Thor Industries announced record net income from continuing operations of $82.8 million, or $1.57 per diluted share, on record revenues of $1.29 billion for the fourth quarter ended July 31, 2016.
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Gross profit margins increased to 17.3% in the fourth quarter compared to 16.2% in the prior-year period, due primarily to improved volumes and favorable changes in product mix.
Net income from continuing operations increased 20.1% on sales growth of 22.2% when compared with the fourth quarter of last year. Diluted earnings per share from continuing operations for the fiscal 2016 fourth quarter increased 19.8% from the previous year.
Towable RV sales were $961.1 million for the fourth quarter, up 19.8% from $802.2 million in the prior-year period, driven primarily by increasing sales of lower-priced travel trailers and the inclusion of one month of Jayco revenues.
Towable RV income before tax was $108.7 million, up 26.8% from $85.7 million in the fourth quarter last year. This increase was driven primarily by the increase in sales and improved material costs.
Towable RV backlog increased $431.1 million, or 141.8%, to $735.1 million, compared to $304.0 million at the end of fiscal 2015, reflecting the inclusion of Jayco's $223.4 million backlog as well as continued momentum in the sale of towable products.
Motorized RV sales were $292.7 million for the fourth quarter, up 35.3% from $216.4 million in the prior-year fourth quarter.
The increase in motorized RV sales was a result of continued strong growth in the more moderately priced gas Class A and Class C motorhomes, which are targeting new consumers entering the market, combined with the inclusion of one month of Jayco's motorized revenues.
Motorized RV income before tax was $22.2 million, up 11.6% from $19.9 million last year, driven primarily by the growth in motorized sales, partially offset by some start-up costs for the new production facility in Bristol, Indiana.
Motorized RV backlog increased $191.8 million, or 71.0%, to $461.8 million from $270.0 million a year earlier, reflecting the inclusion of Jayco's $122.5 million motorized backlog as well as strong, continued demand for smaller gas Class A and Class C motorhomes. ■