Thor Industries Inc (NYSE:THO) stock rose 0.54% (As on September 26, 11:29:00 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 23. North American Towable RV net sales were down 48.2% for the fourth quarter of fiscal 2023 compared to the prior-year period, driven primarily by a 44.7% 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 fourth quarter demand in the prior-year quarter. North American Motorized RV net sales decreased 36.0% for the fourth quarter of fiscal 2023 compared to the prior-year period. The decrease was primarily due to a 29.4% reduction in unit shipments, but also includes a 6.6% decrease resulting from changes in product mix and net price per unit as our current-year shipments trended towards the more moderately-priced Class B and Class C units compared to the higher-priced Class A units. European RV net sales increased 26.3% for the fourth quarter of fiscal 2023 compared to the prior-year period, driven by a 23.1% increase in the overall net price per unit due to the total combined impact of changes in foreign currency, product mix and price and a 3.2% increase in unit shipments. The overall net price per unit increase of 23.1% includes a 5.7% increase due to the impact of foreign currency exchange rate changes.
THO in the fourth quarter of FY 23 has reported the adjusted earnings per share of $1.68, beating the analysts’ estimates for the adjusted earnings per share of 95 cents. The company had reported 28.4 percent decline in the adjusted revenue growth to $2.74 billion in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $2.45 billion.
Thor Industries expects FY 2024 EPS to be in the range of $6.25-$7.25 versus the analyst consensus of $7.12. Thor Industries expects FY 2024 revenue to be in the range of $10.50B-$11.00B versus the analyst consensus of $10.81B.
The company continues to invest in automation projects that enhance product quality and drive labor efficiencies without sacrificing the variable cost model. Additionally, the company continues to pursue and build out supply and aftermarket strategies aimed at improving the experience for the end consumer. Lastly, through strong strategic partnerships and organic R&D, the company continues to take a thoughtful approach to investing in innovation to ensure the company stay ahead of the industry and consumer demand.