Thor Industries, Inc. (NYSE:THO) stock rose 0.67% (As on March 8, 11:14:14 AM UTC-4, Source: Google Finance) though the company posted lower than expected results for the second quarter of FY 23. North American Towable RVs revenues from the segment came in at $830 million, down 58.2% year over year due to a decrease in unit shipments resulting from soft dealer and consumer demand. The top line also missed the Zacks Consensus Estimate of $1,120 million. North American Motorized RVs revenues from the segment totaled $738.6 million, which fell 24.4% year over year, owing to a decrease in unit shipments. The top line also lagged the consensus mark of $1,040 million. Gross profit totaled $107.2 million, dwindling 31.4% year over year. Consequently, pretax profit came in at $61.5 million, declining 40.8% from the year-ago period. The segment’s backlog was $1.85 billion, down from $4.23 billion as of Jan 31, 2022. European RVs revenues from the segment came in at $647 million, down 10.6% from the year-ago period. However, the top line outpaced the consensus mark of $547 million. Gross profit of $91.4 million, rising 1.4% year over year. The segment reported a pretax income of $12 million, higher than the year-ago level of $9.6 million. The backlog of the segment was $3,055 million, reflecting a rise from $3,051 million recorded on Jan 31, 2022.

THO in the second quarter of FY 23 has reported the adjusted earnings per share of 50 cents, missing the analysts’ estimates for the adjusted earnings per share of $1.10, according to the Zacks Consensus Estimate. The company had reported 39.4 percent decline in the adjusted revenue to $2.35 billion in the second quarter of FY 23, missing the analysts’ estimates for revenue of $2.53 billion. As of Jan 31, 2023, Thor had cash and cash equivalents of $281.6 million and long-term debt of $1,758.5 million. During the second quarter of 2023, THO repurchased $25.4 million of common stock.

Thor revised its full-year guidance for fiscal 2023. Thor now projects its full year consolidated net sales in the range of $10.5-$11.5 billion, down from the range of $11.5-$12.5 billion estimated during the first quarter of 2023.  The consolidated gross profit margin is now expected to be in the range of 13.4-14.2%, down from the range of 14.2-14.9%. Diluted earnings per share are now expected to be in the range of $5.50-$6.50, down from previously projected range of $7.40-$8.70.