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Thor Announces Record Preliminary Sales For Third Quarter And Nine Months; Improved Backlog

Stocks in this article: THO

ELKHART, Ind., May 5, 2014 /PRNewswire/ -- Thor Industries, Inc. (NYSE: THO) today announced record preliminary sales from continuing operations, as well as continued strong growth in the Company's backlog, for the third quarter and nine months ended April 30, 2014. 

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

For the nine months ended April 30, 2014, preliminary consolidated sales from continuing operations were $2.48 billion, up 6% from $2.33 billion last year.  Towable RV sales for the nine months were $1.90 billion, which was flat compared to last year.  Motorized RV sales rose 38% to $585.5 million from $423.3 million last year. 

Consolidated backlog on April 30, 2014 was $820.2 million, up 26% from $649.6 million at the end of the third quarter last year.  Towable RV backlog increased 25% to $548.6 million, compared to $439.6 million at the end of the third quarter of fiscal 2013.  Motorized RV backlog increased 29% to $271.6 million from $210.0 million a year earlier. 

Thor's operations in the third quarter of fiscal 2014 continued to be adversely impacted by a variety of factors including the harsh winter weather during February and early March, which in turn affected certain costs during the quarter.  In addition, the Company continued to incur start-up costs associated with new production facilities and experience the effects of the ongoing tight labor market in northern Indiana.  The RV industry is also facing logistical challenges in making timely deliveries to dealers given the shortage of drivers at transport companies that is more acute than prior years.

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