Thor Results Crush Estimates, Sees Modest Growth For Rest Of 2015; Stock Up 5%

(RTTNews) - Thor Industries Inc (THO) on Thursday reported second-quarter net earnings of $28.6 million or $0.57 per share compared with $16.2 million or $0.32 per share last year, when results were hurt by harsh winter weather.

The recreational vehicle maker said its sales for the quarter increased 34% to $852.4 million from $635.3 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.42 per share on revenues of $752.2 million for the quarter. Analysts' estimates typically exclude special items.

Thor CEO Bob Martin said the results were driven by growth in motorized and towable operations, including from the acquisitions of K-Z, Cruiser RV and DRV Luxury Suites.

Thor said its gross margin for the quarter improved to 12% from 11.1% last year.

For the remainder of fiscal year 2015, Thor expects modest improvement in its financial results.

Thor said the second half of 2015 will likely be more challenging, partly due to the potential that some sales pulled forward into the second quarter this year.

Thor also said it faces tight labor conditions in northern Indiana and will incur additional costs from new and expanded towable facilities in the third and fourth quarters as these plants begin operations.

THO closed Thursday at $61.37, down $0.95 or 1.52%, on a volume of 362k shares on the NYSE. In after hours, the stock gained $3.13 or 5.10% at $64.25.