Shares of Camping World Holdings Inc.
CWH,
fell after hours on Tuesday after the RV retailer reported second-quarter results that missed expectations. The company reported net income of $64.7 million, or 64 cents a share, compared with $197.9 million, or $2.01 a share, in the same quarter last year, driven lower largely by a pretax drop in new vehicle gross profit. Sales fell 12.4% to $1.9 billion, compared with $2.17 billion in the prior-year quarter. Adjusted earnings per share came in at 73 cents. Analysts polled by FactSet expected adjusted earnings per share of 78 cents, on revenue of $1.98 billion. Shares were down 7.9% in after-hours trading. The results come as RV makers like Winnebago Industries Inc.
WGO,
point to weaker demand for the vehicles up ahead, following a pandemic-era surge in outdoor activity. Still, Camping World Chief Executive Marcus Lemonis on Tuesday said the company had “opened, acquired, or signed letters of intent on 30 dealership locations year-to-date,” and that the opportunity for other acquisitions was “unprecedented.” “We plan to capitalize on it as we invest ahead of anticipated revenue growth in 2024 and beyond,” he continued.
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