up 27.6% from $1.27 billion last year.  RV sales were $1.40 billion, up 32.1% from $1.06 billion last year.  Towable RV sales for the six months were $1.16 billion, up 23.0% from $943.3 million last year.  Motorized RV sales rose to $235.9 million from $119.3 million last year.  Bus sales were $219.5 million, up 5.9% from $207.3 million last year.

Cash, cash equivalents and investments on January 31, 2013 were $107.2 million. The decrease in cash balances was due in large part to the payment of the $1.50 per share special dividend declared by the Board and paid in December 2012. 

Consolidated backlog on January 31, 2013 was $822.0 million, up 27.1% from $646.9 million last year. RV backlog was $616.6 million, up 49.4% from $412.8 million at the end of the second quarter of fiscal 2012. Towable RV backlog increased 25.2% to $375.4 million from $299.9 million at the end of the second quarter of fiscal 2012.  Motorized RV backlog more than doubled to $241.2 million from $112.9 million at the end of the second quarter of fiscal 2012.  Bus backlog was $205.4 million, compared to $234.1 million at the end of the second quarter of fiscal 2012.

"Thor achieved solid gains in revenue for the second quarter ending January 31, 2013 as the momentum of our RV products introduced in the fall continued at Louisville in late November.  Indications from the early RV retail shows have been very positive, with increased traffic and higher sales levels, reflecting continued strength in our industry," said Peter B. Orthwein, Thor Chairman & CEO.  "Despite the improvements in RV sales, the overall environment in the towables market remains very competitive, and elevated levels of incentives associated with orders placed at the fall Open House are reflected in our sales and our second-quarter operating results that we expect to report on March 7. In addition, the bus business continued to be characterized by aggressive competition during the second quarter," he added.

Thor is the sole owner of operating subsidiaries that, combined, represent the world's largest manufacturer of recreational vehicles and is a major builder of commercial buses and ambulances.

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