Thor Industries Inc (NYSE:THO) stock rose 0.24% (As on December 7, 11:22:47 AM UTC-4, Source: Google Finance) after the company posted mixed result for the first quarter of FY 24. Consolidated gross profit margin for the first quarter was 14.3%, a decrease of 140 basis points when compared to the first quarter of fiscal year 2023. Net income attributable to THOR Industries, Inc. for the first quarter of fiscal year 2024 were $53.6 million, compared to $136.2 million, for the first quarter of fiscal 2023.

Moreover, North American Towable RV net sales were down 28.3% for the first quarter of fiscal 2024 compared to the prior-year period, driven by a 13.0% decrease in unit shipments and a 15.3% decrease in the overall net price per unit. The decrease in the overall net price per unit was primarily due to a shift in product mix toward travel trailers and more moderately-priced units along with higher sales discounting levels compared to the prior-year quarter. North American Motorized RV net sales decreased 36.7% for the first quarter of fiscal 2024 compared to the prior-year period. The decrease was primarily due to a 31.5% reduction in unit shipments, partly due to greater independent dealer restocking in the prior-year period, as well as a 5.2% decrease resulting from changes in product mix and net price per unit as current-year shipments trended toward more moderately-priced Class B and Class C units compared to higher-priced Class A units. European RV net sales increased 40.4% for the first quarter of fiscal 2024 compared to the prior-year period, driven by a 19.5% increase in unit shipments and a 20.9% increase in the overall net price per unit due to the total combined impact of changes in foreign currency, product mix and price. This overall net price per unit increase of 20.9% includes a 10.0% increase due to the impact of foreign currency exchange rate changes.

THO in the first quarter of FY 24 has reported the adjusted earnings per share of 99 cents, beating the analysts’ estimates for the adjusted earnings per share of 87 cents. The company had reported the adjusted revenue of $2.5 billion in the first quarter of FY 24, missing the analysts’ estimates for revenue of $2.51 billion. In Europe, despite the typical seasonal slowdown in production as a result of the summer holidays, the company achieved positive fiscal first quarter income before income taxes as net sales increased 40.4% year-over-year and gross profit margin increased 360 bps to 17.3%.