Thor Industries Inc (NYSE:THO) stock rose 0.99% (As on March 7, 11:29:13 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the second quarter of FY 24. North American Towable RV net sales were down 11.9% for the second quarter of fiscal 2024 compared to the prior-year period, driven by a 10.2% increase in unit shipments offset by a 22.1% decrease in the overall net price per unit. The decrease in the overall net price per unit was primarily due to the combined impact of a shift in product mix toward travel trailers and more moderately-priced units along with price compared to the prior-year period. North American Motorized RV net sales decreased 22.8% for the second quarter of fiscal 2024 compared to the prior-year period. The decrease was primarily due to an 18.4% reduction in unit shipments, partly due to independent dealer restocking in the prior-year period, as well as a 4.4% decrease resulting from changes in product mix and net price per unit as current-year shipments trended toward more moderately-priced units and included elevated sales discounts compared to the prior-year period. European RV net sales increased 20.9% for the second quarter of fiscal 2024 compared to the prior-year period, driven by a 3.9% increase in unit shipments and a 17.0% increase in the overall net price per unit due to the total combined impact of changes in foreign currency, product mix and price.

THO in the second quarter of FY 24 has reported the adjusted earnings per share of 13 cents, missing the analysts’ estimates for the adjusted earnings per share of 68 cents. The company had reported the adjusted revenue of $2.21 billion in the second quarter of FY 24, missing the analysts’ estimates for revenue of $2.26 billion.  As of January 31, 2024, the company had liquidity of approximately $1.3 billion, including approximately $340.2 million in cash on hand and approximately $938.0 million available under the asset-based revolving credit facility.

Based on current North American order intake levels through the end of February, the Company is lowering its consolidated net sales and diluted earnings per share guidance ranges to reflect a lowered fiscal year 2024 North American industry wholesale shipment range of between 330,000 and 340,000 units, which is more conservative than the previous shipment range of between 350,000 and 365,000 units.

For fiscal 2024, Consolidated net sales in the range of $10.0 billion to $10.5 billion (previously $10.5 billion to $11.0 billion), Consolidated gross profit margin in the range of 14.0% to 14.5% (previously 14.5% to 15.0%) and Diluted earnings per share to be in the range of $5.00 to $5.50 (previously $6.25 to $7.25)