Wednesday, March 12, 2008
THOR PROFITS INCREASE
JACKSON CENTER, Ohio (AP) -- Thor Industries Inc., which makes recreational vehicles and buses, said Monday its fiscal second-quarter profit rose 18 percent on higher vehicle demand and margin improvements.
For the quarter ended Jan. 31, Thor earned $21.6 million, or 39 cents per share, up from $18.3 million, or 33 cents per share, for the same quarter the year before.
Sales rose 2.6 percent to $599.2 million from $584 million in the year-ago period.
Analysts polled by Thomson Financial expected a profit of 40 cents per share on $601.1 million in revenue.
RV sales rose 3 percent to $505.3 million, while RV income before tax jumped 35 percent to $34.1 million. Bus sales increased 0.5 percent to $93.9 million, while bus income before tax rose 13 percent to $3.6 million, Thor said.
Thor said margins improved as a result of improved manufacturing efficiencies, lower warranty costs, higher interest income and a gain on sale of real estate.
Thor shares fell 13 cents to $28.73 in afternoon trading. The stock earlier traded as low as $28.47, below a 52-week low of $28.82 set Friday.
For the quarter ended Jan. 31, Thor earned $21.6 million, or 39 cents per share, up from $18.3 million, or 33 cents per share, for the same quarter the year before.
Sales rose 2.6 percent to $599.2 million from $584 million in the year-ago period.
Analysts polled by Thomson Financial expected a profit of 40 cents per share on $601.1 million in revenue.
RV sales rose 3 percent to $505.3 million, while RV income before tax jumped 35 percent to $34.1 million. Bus sales increased 0.5 percent to $93.9 million, while bus income before tax rose 13 percent to $3.6 million, Thor said.
Thor said margins improved as a result of improved manufacturing efficiencies, lower warranty costs, higher interest income and a gain on sale of real estate.
Thor shares fell 13 cents to $28.73 in afternoon trading. The stock earlier traded as low as $28.47, below a 52-week low of $28.82 set Friday.
