Thor Industries, Inc., Elkhart, announced record sales and net income from continuing operations for the third quarter ended April 30, 2015, compared with very strong results from the third quarter of fiscal 2014.

Third-Quarter Highlights:

Sales from continuing operations for the third quarter of fiscal 2015 were $1.17 billion, up 12 percent from $1.05 billion in the third quarter last year, as sales of both towable and motorized RVs posted gains from a year ago. Towable results for the third quarter of fiscal 2015 included the impact of the acquisitions of K-Z, Cruiser RV, LLC and DRV, LLC, which were not included in the third quarter of fiscal 2014.

Gross profit margins increased to 14.2 percent in the third quarter of fiscal 2015 compared to 13.6 percent in the prior-year period. Gross margins in the third quarter of fiscal 2015 improved largely as a result of increased fixed cost absorption and improvements in labor and warranty costs as a percent of sales in the motorized segment.

Net income from continuing operations for the third quarter was $63.6 million, up 15 percent from $55.1 million in the prior-year third quarter. Including the discontinued operations of Thor’s Bus business, net income for the third quarter was $62.8 million, up 14 percent from $55.1 million in the third quarter of fiscal year 2014.

Diluted earnings per share from continuing operations for the third quarter was $1.19, up 16 percent from $1.03 in the third quarter last year. Including the discontinued operations of Thor’s Bus business, diluted EPS for the third quarter was $1.17, up 14 percent from $1.03 in the third quarter of fiscal 2014.

Year-to-Date Highlights:

Sales from continuing operations for the nine months ended April 30, 2015 were $2.95 billion, up from $2.48 billion in the prior year.

Gross profit margins increased in the first nine months of fiscal 2015 compared to the prior-year period. Gross margins in the first nine months of fiscal 2015 improved primarily as a result of increased fixed cost absorption due to the sales increase.

Net income from continuing operations for the nine months ended April 30, 2015 was $133.0 million, compared to $108.7 million in the first nine months of fiscal 2014. Including discontinued operations, net income for the nine months was $130.4 million, up from $112.4 million in the first nine months of the prior year, which included the $7.1 million gain on the sale of the bus business.

“We were pleased with our strong third-quarter results, which exceeded even the solid performance we achieved in the third quarter of fiscal 2014,” said Bob Martin, Thor President and CEO. “The record results for the quarter reflect the great efforts of our entire team combined with the ongoing growth of the RV market. In the near term, the market for some higher-end products remains soft, while dealers focus on inventory management as they sell through units delivered earlier in the year.

“We have also seen some shifting of order patterns due to the growing importance of the fall dealer Open House resulting in a shift in backlogs. Despite these factors, we see many reasons for optimism for the future of the RV industry and Thor. The continued entrance of baby boomers into the core RV buying age group as well as the rapid growth of younger buyers entering the RV market provide a solid foundation for long-term growth,” he added.