Shares of RV retailer Camping World Holdings fall after results miss estimates
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.
-Bill Peters
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
08-01-23 1709ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
5 Undervalued Stocks to Buy to Play a Little Defense
-
10 Top-Performing Dividend Stocks of the Month
-
Marathon Petroleum Earnings: No Change to Competitive Position, but Shares Look Expensive
-
Charlie Munger and How Not to Invest
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
After Earnings, Is AT&T Stock a Buy, a Sell, or Fairly Valued?
-
Mastercard Earnings: A Stable Environment Highlights the Firm’s Strengths
-
Pfizer Earnings: Solid Results Supported by Steady Tracking Toward $4 Billion In Cost Cuts
-
Starbucks Earnings: Not a Lot to Like About Results as Global Traffic Sputters