On June 8, 2011, Thor Industries, Inc. (Public, NYSE:THO) reported third fiscal quarter EPS of 72 cents a share versus consensus of 67 cents a share driven by the sequential improvement in margin for the quarter.
Net income of $40.008 million or 72 cents has been posted for the third fiscal quarter, up 17% year over year from $34.111 million or 66 cents a share in the same quarter last year. Analysts were expecting to post EPS of 67 cents a share for the third quarter. EPS was negatively impacted by 5 cents from higher stock option comp, deferred comp expense, group insurance expense, impairment of trademarks, and litigation costs, which were offset by a lower tax rate benefit of about 5 cents
Third fiscal quarter sales of $852.06 million has been reported, an increase of 25% year over year from $680.192 million in the same quarter last year and above the analysts’ forecast of $849 million. This increase versus consensus is due to healthy dealer demand and the Heartland RV acquisition. RV sales in the quarter were $742.797 million, up 33% year over year from $559.166 million last year. Towable RV sales in the quarter were $624.631 million, up 33% from $468.002 million last year. Motorized RV sales in the quarter were $118.166 million, up 30% from $91.164 million last year.
Operating margin for the latest quarter recovered 570 basis points sequentially to 6.5% on better volume and smaller discounts, a significant trend reversal after a string of disappointing quarters.
Shares of the recreational vehicle maker went down by 65 cents or 2.11% and closed at $30.20 after opening at $30.79. The market capital of the stock stands at $1.69 billion with P/E of 15.17. The stock has 52 week trading range of $20.74-$39.12.
Thor Industries, Inc. (Thor) manufactures and sells a range of recreation vehicles and small and mid-size buses in the United States and Canada.