Thor Industries, Inc. (NYSE:THO) stock fell 7.73% (As on September 29, 11:35:17 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 22. The increase in consolidated net sales was largely impacted by the increase in the average sales price of the units, partially offset by a decrease in units sold. The addition of Airxcel, acquired in September 2021, accounted for $129.6 million of the increase in net sales for the fourth quarter of fiscal 2022, net of intercompany sales. Consolidated gross profit margin increased 90 basis points to 17.5% for the fourth quarter of fiscal 2022, from 16.6% in the corresponding period a year ago driven by margin-focused operational improvements and management’s continued discipline to maintain a low discount environment. Net income attributable to THOR Industries for the fourth quarter of fiscal 2022 were $280.9 million compared to $230.3 million, for the prior-year period.

THO in the fourth quarter of FY 22 has reported the adjusted earnings per share of $5.15, beating the analysts’ estimates for the adjusted earnings per share of $3.82. The company had reported the adjusted revenue growth of 6.4 percent to $3.82 billion in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $3.71 billion.

Moreover, during the fourth quarter of fiscal 2022, the company delivered solid results despite reduced production volumes for North American towable products and ongoing chassis supply constraints which continued to constrain motorized production volumes. Within the North American Towables segment, the company were proactive in dialing back towable production in the fourth quarter to align with softening demand through the reduction of daily production rates, the shortening of production schedules and the temporary consolidation of certain production facilities. The company continued to maintain consistent controls on the cost structure and improve labor efficiencies to partially offset the current competitive pricing environment for towable products. Within our North American Motorized segment, a focus on product introductions allowed the company to approach 50% market share for the first six months of calendar 2022.

Going forward, THOR plans to begin providing annual guidance. Due to the concurrent timing of our annual Dealer Open House and year-end earnings release, the Company will provide its annual guidance for the full-year fiscal 2023 following the conclusion of the Dealer Open House and in conjunction with its first quarter fiscal 2023 earnings release.