Thor Industries (NYSE: THO) reported a strong increase in preliminary sales and backlog orders for the quarter and nine months ended April 30, 2010, and also announced the divestiture of its Canadian RV and Park Model operations.
Sales in the quarter were US$679 million, up a solid 64% from US$415 million in the first quarter of last year. RV (Recreational Vehicle) sales were US$558 million, up 79% (Q1 09: $312 million) while Specialty Vehicle sales (including buses and ambulances) were $121 million, up 17% (Q1 09: $103 million).
Sales in the 9 month period jumped 49% to US$1.61 billion, with RV sales of $1.28 billion (up 65%) and Specialty Vehicle sales of $328 million (up 8%).
Cash, cash equivalents and investments on April 30, 2010 were $155 million, down from $296 million last year.
Thor Industries order backlog climbed 51% to US$667 million.
"The RV industry continues a strong wholesale re-stocking trend, as evidenced by Thor's large order backlog," said Peter B. Orthwein, Thor Chairman, CEO & President. "Importantly, Thor's recent internal retail sales results also demonstrate substantial improvement over last year, including the March and April periods. This bodes well for a better balance between retail demand and wholesale replenishment as we move forward," he added.