Thor Announces Preliminary Sales For Second Quarter; Improved Backlog
JACKSON CENTER, Ohio, Feb. 4, 2013
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
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.
This release includes certain statements that are "forward looking" statements
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. These
forward looking statements involve uncertainties and risks. There can be no
assurance that actual results will not differ from our expectations. Factors
which could cause materially different results include, among others, price
fluctuations, material or chassis supply restrictions, legislative and
regulatory developments, the costs of compliance with increased governmental
regulation, legal issues, the potential impact of increased tax burdens on our
dealers and retail consumers, lower consumer confidence and the level of
discretionary consumer spending, interest rate increases, restrictive lending
practices, recent management changes, the success of new product
introductions, the pace of acquisitions, cost structure improvements,
competition and general economic conditions and the other risks and
uncertainties discussed more fully in Item 1A of our Annual Report on Form
10-K for the year ended July 31, 2012 and Part II, Item 1A of our Quarterly
Report on Form 10-Q for the period ended October 31, 2012. We disclaim any
obligation or undertaking to disseminate any updates or revisions to any
forward looking statements contained in this release or to reflect any change
in our expectations after the date of this release or any change in events,
conditions or circumstances on which any statement is based except as required
SOURCE Thor Industries, Inc.
Contact: Peter B. Orthwein or Jeffery A. Tryka, CFA, +1-574-970-7912
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