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Thor RV pleased with sales and backlog results
"Thor’s retail RV market share has grown in each of its
product categories. We remain optimistic about our business"
Thor press release 2/2/2011 / RoamingTimes.com
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Thor Industries, Inc. (NYSE:THO) announced today
preliminary sales, backlog, and cash & investments for
the quarter and six months ended January 31, 2011.
Preliminary consolidated sales in the quarter were
$524,662,000, up 22% from $430,025,000 last year. RV
sales were $436,113,000, up 30% from $335,796,000 last
year. Both consolidated and RV sales in the second
quarter of Thor’s 2011 fiscal year include Heartland RV,
acquired September 16, 2010. Bus sales were $88,549,000
versus $94,229,000 last year.
Cash, cash equivalents
and investments on January 31, 2011 were $98 million,
lower due to increased working capital utilization tied
to RV production ahead of the spring selling season, and
greater capital expenditures to augment and upgrade
production facilities. Consolidated backlog on January
31, 2011 was $689 million, compared to $711 million last
year. RV backlog was $467 million, up 4% from $449
million last year. Both consolidated and RV backlogs on
January 31, 2011 include Heartland RV. Bus backlog was
$222 million versus $262 million last year. |
“We are pleased with
our second quarter sales and backlog results,” said
Peter B. Orthwein, Thor Chairman, CEO & President. “However,
increased discounting in the competitive RV market and
challenging bus market, amortization costs related to our
acquisition of Heartland RV, commodity cost increases incurred
ahead of product price increases, and higher overhead costs
primarily associated with increased RV production will impact
our second quarter margins. Likewise, costs associated with our
ongoing SEC review were higher in the second quarter. We expect
some of these factors to abate and normalize in the coming
months. Importantly, retail sales from the year’s early RV shows
have been quite good, which demonstrates improving consumer
confidence and that customers prefer Thor’s differentiated
product lines. According to the latest Statistical Surveys
retail sales results as of November, 2010, Thor’s retail
RV market share has grown in each of its product categories. We
remain optimistic about our business, especially now that we are
entering the historically strong sales season of the year.”
www.ThorMotorCoach.com
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