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Thor Industries (NYSE:
THO)
Snapshot
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 Company Snapshot
Thor Industries, Inc., was founded to
acquire Airstream, arguably one of the most recognizable recreational
vehicle brands. Thor has continued to grow through a series of
acquisitions including General Coach, which manufactures travel trailers
and motorhomes. Also part of this acquisition was Thor America, which
manufactures Citation and Chateau travel trailers and fifth wheels.
In 1991 Thor acquired Dutchmen, a manufacturer of conventional and fifth
wheel travel trailers in the world. Four Winds International,
manufacturer of class A and C motorhomes, was acquired in 1992. Komfort,
a maker of fifth-wheel and conventional travel trailers, and Skamper, a
builder of folding camping trailers, was acquired in 1995.
With the acquisition of Keystone RV in 2001, Damon RV in 2003, and
CrossRoads RV in 2004, Thor Industries is the largest RV manufacturer.
Thor also manufactures the Tahoe and Wanderer brands of trailers and
fifth wheels.
Thor is also the largest mid-size bus manufacturer, having acquired
Goshen Coach in 2005. |
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Consolidated Charting |
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Consolidated Statements |
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THO Income Statement |
Quarter Ending |
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Q3-05 |
Q4-05 |
Q1-06 |
Q2-06 |
Q3-06 |
Q4-06 |
Q1-07 |
Q2-07 |
Q3-07 |
Q4-07 |
Q1-08 |
Q2-08 |
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Apr-05 |
Jul-05 |
Oct-05 |
Jan-06 |
Apr-06 |
Jul-06 |
Oct-06 |
Jan-07 |
Apr-07 |
Jul-07 |
Oct-07 |
Jan-08 |
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ttm |
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Revenue |
728,693
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659,891
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761,323
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642,047
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857,615 |
805,291 |
727,716 |
584,049 |
789,643 |
754,900 |
763,736 |
599,170 |
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2,907,449 |
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Cost of Goods Sold |
634,658
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572,766
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649,681
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552,084
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729,604 |
689,137 |
632,120 |
522,880 |
686,663 |
644,922 |
662,461 |
529,453 |
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2,523,499 |
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Gross Margin |
94,035 |
87,125 |
111,642
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89,963 |
128,011 |
116,154 |
95,596
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61,169 |
102,980 |
109,978 |
101,275 |
69,717 |
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383,950 |
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As a % of Sales |
12.9% |
13.2% |
14.7% |
14.0% |
14.9% |
14.4% |
13.1% |
10.5% |
13.0% |
14.6% |
13.3% |
11.6% |
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13.2% |
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Operating Expenses |
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R&D |
- |
- |
- |
- |
-
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-
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- |
-
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-
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-
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-
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-
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SG&A |
43,160 |
37,296 |
44,336 |
41,237 |
50,317 |
48,036 |
43,208
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37,424 |
51,834 |
44,994 |
45,410 |
39,819 |
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182,057 |
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Depreciation |
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Non Recurring |
- |
- |
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-
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-
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- |
-
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- |
- |
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(2,308) |
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(2,308) |
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Others |
- |
967 |
- |
- |
-
|
949 |
3,463
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3,463 |
- |
935 |
- |
- |
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935 |
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Operating Expenses |
43,160 |
38,263 |
44,336 |
41,237 |
50,317 |
48,985 |
46,671
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40,887 |
51,834 |
45,929 |
45,410 |
37,511 |
|
180,684 |
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As a % of Sales |
5.9% |
5.8% |
5.8% |
6.4% |
5.9% |
6.1% |
6.4% |
7.0% |
6.6% |
6.1% |
5.9% |
6.3% |
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6.2% |
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Operating Income |
50,875 |
48,862 |
67,306 |
48,726 |
77,694 |
67,169 |
48,925
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20,282 |
51,146 |
64,049 |
55,865 |
32,206 |
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203,266 |
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As a % of Sales |
7.0% |
7.4% |
8.8% |
7.6% |
9.1% |
8.3% |
6.7% |
3.5% |
6.5% |
8.5% |
7.3% |
5.4% |
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7.0% |
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Income from Continuing Operations |
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Total Other Income/Expenses Net |
1,423 |
3,996 |
2,479 |
2,165 |
2,795 |
3,337 |
3,460 |
6,124 |
3,025 |
3,825 |
4,975 |
3,353 |
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15,178 |
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Earnings Before Interest And Taxes |
52,298 |
52,858 |
69,785 |
50,891 |
80,489 |
70,506 |
52,385
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26,406 |
54,171 |
67,874 |
60,840 |
35,559 |
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218,444 |
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Interest Expense |
144 |
326 |
347 |
223 |
347 |
331 |
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