(RTTNews) -  Recreational vehicle and bus maker Thor Industries Inc. (THO: News ), Monday said its first-quarter net income increased from the previous year quarter, attributed to aggressive cost cutting, strong towable and modest motorized RV sales increases, and greater efficiencies. Sales for the quarter improved 15% driven predominantly by an 18% increase in recreational vehicle sales.

Jackson Center, Ohio-based Thor recorded first quarter net income of $23.43 million or $0.42 per share, compared to $5.12 million or $0.09 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 15% to $502.55 million from $438.82 million in the prior year quarter. Three analysts had a consensus revenue estimate of $500.96 million for the quarter.

Recreation vehicles income before tax in the quarter was $31.64million, up more than five-fold from $5.77million last year. Income from commercial bus production before tax was $8.38 million, up 58% from $5.29million last year.

RV sales in the quarter were $389.9 million, up 18% from $330.4 million last year. Bus sales in the quarter were $112.6 million, up 4% from $108.4 million last year.
Operating income for the quarter jumped to $34.9 million from $5.6 million in the corresponding quarter last year.

Peter Orthwein, Thor chairman, CEO, & president said,"Results are much improved, driven by aggressive cost cutting, strong towable and modest motorized RV sales increases, and greater efficiencies in Bus. We were profitable in all business segments in the quarter, including motor homes, and our backlog remains at record levels for this time of year."

THO is currently being traded at $40.42 up $0.22 or 0.55% on a volume of 1.346 million shares on the NYSE.

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by RTT Staff Writer

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