Thor Industries Inc. today announced results for its first quarter ended October 31, 2012. Consolidated sales for the first quarter of fiscal 2013 were $875.6 million, up 30% from $673.0 million in the first quarter last year. Net income for the first quarter was $31.0 million, up 38% from $22.4 million in the first quarter last year. Basic earnings per share (EPS) for the first quarter were 59 cents, up 44% from 41 cents in the first quarter last year.
"We are pleased with the strength of our revenue growth and profitability demonstrated in the first quarter. Despite this strength, our results were affected by an ongoing competitive environment, along with certain expenses that we do not expect to repeat," said Bob Martin, Thor President and Chief Operating Officer. "The RV and bus markets remain very competitive, with heightened discounting and aggressive bidding affecting sales and margins. Bus margins were also affected by a shift in product mix toward lower-margin units. During the quarter, we incurred separation costs related to management transitions and a legal settlement that, combined, were approximately $1.6 million, which we do not anticipate will recur. These expenses reduced our EPS by approximately 2 cents for the quarter."
Total RV sales for the first quarter ended October 31, 2012 were $761.4 million, up 36% from $561.7 million in the first quarter last year. Towable RV sales for the first quarter were $639.2 million, up 28% from $499.1 million in the first quarter last year. Motorized RV sales for the first quarter were $122.2 million, up 95% from $62.6 million in the first quarter last year. Bus segment sales for the first quarter were $114.2 million, up 3% from $111.3 million in the first quarter last year.
Total RV income before tax for the first quarter ended October 31, 2012 was $51.1 million, up 51% from $33.9 million in the prior year period. Towable RV income before tax for the first quarter was $42.7 million, up 31% from $32.6 million in the first quarter last year. Motorized RV income before tax for the first quarter was $8.4 million, up more than six fold from $1.3 million last year. Bus segment income before tax for the first quarter was $3.7 million, compared to $5.3 million in the first quarter last year.
"Thor delivered revenue that was a record for the fiscal first quarter and improved bottom-line results, driven by solid growth in the RV market and a stable bus market," said Peter B. Orthwein, Thor Chairman. "Our first-quarter results were supported by dealer optimism and strong orders at our Elkhart Open House held in September, and the strength we experienced provides reason for optimism in the first half of the fiscal year. As we open the largest RV tradeshow of the year in Louisville this week, we will assess the level of dealer confidence as we head into the early retail show season beginning in January. Although we have seen a recent upturn, we remain cautious given the overall economic uncertainty. In addition, both the RV and bus markets remain very competitive, with elevated levels of discounting," he added.
Thor is the sole owner of operating subsidiaries that, combined, represent the world's largest manufacturer of recreation vehicles and a major builder of commercial buses and ambulances.
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