JACKSON CENTER, Ohio (AP) — Thor Industries Inc.'s shares soared in after-hours trading Wednesday after the company said its fourth-quarter profit increased 20 percent on strong RV sales to beat market expectations.
The company, based in Jackson Center, Ohio, is the world's largest manufacturer of recreational vehicles and a major builder of commercial buses and ambulances.
Thor said that if the broader economy remains stable, it expects sales of RVs and replacement buses to continue to grow.
The company earned $44.4 million, or 84 cents per share, for the quarter that ended July 31. That's compared with $36.9 million, or 66 cents per share, in the fourth quarter last year. Revenue for the period jumped 15 percent to $888.2 million from $770.5 million.
Thor said that total RV sales increased 18 percent to nearly $770 million with gains in both towable and motorized vehicles. Its bus and ambulance sales increased 1 percent to $118.3 million.
Analysts polled by FactSet were expecting the company to earn 79 cents per share on revenue of $886.8 million, on average.
Thor earned $121.7 million, or $2.26 per share, for the full fiscal year versus $106.3 million, or $1.92 per share, for the prior year. Its annual revenue increased 12 percent to $3.08 billion from $2.76 billion.
Shares of Thor increased 17 cents to close the day at $34.41 but soared $3.59, or more than 10 percent, to $38 after hours on the report.