Camping World Shares Decline After Reporting Correction to Financial Statements
Camping World Holdings, Inc. (CWH) reported a 40% increase in Adjusted EBITDA for the third quarter, driven by record-breaking new and used vehicle volume, with revenue reaching $1.8 billion, a 4.7% year-over-year increase.
However, the company's shares declined by nearly 25% due to a correction to accounting misstatements from the previous year and a decline in new-vehicle sales.
“Year-to-date, our company achieved a record 13.5 percent market share of new and used units, an over 200 basis point combined improvement,” stated Matthew Wagner, president of Camping World Holdings, Inc.
Despite the decline, the company reported continued momentum in new and used same store unit volume, with an increase of low double-digit percent year-over-year in October, driven by the compelling value proposition of used vehicles for affordability-focused consumers.
Author's summary: Camping World shares decline despite strong Q3 results.
- Adjusted EBITDA growth: 40%
- Revenue: $1.8 billion, 4.7% year-over-year increase
- Market share: 13.5% of new and used units
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