Thor Industries delivered Q2 EPS of $0.34, surpassing the consensus of $0.03 per share, on revenue of $2.126 billion, up 5.3% year-over-year. Gross profit increased 2.5% to $251.3 million, but gross margin contracted 30 basis points to 11.8%, while adjusted EBITDA rose 12.7% to $98.1 million and cash stood at $242.2 million.

In North American Towable RVs, net sales fell 14.2% to $710.5 million with unit shipments down 23% and backlog at $621 million; margin declined by 50 basis points to 10.6%. North American Motorized RV sales climbed 29.3% to $577 million on a 28.3% unit increase, backlog reached $1.04 billion, and margin expanded 170 basis points to 9.5%. European RV sales rose 11.8% to $684.5 million with flat unit growth, backlog of $1.83 billion, and margin down 220 basis points to 11.0% due to lower-margin mix and higher warranty costs.

The company reaffirmed full-year EPS guidance of $3.75–$4.25 versus a $4.29 consensus and sales outlook of $9.0–$9.5 billion compared with $9.639 billion estimates. Management cited recent geopolitical events creating near-term uncertainty, while expressing confidence in potential outperformance based on first-half results.

Shares of Thor Industries fell 4.61% to $91.28 following the release of the quarter’s results and conservative full-year outlook.