Camping World Holdings, Inc. reported net income declined 19.5 percent in the second quarter ended June 30 as sales grew 5.2 percent. Gross margins eroded due to the higher cost of vehicles.
Marcus Lemonis, Chairman and CEO of Camping World Holdings, Inc. stated, “We are pleased with the sale of almost 39,000 new and used RVs which contributed to record revenues for the second quarter. We believe our team has both the focus and experience to navigate our business through changes in market conditions as evidenced by our solid financial results.”
Second Quarter Operating Highlights
- Revenue was a record $2.2 billion for the second quarter, an increase of $106.8 million, or 5.2 percent;
- Gross profit was $716.8 million, a decrease of $43.1 million, or 5.7 percent, and gross margin was 33.1 percent, a decrease of 380 basis points driven primarily by the higher cost of new vehicles;
- Net income was $198.0 million, a decrease of $48.1 million, or 19.5 percent;
- Diluted earnings per share of Class A common stock was $2.01 in 2022 versus $2.33 in 2021. Adjusted earnings per share, diluted of Class A common stock, was $2.16 in 2022 versus $2.51 in 2021;
- Adjusted EBITDA was $277.7 million, a decrease of $55.6 million, or 16.7 percent;
- New and used vehicle inventories were $1.7 billion, an increase of $782.5 million from June 30, 2021. This increase was driven primarily by the easing of new vehicle supply chain constraints in our core categories experienced in much of the prior year. To a lesser extent, the increase was also driven by the strategic growth of our used vehicle business and an additional three locations; and
- On June 29, 2022, the company paid our regular quarterly dividend of $0.625 per share of Class A common stock or $2.50 per share on an annualized basis.
Photo courtesy Camping World
