Thor Industries Inc (NYSE:THO) stock rose 2.20% (As on June 7, 11:09:10 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 23. Consolidated gross profit margin for the third quarter was 14.8%, a decrease of 250 basis points when compared to the third quarter of fiscal year 2022. Net cash provided by operations for the first nine months of fiscal 2023 was $474.1 million as compared to net cash provided by operations of $637.5 million for the first nine months of fiscal 2022 and net cash used in operations of $175.1 million for the first nine months of fiscal 2021. Net income attributable to THOR Industries for the third quarter of fiscal 2023 were $120.7 million, compared to $348.1 million, for the prior-year period.

THO in the third quarter of FY 23 has reported the adjusted earnings per share of $2.24, beating the analysts’ estimates for the adjusted earnings per share of $1.09. The company had reported 37.1 percent fall in the adjusted revenue to $2.93 billion in the third quarter of FY 23, beating the analysts’ estimates for revenue of $2.8 billion.

Moreover, North American Towable RV net sales were down 57.4% for the third quarter of fiscal 2023 compared to the prior-year period, driven primarily by a 57.3% decrease in unit shipments. The decrease in unit shipments is primarily due to a softening in current dealer and consumer demand in comparison with the unusually strong third quarter demand in the prior-year quarter, which included independent dealers restocking their lot inventory levels. North American Motorized RV net sales decreased 24.4% for the third quarter of fiscal 2023 compared to the prior-year period. The decrease was driven primarily by a 21.2% decrease in unit shipments and a 3.2% decrease in the overall net price per unit primarily due to changes in product mix. European RV net sales increased 19.7% for the third quarter of fiscal 2023 compared to the prior-year period, driven by a 22.2% increase in the overall net price per unit due to the total combined impact of changes in foreign currency, product mix and price, partially offset by a 2.5% decrease in unit shipments.

The Company is raising the low end of its full year fiscal 2023 diluted earnings per share guidance from the previous range of $5.50 to $6.50 to the updated range of $5.80 to $6.50.