Thor Announces Record Third Quarter
Thor Industries, Inc. announced record sales for the third quarter ended April 30, 2015, compared with very strong results from the third quarter of fiscal 2014.
Sales from continuing operations for the third quarter of fiscal 2015 were $1.17 billion, up 12% from $1.05 billion in the third quarter last year, as sales of both towable and motorized RVs posted gains from a year ago. Towable results for the third quarter of fiscal 2015 included the impact of the acquisitions of K-Z, Cruiser RV, LLC and DRV, LLC, which were not included in the third quarter of fiscal 2014.
Towable RV sales were $919.4 million for the third quarter, up 15% from $800.7 million in the prior-year period. Motorized RV sales were $254.9 million for the third quarter, up 4% from $246.1 million in the prior-year third quarter.
Sales from continuing operations for the nine months ended April 30, 2015 were $2.95 billion, up 19% from $2.48 billion in the prior year.
“Our improved third-quarter revenues and profits marked a new milestone in the history of Thor, as the RV industry continued its recovery from the recession,” said Peter B. Orthwein, Thor Executive Chairman. “In the third quarter, we reaped the benefit of our ongoing acquisition strategy as we saw growth from K-Z, as well as a full quarter contribution from Cruiser RV and DRV to Heartland’s results.
“We were pleased with our strong third-quarter results, which exceeded even the solid performance we achieved in the third quarter of fiscal 2014,” said Bob Martin, Thor President and CEO. “The record results for the quarter reflect the great efforts of our entire team combined with the ongoing growth of the RV market. The continued entrance of baby boomers into the core RV buying age group as well as the rapid growth of younger buyers entering the RV market provide a solid foundation for long-term growth.”