Thor Industries, Inc. (NYSE:THO) shares barely budged Monday, on reporting quarterly earnings.
The company, headquartered in Elkhart, Indiana, told investors net sales for the second quarter were $2.0 billion, an increase of $712.6 million, or 55.2%, compared to the prior year. Second-quarter results include an increase of $74.5 million in North American RV sales and the addition of $637.1 million in net sales from Erwin Hymer Group.
Gross profit margin for the second quarter was 12.8%, an improvement of 180 basis points over the prior year, reflecting the impact of management-led initiatives driving lower material and labor cost percentages in North America.
Diluted earnings per share rose to $0.52, compared to a loss of $(0.10) per diluted share for the prior-year period. Second quarter fiscal 2020 earnings include the unfavorable impact of two non-cash impairment charges totaling $0.15 per diluted share, while second quarter fiscal 2019 earnings included the unfavorable impact of costs related to the acquisition of EHG totaling $0.75 per diluted share.
To date, the Company has paid approximately $530 million of principal.
CEO Bob Martin commented, "With record second-quarter revenues, improved quarterly gross profit margin year-over-year, a growing order backlog and successful new product introductions in the Class B space, all key indicators for Thor Industries were strong in the second quarter. I am especially pleased to note that consolidated revenues were a new second-quarter record for Thor."
Shares squeaked higher four cents to $70.04
