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Thor Industries (NYSE: THO) Snapshot

Updated April 4, 2010
 

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.

 

Consolidated Charting

 

Consolidated Statements
THO Income Statement Quarter Ending    
  Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10    
  Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09   ttm
Revenue   728,693  659,891  761,323  642,047     857,615     805,291    727,716     584,049     789,643     754,900     763,736     599,170     707,931     569,843     438,817  226,683  415,472  440,924  502,552    1,585,631
Cost of Goods Sold  634,658  572,766  649,681  552,084     729,604     689,137    632,120     522,880     686,663     644,922     662,461     529,453     617,932     508,408     398,754  218,526  369,025  383,054  432,781    1,403,386
Gross Margin    94,035    87,125  111,642    89,963     128,011     116,154     95,596       61,169     102,980     109,978     101,275       69,717       89,999       61,435       40,063      8,157    46,447    57,870    69,771       182,245
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% 12.7% 10.8% 9.1% 3.6% 11.2% 13.1% 13.9%   11.5%
                                           
Operating Expenses                                          
R&D            -            -            -            -              -              -             -              -              -              -              -              -                -              -            -            -            -            -                -
SG&A    43,160    37,296    44,336    41,237       50,317       48,036     43,208       37,424       51,834       44,994       45,410       39,819       47,903       43,936       34,466    30,199    33,971    25,942    34,767       124,879
Non Recurring             -            -            -            -              -              -             -              -             (2,308)          7,535              -      2,044      7,864            -            -          9,908
Others             -        967            -            -              -           949       3,463        3,463             935                 813              -            -            -        476          91             567
Operating Expenses     43,160    38,263    44,336    41,237       50,317       48,985     46,671       40,887       51,834       45,929       45,410       37,511       47,903       52,284       34,466    32,243    41,835    26,418    34,858       135,354
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% 6.8% 9.2% 7.9% 14.2% 10.1% 6.0% 6.9%   8.5%
                                           
Operating Income    50,875    48,862    67,306    48,726       77,694       67,169     48,925       20,282       51,146       64,049       55,865       32,206       42,096        9,151        5,597   (24,086)      4,612    31,452    34,913         46,891
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% 5.9% 1.6% 1.3% -10.6% 1.1% 7.1% 6.9%   3.0%
                                           
Income from Continuing Operations                                          
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        2,667        3,409        2,783      1,247        104      2,211      2,439          6,001
Earnings Before Interest And Taxes     52,298    52,858    69,785    50,891       80,489       70,506     52,385       26,406       54,171       67,874       60,840       35,559       44,763       12,560        8,380   (22,839)      4,716    33,663    37,352         52,892
Interest Expense         144        326        347        223           347           331         187           164           212           211           360           353           423           179           130        112        144        139          99             494
Income Before Tax     52,154    52,532    69,438    50,668       80,142       70,175     52,198       26,242       53,959       67,663       60,480       35,206       44,340       12,381        8,250   (22,951)      4,572    33,524    37,253         52,398
Income Tax Expense     19,204    19,425    26,073    18,794       29,003       24,089     19,600        7,990       18,390       17,350       22,271       13,604       16,486        7,340        3,130    (8,091)      2,470      8,743    13,824         16,946
Minority Interest             -            -            -            -              -              -             -              -              -              -              -              -              -              -              -            -            -            -            -                -
Net Income From Continuing Ops     32,950    33,107    43,365    31,874       51,139       46,086     32,598       18,252       35,569       50,313       38,209       21,602       27,854        5,041        5,120   (14,860)      2,102    24,781    23,429         35,452
                                           
Non-recurring Events                                          
Discontinued Operations             -            -            -            -              -              -             -              -              -              -              -              -              -              -              -            -            -            -            -                -
Extraordinary Items             -            -            -            -              -              -             -              -              -              -              -              -              -              -              -            -            -            -            -                -
Effect Of Accounting Changes             -            -            -            -              -              -             -              -              -              -              -              -              -              -              -            -            -            -            -                -
Other Items             -            -            -            -              -              -             -              -              -              -              -              -              -              -              -            -            -            -            -                -
Net Income     32,950    33,107    43,365    31,874       51,139       46,086     32,598       18,252       35,569       50,313       38,209       21,602       27,854        5,041        5,120   (14,860)      2,102    24,781    23,429         35,452
Preferred Stock And Other Adjustments             -            -            -            -              -              -             -              -              -              -              -              -              -              -              -            -            -            -            -                -
Net Income Applicable To Common Shares     32,950    33,107    43,365    31,874       51,139       46,086     32,598       18,252       35,569       50,313       38,209       21,602       27,854        5,041        5,120   (14,860)      2,102    24,781    23,429         35,452
As a % of Sales 4.5% 5.0% 5.7% 5.0% 6.0% 5.7% 4.5% 3.1% 4.5% 6.7% 5.0% 3.6% 3.9% 0.9% 1.2% -6.6% 0.5% 5.6% 4.7%   2.2%
                                           
EBITDA    55,002    55,772    72,803    55,316       83,781       73,817     55,848       29,790       57,681       71,422       64,406       39,098       48,316       18,923       11,873   (19,360)      8,013    36,877    40,622         66,152
As a % of Sales 7.5% 8.5% 9.6% 8.6% 9.8% 9.2% 7.7% 5.1% 7.3% 9.5% 8.4% 6.5% 6.8% 3.3% 2.7% -8.5% 1.9% 8.4% 8.1%   4.2%
                                           
THO Balance Sheet Quarter Ending    
  Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09   ttm
Current Assets                                          
Cash And Cash Equivalents     85,687  163,596  117,592  117,258     141,494     196,136     95,963       91,335     146,982     171,889     104,451       87,935     119,680     189,620     177,731  191,099  177,878  221,684  223,202       223,202
Short Term Investments     41,840    45,219    76,029  112,737     125,013       68,237    110,815     118,712     105,590     174,575     160,550     146,350                -              -            -            -  107,150    92,200         92,200
Net Receivables   197,939  153,455  186,596  192,279     243,227     208,369    166,011     186,309     246,461     190,084     210,296     205,642     211,602     185,718     158,137  105,214  164,659  169,906  178,047       178,047
Inventory   182,459  161,770  187,048  190,858     200,159     187,091    215,155     189,514     202,725     168,980     187,879     200,975     199,234     152,582     166,563  153,779  131,969  105,278  134,029       134,029
Other Current Assets       9,396  -        14,889      9,986        8,388              -     29,570       30,678        9,850  -     -          12,199        8,912              -              -            -      3,905            -      5,556          5,556
Total Current Assets   517,321  524,040  582,154  623,118     718,281     659,833    617,514     616,548     711,608     705,528     663,176     653,101     539,428     527,920     502,431  450,092  478,411  604,018  633,034       633,034
                                           
Long Term Assets                                          
Long Term Investments      2,482      2,800      3,121      2,923        2,664        2,737             -              -        2,696        2,671        3,119        2,912     130,676     129,672     123,820  131,119  131,871    25,685    27,026         27,026
Property Plant and Equipment   133,814  139,789  144,759  147,940     149,262     157,465    158,178     158,005     156,556     157,242     157,091     157,366     156,917     153,230     150,312  147,162  145,475  142,861  139,949       139,949
Goodwill   161,437  165,662  165,663  165,663     165,663     165,663             -     165,663     165,663     165,663     165,663     165,663     165,663     158,128     158,128  158,128  148,411  148,411  148,411       148,411
Intangible Assets     16,989    17,690    17,453    17,215       16,978       16,741    182,167              -       16,071       15,806       15,593       15,393       15,193       14,993       14,793    14,137    14,045    13,953    13,862         13,862
Accumulated Amortization             -            -            -            -              -              -             -              -              -              -              -              -                -              -            -            -            -            -                -
Other Long Term Assets       6,997      7,898      8,456      9,159        9,929        9,403     13,227       30,127       12,216       12,387       13,429       12,419       15,731       12,619       11,479      6,205      5,354            -    16,838         16,838
Deferred Long Term Asset Charges            -            -            -            -              -              -             -              -              -              -              -              -                -              -            -            -    16,196            -                -
Total Long Term Assets  319,237  331,039  336,331  339,977     341,832     349,272    353,572     353,795     350,506     351,098     351,776     350,841     353,504     338,970     334,712  325,632  313,285  321,421  319,060       319,060
                                           
Total Assets   836,558  855,079  918,485  963,095  1,060,113  1,009,105    971,086     970,343  1,062,114  1,056,626  1,014,952  1,003,942     892,932     866,890     837,143  775,724  791,696  925,439  952,094       952,094
                                           
Current Liabilities                                          
Accounts Payable   246,907  248,812  267,984  280,555     333,154     285,827     95,399     123,554     193,339     277,199     295,728     278,043     273,531     138,487     211,688  176,302  194,975  184,474  206,001       206,001
Short/Current Long Term Debt                                        -              -            -            -            -            -                -
Other Current Liabilities             -            -            -            -              -        9,334    176,262     146,508     137,363             109,929              -            -            -            -    13,598         13,598
Total Current Liabilities   246,907  248,812  267,984  280,555     333,154     295,161    271,661     270,062     330,702     277,199     295,728     278,043     273,531     248,416     211,688  176,302  194,975  184,474  219,599       219,599
                                           
Long Term Liabilities                                          
Long Term Debt             -            -            -            -              -              -             -              -              -              -              -              -                -              -            -