: Shares of RV retailer Camping World Holdings fall after results miss estimates


Shares of Camping World Holdings Inc. CWH, -2.37% 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, -0.44% 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.

This article was originally published by Marketwatch.com. Read the original article here.

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