Thor Industries Inc (NYSE:THO) stock fell 2.39% (As on September 25, 11:22:35 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 24. THO has reinforced its position as the recreational vehicle (RV) industry innovation leader by unveiling the world’s first hybrid Class A motorhome, the THOR Test Vehicle. The vehicle is built on an electric vehicle (EV) platform developed by EV manufacturer Harbinger. THOR and Harbinger collaborated to integrate a low-emissions gasoline range extender that can recharge the electric battery system, delivering an estimated 500 miles of range. RVs utilizing the hybrid platform will be commercially available in 2025 from the THOR family of companies and are expected to qualify as a Near-Zero Emission Vehicle (NZEV) under the Advanced Clean Truck legislation, adopted by the California Air Resources Board (CARB). Net income attributable to THOR Industries, Inc. for the fourth quarter of fiscal 2024 were $90.0 million compared to $90.3 million for the fourth quarter of fiscal 2023.

Moreover, North American Towable RV net sales were up 0.1% for the fourth quarter of fiscal 2024 compared to the prior-year period, driven by a 16.3% increase in unit shipments offset by a 16.2% decrease in the overall net price per unit. North American Motorized RV net sales decreased 21.2% for the fourth quarter of fiscal 2024 compared to the prior-year period. The decrease was primarily due to a 25.1% reduction in unit shipments, as current dealer and consumer demand has softened in comparison to the prior-year period, partially offset by a 3.9% increase in net price per unit. European RV net sales decreased 7.4% for the fourth quarter of fiscal 2024 compared to the prior-year period, driven by a 14.6% decrease in unit shipments offset in part by a 7.2% increase in the overall net price per unit due to the total combined impact of changes in product mix and price.

THO in the fourth quarter of FY 24 has reported the adjusted earnings per share of $1.68, beating the analysts’ estimates for the adjusted earnings per share of $1.35. The company had reported the adjusted revenue decline of 7.4 percent to $2.53 billion in the fourth quarter of FY 24, beating the analysts’ estimates for revenue of $2.45 billion. Consolidated gross profit margin for the fourth quarter was 15.8%, a 140 basis point improvement over the comparable prior-year period, aided in part by a favorable LIFO inventory adjustment due to reductions in inventory levels as well as an improved warranty cost percentage.

Thor Industries expects full-year earnings to be $4 to $5 per share, with revenue in the range of $9 billion to $9.8 billion.