American recreational vehicles (RV) manufacturer Thor Industries, Inc. (NYSE:THO) stock rose Wednesday after the company reported strong first-quarter fiscal 2026 results. The stock has since given up its gains and is now trading lower.

Thor Industries clocked earnings per share of 41 cents, beating the analyst consensus of a loss of eight cents.

Quarterly sales of $2.389 billion, up 11.5% year over year (Y/Y), outpaced the Street view of $2.053 billion.

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Gross profit in the quarter under review grew 14.0% Y/Y to $321.0 million, while gross margin expanded 30 basis points to 13.4%. Quarterly adjusted EBITDA increased 21.5% Y/Y to $131.0 million.

The company reported an operating cash outflow of $44.9 million for the quarter and ended the period with $509.9 million in cash and equivalents.

In North America, the company stated that strategic initiatives drove margin gains in the Towable segment despite flat sales, while the Motorized segment and supply companies contributed to growth in both revenue and earnings.

In Europe, EHG’s performance ...