Lazydays Holdings, Inc GORV reported a fourth-quarter revenue decline of 18.7% year-on-year to $198.03 million, lagging the analyst consensus estimate of $228.02 million.
Adjusted EPS loss of $(1.09) missed the consensus loss of $(0.66).
New vehicle retail revenue declined by 27.9% Y/Y to $99.4 million. Pre-owned vehicle retail revenue decreased by 3.3% Y/Y to $72.4 million.
The consolidated gross margin shrunk 70 bps to 21.6%, led by plunging margins of the New vehicle retail and Pre-owned vehicle retail segments.
Total retail units sold for the New vehicle retail and Pre-owned vehicle retail segments declined 2.9% Y/Y. Average selling price per retail unit for the two segments also took a double-digit hit.
The company recorded a non-cash goodwill impairment charge of $118.0 million in the quarter.
Lazydays ended the fourth quarter of 2023 with cash of $58.1 million.
The company acknowledged that the fourth quarter of 2023 was a challenging operating environment, mainly due to industry-wide economic pressures.
Outlook: Lazydays expects a pre-tax loss in the first quarter and a return to profitability after that. For the full year 2024, the company expects positive net income and operational cash flow.
Analysts projected a first-quarter revenue and EPS of $297.4 million and $(0.23), respectively.
Price Action: GORV shares closed higher by 4.12% at $3.79 on Thursday.
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