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Camping World Q3 results miss on vehicle sales decline, gross margin pressure

By Reuters News


Overview

  • U.S. RV dealer's Q3 revenue fell 12%, missing analyst expectations

  • Adjusted EPS for Q3 was negative and missed analyst expectations

  • Company booked $286.7 mln goodwill impairment and accelerated cost-saving actions


Outlook

  • Camping World expects 2026 adj EBITDA below prior $230 mln to $270 mln range

  • Company not providing additional full-year 2026 guidance; 2027 framework to come with Q4 results

  • Fourth qtr 2026 SG&A expected to decline by more than $50 mln year over year


Result Drivers

  • VEHICLE SALES DECLINE - Co said lower new and used vehicle unit sales drove revenue and profit declines

  • GROSS MARGIN PRESSURE - Co cited increased average cost per new vehicle sold and lower selling prices for used vehicles as factors reducing gross margins

  • GOODWILL IMPAIRMENT - Co recorded $286.7 mln goodwill impairment due to ongoing industry demand pressure, promotional pricing, and macroeconomic factors


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Miss

$1.58 bln

$1.65 bln (13 Analysts)

Q3 Adjusted EPS

Miss

-$0.19

$0.14 (10 Analysts)

Q3 Loss Per Share

$3.09

Q3 Net Loss

$320.10 mln

Q3 Gross Margin

27.40%

Q3 Gross Profit

$434.30 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the auto vehicles, parts & service retailers peer group is "buy"

  • Wall Street's median 12-month price target for Camping World Holdings Inc is $10.00, about 100% above its October 30 closing price of $5.00

  • The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago


Reuters Recommended Reads

  • Nov 2 - IDEXX raises forecast, betting diagnostics can offset weak vet visits

  • Nov 2 - IDEXX Laboratories Q3 revenue beats estimates, lifts FY profit outlook

  • Nov 2 - Marriott lifts annual room revenue growth forecast on resilient travel demand


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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