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Sep 30, 2023
Camping World Q3 2023 Earnings Report
Camping World's Q3 2023 performance was affected by inventory reduction efforts, despite record used vehicle revenue and unit sales. The company focused on cleansing inventory in preparation for 2024, which led to near-term gross margin compression. They are setting the stage for improved results in 2024.
Key Takeaways
Camping World Holdings reported a revenue of $1.7 billion for Q3 2023, a decrease of 6.8% compared to the same period last year. Despite a decrease in revenue, used vehicle revenue reached a record $590.2 million, and used vehicle unit sales also hit a record with 17,125 units. The company's net income was $30.9 million, with diluted earnings per share of $0.32. The company focused on inventory reduction, which impacted gross margins but is expected to position the company for improved performance in 2024.
Revenue decreased by 6.8% to $1.7 billion due to decreased consumer demand.
Used vehicle revenue reached a record $590.2 million, with unit sales up by 18.4%.
New vehicle revenue declined by 18.6% to $679.2 million, with unit sales down by 13.7%.
Net income decreased by 70.0% to $30.9 million, with diluted earnings per share at $0.32.
Revenue by Segment
Forward Guidance
Camping World anticipates that total company revenue, same store unit sales, total gross margin, and earnings are expected to increase year over year in 2024.
Positive Outlook
- Total company revenue is expected to increase year over year.
- Same store unit sales are expected to increase year over year.
- Total gross margin is expected to increase year over year.
- Earnings are expected to increase year over year.
- The company is focused on cleansing inventory going into 2024 to prepare for the next up-cycle.
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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