Profits at Camping World Holdings Inc. fell 73.9 percent in the third quarter ended September 30 due in part to lower average selling prices on new and used RVs. On a positive note, combined new and used same-store unit sales returned to positive growth.

Marcus Lemonis, chairman and chief executive officer of Camping World Holdings, Inc. stated, “Our combined new and used same store unit sales returned to positive growth for the first time in 10 quarters, with our record new unit market share a direct result of our relentless focus on product development and affordability. I’m very encouraged by our October-to-date same-store volume trends, with used units tracking to flat year-over-year, and new units remaining solidly up by a double-digit percentage, providing significant momentum as we focus on an improved 2025.”

Matt Wagner, president of Camping World Holdings, Inc., commented, “As we drive toward 2025, our calculated approach to inventory has yielded market-leading results. We believe this rigor will lead to a meaningful recovery in used unit volume next year, in excess of low double digits, as we lap our deliberate conservatism around used inventory procurement from 2024, with modest growth in new units. We see average selling prices modestly increasing year-over-year, with vehicle gross margins within our historical range and SG&A as a percentage of gross profit improving by mid to high single digits.”

Lemonis concluded, “The strength and stability of our Good Sam and fixed operations businesses are proven differentiators throughout any cycle. As a growth company, we believe our standout momentum positions us exceptionally well for dealership M&A and organic growth in 2025 and beyond.”

Third Quarter-over-Quarter Operating Highlights

  • Revenue was $1.7 billion for the third quarter, a decrease of $4.6 million, or 0.3 percent.
  • New vehicle revenue was $824.9 million for the third quarter, an increase of $145.7 million, or 21.5 percent, and new vehicle unit sales were 19,943 units, an increase of 4,738 units, or 31.2 percent. Used vehicle revenue was $447.2 million for the third quarter, a decrease of $143.0 million, or 24.2 percent, and used vehicle unit sales were 14,065 units, a decrease of 3,060 units, or 17.9 percent. Combined new and used vehicle unit sales were 34,008, an increase of 1,678 units, or 5.2 percent.
  • Average selling price of new vehicles declined 7.4 percent during the third quarter driven primarily by lower cost of 2024 model year travel trailers and discounting of pre-2024 model year new vehicles. Average selling price of used vehicles declined 7.7 percent during the third quarter due to discounting of used vehicles in response to declines in new vehicle prices.
  • Same store new vehicle unit sales increased 28.8 percent for the third quarter and same store used vehicle unit sales decreased 20.5 percent. Combined same store new and used vehicle unit sales increased 2.3 percent.
  • Products, services and other revenue was $224.8 million, a decline of $10.8 million, or 4.6 percent, driven largely by the divestiture of our RV furniture business in May 2024 and fewer used vehicles sold led to a decline in retail product attachment to vehicle sales.
  • Gross profit was $498.5 million, a decrease of $24.6 million, or 4.7 percent, and total gross margin was 28.9 percent, a decrease of 134 basis points. The gross profit and gross margin decline was mainly driven by the lower average selling prices on new and used vehicles, which was partially offset by the lower average cost of new and used vehicles, and a nonrecurring $5.5 million exit arrangement with a service partner for Good Sam Services and Plans in 2023. These decreases were partially offset by improved gross margins for products, services and other driven largely by the divestiture of our RV furniture business in May 2024.
  • Selling, general and administrative expenses (“SG&A”) were $414.2 million, a decrease of $1.1 million, or 0.3 percent and SG&A Excluding Equity-based Compensation(2) was relatively unchanged at $408.7 million, a decrease of $1.2 million, or 0.3 percent. These decreases were driven by $5.4 million of reduced employee compensation costs excluding equity-based compensation, $1.3 million of reduced nonbillable service work, and $1.0 million of reduced rent expense, partially offset by $3.3 million of additional advertising expenses and $3.0 million of increased expenses from other outside service providers, such as professional fees, consultants, and software service providers.
  • Floor plan interest expense was $22.4 million, an increase of $2.6 million, or 12.9 percent, and other interest expense, net was $35.9 million, an increase of $0.6 million, or 1.8 percent. These increases were primarily as a result of higher principal balances, and, to a lesser extent an increase in the average floor plan borrowing rate.
  • Net income was $8.1 million for the third quarter of 2024, a decrease of $22.8 million, or 73.9 percent. Adjusted EBITDA was $67.5 million, a decrease of $27.5 million, or 28.9 percent. These decreases were driven primarily by the $24.6 million decrease in gross profit.
  • Diluted earnings per share of Class A common stock was $0.09, a decrease of $0.23, or 71.9 percent. Adjusted earnings per share – diluted of Class A common stock was $0.13, a decrease of $0.26, or 66.7 percent.
  • The total number of our store locations was 207 as of September 30, 2024, a net decrease of two store locations from September 30, 2023, or 1.0 percent.