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Dec 31, 2023
Camping World Q4 2023 Earnings Report
Camping World's Q4 2023 earnings were reported, with a return to positive new vehicle unit volume growth and continued acquisition pace.
Key Takeaways
Camping World Holdings, Inc. reported Q4 2023 results, with revenue of $1.1 billion, a net loss of $49.9 million, and adjusted loss per share of $0.47. New vehicle unit sales increased by 3.2%, while used vehicle unit sales decreased by 8.1%.
New vehicle same store unit growth turned positive beginning in December.
The company significantly improved its new unit inventory position.
Used vehicle volumes are expected to improve over time, with gross margin improvement beginning in the second quarter.
The company is confident in delivering unit volume and strong earnings growth in 2024.
Revenue by Segment
Forward Guidance
The company's outlook for 2024 includes delivering unit volume and strong earnings growth, driven by positive demand trends, inventory discipline, strength in the Good Sam segment, service and parts business, acquisitions, and cost reductions.
Positive Outlook
- New vehicle same store unit growth turned positive beginning in December, trending up from mid-single to low-double digits in January and February.
- Significant improvement in new unit inventory position, with less than 7,500 new model year 2023’s remaining.
- Outpacing the industry with close to 80% in 2024 models currently.
- Successful negotiations in year-over-year pricing reductions on like-for-like new units has sparked early demand and new gross margin stabilization.
- Positive demand trends, inventory discipline, strength in our Good Sam segment and the service and parts portion of our business, acquisitions, and cost reductions.
Challenges Ahead
- Reduction of new model pricing causes reset used vehicle values and slow down the purchases of used RV inventory while market values correct themselves.
- Used vehicle gross margins are expected to be negatively impacted by discounting.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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