Camping World Holdings Inc., an RV dealer and recreation products supplier, today (May 4) reported results for the first quarter which ended March 31 with sharp increases across the board, highlighted by a year-over-year revenue jump of $530.5 million to $1.558 billion.
Other highlights included:
- Gross profit increased by $217.8 million to $520.5 million, and gross margin increased by 395 basis points to 33.4%
- Income from operations increased by $155.3 million to $168.6 million
- Net income increased by $161.6 million to $147.4 million and included long-lived asset impairment and restructuring costs of $3.6 million related to the 2019 Strategic Shift. Net income margin was 9.5% versus a net loss margin of 1.4% for the first quarter of 2020
- Diluted earnings per share of Class A common stock and adjusted earnings per share – diluted of Class A common stock were each $1.40
- Adjusted EBITDA increased by $153.3 million to $189.3 million and adjusted EBITDA margin was 12.2% for the first quarter versus 3.5% for the first quarter of 2020
- Vehicle inventories decreased by $299.6 million: new vehicle inventories were down $338.7 million and used vehicle inventories were up $39.1 million
- Products, parts, accessories and other inventories increased by $49.6 million to $284.2 million
“As a result of our financial performance during the three months ended March 31, the continued strength of our business and the confidence in our business model, we are raising our 2021 fiscal year guidance of Adjusted EBITDA of $640 million to $690 million to a revised Adjusted EBITDA of $770 million to $810 million,” noted Marcus Lemonis, chairman and CEO of the company.
A conference call to discuss the company’s first-quarter 2021 financial results is scheduled at 8:30 a.m. (EST), today (May 4). Investors and analysts can participate on the conference call by dialing (866) 548-4713 or (323) 794-2093 and using conference ID# 2210962. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the company’s website at http://investor.campingworld.com. The replay of the conference call webcast will be available on the investor relations website for approximately 90 days.