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Mar 31, 2025
Camping World Q1 2025 Earnings Report
reported first quarter 2025 results, with growth in revenue, volume, margin and profitability, leading to significant year-over-year improvements in adjusted EBITDA and accelerating momentum through April
Key Takeaways
Camping World Holdings, Inc. reported a strong first quarter in 2025, with revenue increasing by 3.6% to $1.4 billion. The company saw significant growth in used vehicle sales, with units up 30.3%, and a substantial improvement in Adjusted EBITDA, which increased by 278% to $31.1 million. Despite a decrease in new vehicle revenue and average selling prices for both new and used vehicles, the company's focus on increasing unit sales and managing expenses contributed to improved profitability.
Total revenue increased by 3.6% to $1.4 billion for the first quarter of 2025.
Used vehicle unit sales grew significantly by 30.3%, while new vehicle unit sales decreased slightly by 0.9%.
Adjusted EBITDA saw a substantial increase of 278.0%, reaching $31.1 million.
Net loss improved by 51.4% to $24.7 million compared to the same period last year.
Revenue by Segment
Forward Guidance
The company remains confident in its guideposts to deliver growth in excess of low-double digits in used units and low single digits in new units, vehicle gross margins within its historical range and SG&A as a percentage of gross profit improving by 600-700 basis points. They continue to meet the customer where they want to be met in terms of price and payment.
Positive Outlook
- Expect growth in excess of low-double digits in used units.
- Expect growth in excess of low single digits in new units.
- Anticipate vehicle gross margins within the historical range.
- Expect SG&A as a percentage of gross profit to improve by 600-700 basis points.
- Will continue to meet customer expectations on price and payment.
Challenges Ahead
- Experienced slightly lower than anticipated ASPs to start the year.
- SG&A is being rigorously managed to mitigate ASP or macroeconomic variability.
- Macroeconomic variability could persist in the near-term.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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