Thor Industries announced record sales, net income from continuing operations, and backlogs for the first quarter ended October 31, 2015.
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Sales from continuing operations for the first quarter of fiscal 2016 were $1.03 billion, up 12% from $922 million in the first quarter last year, as sales of towable and motorized RVs posted combined growth of 8%, including revenue from acquisitions, which was supplemented by revenues from the acquisition of Postle Aluminum.
Net income from continuing operations for the first quarter was $50.7 million, up 29% from $39.2 million in the prior-year first quarter.
Diluted earnings per share (EPS) from continuing operations for the first quarter was $0.97, up 33% from $0.73 in the first quarter last year.
Gross profit margins increased to 14.8% in the first quarter compared to 12.8% in the prior-year period, due in large part to changes in product mix and improvements in material, labor and warranty costs relative to the higher levels of labor and warranty costs in early fiscal 2015.
Consolidated RV backlog on October 31, 2015 was $1.05 billion, up 16% from $909.7 million at October 31, 2014. Towable RV backlog increased 9% to $710 million, compared to $653.4 million at the end of the first quarter of fiscal 2015.
Motorized RV backlog increased 33% to $341.0 million from $256.2 million a year earlier, reflecting the strong reception to the new products introduced at the Dealer Open House in September.
"Continued focus upon execution of our strategic plan allowed Thor to achieve a record start to fiscal 2016, with sales and backlogs both exceeding $1 billion, improved margins and strong earnings growth for the quarter," said Bob Martin, Thor President and CEO.
"This record performance would not have been possible without the strength of our dealer base and all of our team members who work hard to make what we think are the best RVs in the business.
"We are optimistic about our prospects for continued growth in fiscal 2016 as we build on the momentum of our September Dealer Open House at our largest industry trade show in Louisville this week," he added. ■