Camping World Reports Mixed Q2 Results; Lifts FY21 Adjusted EBITDA Outlook

Camping World Holdings Inc CWH reported second-quarter FY21 revenue growth of 28.3% year-on-year, to $2.06 billion, missing the analyst consensus of $2.08 billion.
Revenue from New vehicles rose 17.8% Y/Y to $1.06 billion, and Used vehicles increased 67.4% to $460 million.
Total unit sales gained 4.4% to 40,500.
Gross profit rose 55.5% Y/Y to $759.8 million, and gross margin expanded 644 basis points to 36.9%.
Operating expenses rose 59.4% Y/Y to $454.8 million.
The operating margin was 14.8%, and operating income for the quarter rose 49.9% to $304.9 million.
RV and outdoor retail inventories rose 13.7% Y/Y to $1.2 billion.
The company held $191.5 million in cash and equivalents as of June 30, 2021.
Adjusted EBITDA for the quarter gained 51% Y/Y to $333.3 million, and EBITDA margin expanded 250 basis points to 16.2%.
Adjusted EPS of $2.51 beat the analyst consensus of $2.32.
Outlook: Camping world sees FY21 adjusted EBITDA of $840 million - $860 million (prior view $770 million - $810 million).
Price action: CWH shares are trading lower by 0.45% at $40.04 on the last check Tuesday.

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