earnings
confidence high
sentiment negative
materiality 0.75
Camping World Q2 net income down 64% to $23.4M; new RV units up 17%, used down 12%
Camping World Holdings, Inc.
- Revenue $1.8B, down 5.0% YoY; new vehicle unit sales 22,084 (+16.9%), used vehicle units 15,700 (-11.7%).
- GAAP diluted EPS $0.22 vs $0.64; adjusted EPS $0.38 vs $0.73; Adjusted EBITDA $105.6M, down 24.2%.
- Same-store new vehicle unit sales up 9.7% in Q2; management reports acceleration to mid-teens in June, low-twenties in July.
- Gross margin improved 27 bps to 30.3% driven by product/service margin; used vehicle gross margin declined 392 bps.
- SG&A flat at ~$420M; advertising spend increased $11.8M; floor plan interest up 34.5% to $27.8M.