Greg Gerber posted on March 10, 2008 13:44
JACKSON CENTER, Ohio -- Thor Industries, Inc. (NYSE: THO - News) announced results for the second quarter and six months ended January 31, 2008.
Net income for the quarter was $21.6 million, up 18 percent from $18.3 million last year. Earnings per share for the quarter were 39 cents, up 18 percent from 33 cents last year. Sales for the quarter were $599 million, up 3 percent from $584 million last year. Income before taxes in the quarter was $35.2 million, up 34 percent from $26.2 million last year.
Net income for the six months was $59.8 million, up 22 percent from $48.9 million last year. Diluted earnings per share for the six months were $1.07, up 23 percent from 87 cents last year. Sales for the six months were $1.36 billion, up 4 percent from $1.31 billion last year.
RV sales in the quarter were $505.3 million, up 3 percent from $490.6 million last year. Bus sales in the quarter were $93.9 million compared to $93.4 million last year. RV sales in the six months were $1.17 billion, up 4 percent from $1,13 billion last year. Bus sales in the six months were a record $193.4 million up 4 percent from $185.3 milion last year.
RV income before tax was $34 million in the quarter, up 35 percent from $25.3 million last year and $91.7 million in the six months, up 28 percent from $71.7 million last year. Bus income before tax in the quarter was $3.6 million, up 13 percent from $3.15 million last year and $7.7 million in the six months, up 25 percent from $6.17 million last year. Corporate net costs were $2.4 million in the quarter versus $2.18 million last year and $3.7 million in the six months versus $2.6 million last year.
Cash, cash equivalents and short term investments on January 31, 2008, were $234.3 million, up from $210.0 million last year and the company continues to have zero debt.
"Gross and net margins increased in both the quarter and six months in each segment-towables, motorized, and buses-due to improved manufacturing efficiencies, lower warranty costs, higher interest income, and a gain on sale of real estate," said Wade F. B. Thompson, Thor chairman. "We are pleased with these results to date and expect to continue to outperform the competition in the difficult RV market," he added.