For the full-year fiscal 2018:
Financial results for the full year reflect all-time records in the Company’s history:
Net sales increased 14.9% to $8.33 billion
Gross profit increased 11.6% to $1.16 billion
Income before taxes increased 13.8% to $633.0 million
Diluted EPS increased 14.8% to $8.14
Cash flow from operating activities increased 11.3% to $466.5 million
Net sales increased 17.2% for the
Towable segment, 8.9% for the Motorized segment and 14.9% overall. Overall gross profit margin decreased to 14.0% from 14.4% in the prior year.
“Our full-year results reflect another record year of both sales and earnings,” said Bob Martin, Thor President and CEO. "We leveraged the strength in retail demand to drive year-over-year growth in both our top and bottom lines. We experienced a solid increase in gross margins in the first half of the year due to strong sales growth, as well as achieving operating and process improvements, primarily by Jayco. During the second half of the year, however, we reduced our production levels, lowered wholesale shipments and increased dealer incentives in order to balance dealer inventories, resulting in modest net revenue growth. Also, during the second half, we lapped the Jayco prior-year process improvements and experienced increased labor, warranty and material costs, resulting in the modest decrease of 40 basis points on our full-year gross margin."
For the fourth quarter of 2018:
Net sales decreased 3.1% to $1.87 billion
Gross profit decreased 18.9% to $244.4 million
Income before taxes decreased 29.3% to $124.3 million
Diluted EPS decreased 26.1% to $1.67
Consolidated RV backlog of $1.40 billion, as of July 31, 2018
Thor Industries, Inc. - Thor Announces Record Results for Fiscal 2018
