Thor Industries 4Q profit jumps, sales decline

Thor Industries 4th-qtr profit rises on absence of charge, sales fall on lower RV, bus sales

• On 11:04 am EDT, Tuesday September 29, 2009

JACKSON CENTER, Ohio (AP) -- Thor Industries Inc. said Tuesday that its fourth-quarter profit more than quadrupled, as prior-year results were weighed down by an impairment charge.

The report sent shares of the recreational vehicle and bus maker up $1.96, or 6.7 percent, to $31.12 in morning trading. The shares hit a fresh 52-week high of $32.70 earlier in the session.

Thor earned $24.8 million, or 45 cents per share, compared with $5 million, or 9 cents per share, a year earlier.

Year-ago results included a $7.5 million impairment charge.

Analysts predicted net income of 23 cents per share for the quarter, according to a Thomson Reuters poll. Analysts' estimates generally exclude one-time items.

Thor's results also benefited from cost control efforts, with selling, general and administrative expenses down 41 percent to $26.4 million from $44.7 million.

Sales for the period ended July 31 dropped 23 percent to $440.9 million from $569.8 million on lower recreational vehicle and bus sales.

Recreational vehicle sales declined to $338 million from $454.5 million, while bus sales slipped to $102.9 million from $115.3 million.

For the year, earnings slid 82 percent to $17.1 million, or 31 cents per share, from $92.7 million, or $1.66 per share.

Annual sales fell 42 percent to $1.52 billion from $2.64 billion.

Buzz up!