Thor Industries, Inc. (NYSE: THO) today announced record financial results for the fourth quarter and fiscal year ended July 31, 2014.

Fourth Quarter Highlights:

Sales from continuing operations for the fourth quarter of fiscal 2014 were a record $1.04 billion, up 14 percent from $914.0 million in the fourth quarter last year, as sales of both towable and motorized RVs posted double-digit growth.

Gross profit margins decreased to 14.6 percent in the fourth quarter compared to 15.3 percent in the prior year period, due in part to the effects of the ongoing tight labor market in northern Indiana, changes in product mix, the ramp-up of production at the

Company’s new motorized facilities and a one-time inventory valuation adjustment of approximately $0.8 million related to the purchase accounting for the acquisition of KZ during the fourth quarter.

Net income from continuing operations for the fourth quarter was $66.8 million, up 21 percent from $55.2 million in the prior-year fourth quarter. Including the discontinued operations of Thor’s Bus business, net income for the fourth quarter was $66.6 million, up 14 percent from $58.2 million in the fourth quarter of fiscal 2013.

Diluted earnings per share (EPS) from continuing operations for the fourth quarter was $1.25, up 20 percent from $1.04 in the fourth quarter last year. Including the discontinued operations of Thor’s Bus business, diluted EPS for the fourth quarter was $1.25, up 15 percent from $1.09 in the fourth quarter of fiscal 2013.

Net income for the fourth quarter of fiscal 2014 was adversely affected by the purchase accounting treatment for the acquisition of KZ, including the aforementioned inventory valuation adjustment of $0.8 million and amortization expense relating to KZ’s backlog of $0.4 million.

Towable RV sales were $825.5 million for the fourth quarter, up 11 percent from $745.8 million in the prior year period. Towable RV income before tax was $84.0 million, up 10 percent from $76.4 million in the fourth quarter last year, primarily as a result of increased sales volumes and a gain on the sale of a facility in Oregon, partially offset by increased labor costs and costs related to purchase accounting for the acquisition of KZ.

Motorized RV sales were $217.8 million for the fourth quarter, up 29 percent from $168.2 million in the prior year fourth quarter. Motorized RV income before tax was $15.0 million, up 11 percent from $13.5 million last year, which was driven primarily by increased sales volumes, partially offset by start-up and labor costs associated with new production facilities.

“Thor had a successful year in fiscal 2014, with solid growth in revenues and earnings on both the towable and motorized sides of our business,” said Bob Martin, Thor President and CEO. “During the year, we successfully completed three strategic towable acquisitions, expanded our production footprint with the Wakarusa and Elkhart production facilities and consolidated three west coast facilities, providing us with a strong base to support our future growth. Given the recent successful dealer Open House in Elkhart, our current line-up of innovative products, our strong dealer relationships and upcoming initiatives to better connect with consumers, we are well positioned for continued success in fiscal 2015,” he added.

Source: Thor Industries Inc., Inside INdiana Business