PR Newswire
ELKHART, Ind., June 6, 2016
ELKHART, Ind., June 6, 2016 /PRNewswire/ -- Thor Industries, Inc. (NYSE: THO) today announced net income from continuing operations of $79.2 million, or $1.51 per diluted share, on revenues of $1.28 billion for the third quarter ended April 30, 2016. Net income from continuing operations increased 24.6% on sales growth of 9.4% when compared with the third quarter of last year. Diluted earnings per share from continuing operations in the third quarter increased 26.9% compared to the previous year. Diluted earnings per share, including the loss from discontinued operations in the quarter, also rose 27.4% to $1.49 compared with the third quarter of 2015.
"We continued to see the benefits of executing our strategic operating plan in the third quarter, resulting in record sales and bottom-line results," said Bob Martin, Thor President and CEO. "As our core markets continued to grow, we were able to generate improved margins and profitability based on growth in revenues, improved product mix and lower material costs."
Mr. Martin added, "This spring we have visited dealers and attended dealer meetings where we have heard consistent feedback that our dealer partners are seeing an influx of younger consumers entering our markets, which gives us optimism for the long-term growth of our business and industry. As we see growth of younger and more ethnically diverse consumers, we continue to invest in new product features and floorplans to meet their needs. Thor leads in innovation with new technology features that make RVs easier to use and better connected, positioning us to expand our markets over the long term."
Third-Quarter Highlights:
"With the record pace of revenues and net income, we also generated strong cash flows from operations for the first nine months of fiscal 2016," said Colleen Zuhl, Thor Senior Vice President and CFO. "As we begin to approach production capacity constraints for certain of our brands, particularly within the towable business, we continue to invest our cash in growth initiatives. For fiscal 2016, we've invested $39.4 million on numerous organic development projects, such as the Heartland facility in Nampa, Idaho and the Airstream plant expansion, with plans to invest an additional $20 million in similar projects over the remainder of the fiscal year," she added.
Towable RVs:
Motorized RVs:
Outlook:
"Since our founding, Thor has pursued strategic growth through acquisitions in markets with the greatest opportunities, followed by investments to support their growth and long-term success. The record results we posted this quarter illustrate the power of our business model, particularly when the market is performing as well as it is currently," said Peter B. Orthwein, Thor Executive Chairman. "As we continue to build on our history, we have every reason to be optimistic about the future of Thor and our industry, particularly as we attract younger families into the RV lifestyle to drive future growth in sales, net income and total returns to our shareholders."
Investor Questions and Answers:
Thor also announced that it has updated the detailed list of investor questions and answers relating to quarterly results and other topics that are posted on the Investor Relations section of its website at www.thorindustries.com.
About Thor Industries, Inc.
Thor is the sole owner of operating subsidiaries that, combined, represent one of the world's largest manufacturers of recreational vehicles. For more information on the Company and its products, please go to www.thorindustries.com.
This release includes certain statements that are "forward looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon Thor Industries, Inc., and inherently involve uncertainties and risks. These forward looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ from our expectations. Factors which could cause materially different results include, among others, raw material and commodity price fluctuations, material or chassis supply restrictions, legislative and regulatory developments, the costs of compliance with increased governmental regulation, legal issues, the potential impact of increased tax burdens on our dealers and retail consumers, lower consumer confidence and the level of discretionary consumer spending, interest rate fluctuations and the potential economic impact of rising interest rates, restrictive lending practices, management changes, the success of new product introductions, the pace of obtaining and producing at new production facilities, loss or reduction of sales to key dealers, the pace of acquisitions, the potential loss of existing customers of acquisitions, the integration of new acquisitions, the availability of delivery personnel, asset impairment charges, cost structure changes, competition, impact of potential losses under repurchase obligations, the potential impact of the strengthening U.S. dollar on international demand, general economic, market and political conditions and the other risks and uncertainties discussed more fully in ITEM 1A of our Annual Report on Form 10-K for the year ended July 31, 2015 and Part II, Item 1A of our quarterly report on Form 10-Q for the period ending April 30, 2016. We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any change in our expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
THOR INDUSTRIES, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE 3 AND 9 MONTHS ENDED APRIL 30, 2016 and 2015 | ||||||||||||||||
($000's except share and per share data) (Unaudited) | ||||||||||||||||
3 MONTHS ENDED APRIL 30, |
9 MONTHS ENDED APRIL 30, | |||||||||||||||
2016 |
% Net Sales (1) |
2015 |
% Net |
2016 |
% Net Sales (1) |
2015 |
% Net |
|||||||||
Net sales |
$1,284,054 |
$1,174,255 |
$3,289,476 |
$2,948,663 |
||||||||||||
Gross profit |
$ 201,937 |
15.7% |
$ 166,601 |
14.2% |
$ 502,975 |
15.3% |
$ 386,266 |
13.1% |
||||||||
Selling, general and administrative expenses |
80,833 |
6.3% |
68,940 |
5.9% |
216,653 |
6.6% |
181,231 |
6.1% |
||||||||
Amortization of intangible assets |
5,780 |
0.5% |
3,950 |
0.3% |
17,662 |
0.5% |
11,606 |
0.4% |
||||||||
Impairment charges |
- |
0.0% |
- |
0.0% |
9,113 |
0.3% |
- |
0.0% |
||||||||
Interest income (expense), net |
64 |
0.0% |
287 |
0.0% |
(35) |
(0.0%) |
993 |
0.0% |
||||||||
Other income (expense), net |
895 |
0.1% |
563 |
0.0% |
350 |
0.0% |
982 |
0.0% |
||||||||
Income from continuing operations before income taxes |
116,283 |
9.1% |
94,561 |
8.1% |
259,862 |
7.9% |
195,404 |
6.6% |
||||||||
Income taxes |
37,090 |
2.9% |
31,009 |
2.6% |
84,686 |
2.6% |
62,384 |
2.1% |
||||||||
Net income from continuing operations |
79,193 |
6.2% |
63,552 |
5.4% |
175,176 |
5.3% |
133,020 |
4.5% |
||||||||
Loss from discontinued operations, net of income taxes |
(611) |
(0.0%) |
(707) |
(0.1%) |
(1,429) |
(0.0%) |
(2,602) |
(0.1%) |
||||||||
Net income |
$ 78,582 |
6.1% |
$ 62,845 |
5.4% |
$ 173,747 |
5.3% |
$ 130,418 |
4.4% |
||||||||
Earnings per common share from continuing operations |
||||||||||||||||
Basic |
$ 1.51 |
$ 1.19 |
$ 3.34 |
$ 2.49 |
||||||||||||
Diluted |
$ 1.51 |
$ 1.19 |
$ 3.33 |
$ 2.49 |
||||||||||||
Earnings per common share |
||||||||||||||||
Basic |
$ 1.50 |
$ 1.18 |
$ 3.31 |
$ 2.44 |
||||||||||||
Diluted |
$ 1.49 |
$ 1.17 |
$ 3.31 |
$ 2.44 |
||||||||||||
Weighted avg. common shares outstanding-basic |
52,474,801 |
53,380,651 |
52,453,025 |
53,363,872 |
||||||||||||
Weighted avg. common shares outstanding-diluted |
52,601,673 |
53,495,499 |
52,569,294 |
53,461,470 |
||||||||||||
SUMMARY BALANCE SHEETS - APRIL 30, ($000) (Unaudited) |
||||||||||||||||
2016 |
2015 |
2016 |
2015 |
|||||||||||||
Cash and equivalents |
$ 247,297 |
$ 183,478 |
Current liabilities |
$ 441,595 |
$ 378,335 |
|||||||||||
Accounts receivable, trade and other |
382,033 |
269,694 |
Long-term liabilities |
60,094 |
59,726 |
|||||||||||
Inventories |
275,452 |
246,115 |
Stockholders' equity |
1,196,191 |
1,065,187 |
|||||||||||
Deferred income taxes and other, net |
69,610 |
76,554 |
||||||||||||||
Total current assets |
974,392 |
775,841 |
||||||||||||||
Property, plant & equipment, net |
255,521 |
234,045 |
||||||||||||||
Goodwill |
303,509 |
312,622 |
||||||||||||||
Amortizable intangible assets, net |
151,391 |
169,018 |
||||||||||||||
Other assets |
13,067 |
11,722 |
||||||||||||||
Total |
$1,697,880 |
$1,503,248 |
$1,697,880 |
$1,503,248 |
||||||||||||
(1) Percentages may not add due to rounding differences |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/thor-announces-record-results-for-third-quarter-and-first-nine-months-of-fiscal-2016-300280306.html
SOURCE Thor Industries, Inc.
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