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- RumbleON Inc RMBL reported second-quarter FY21 revenue growth of 100% year-on-year to $168.3 million, beating the analyst consensus of $143.4 million.
- Revenues from Powersports rose 233% Y/Y to $28 million as Powersports unit sales expanded 181% Y/Y to 2,411 units.
- Automotive revenue increased 86% Y/Y to $127.3 million, with Automotive unit sales growing 16% Y/Y to 3,300 units.
- Transportation and vehicle logistics revenue expanded 71% Y/Y to $13.1 million.
- The gross margin expanded 160 bps to 11.6%. The vehicle distribution business posted an 11% gross margin.
- EPS loss of $(1.05) missed the analyst consensus of $0.06.
- RumbleON used $17.5 million in operating cash flow during the six months ended Jun. 30, and held $28 million in cash and equivalents.
- On July 30, RumbleON announced stockholder approval for the proposed business combination with RideNow.
- The company continued to add new dealers to RumbleOn.com and have over 60,000 new, used and private party listings on its site.
- Outlook: RumbleON reiterated FY21 revenue guidance of $1.45 billion - $1.55 billion above the analyst consensus of $766.55 million.
- Price action: RMBL shares traded lower by 1.23% at $40 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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