$LGAH: Camping World earnings just out........ BIG BEAT
RV Sales and Camping related outdoor items were super big.
This bodes very very well for $LGAH as well which sells their items thru Camping World retail locations and online.
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Camping World Holdings, Inc. Reports Third Quarter 2020 Results and Announces Stock Repurchase Program
7:30 AM ET 11/2/20 | Dow Jones
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3:10 PM ET 10/30/20
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CWH
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LINCOLNSHIRE, IL--(BUSINESS WIRE)--November 02, 2020--
Camping World Holdings, Inc. (NYSE: CWH) (the "Company"), America's largest retailer of recreational vehicles ("RVs") and related services and products, today reported results for the third quarter ended September 30, 2020.
Marcus Lemonis, Chairman and CEO of Camping World Holdings, Inc. stated, "I am very pleased with our team's performance in the third quarter. Coming off of an extremely positive second quarter, demand remained strong and we were able to achieve record breaking third quarter results with net income of $155 million and Adjusted EBITDA of $217 million. Our ability to focus on fundamentals including maximizing gross margins and maintaining expense controls was key to our success in the quarter. Our year to date net income was $304 million and Adjusted EBITDA was $474 million."
Third quarter operating highlights and year-over-year comparisons:
-- Revenue increased 21.0%, or $290.8 million, to $1.679 billion;
-- Gross profit increased 57.5% to $533.1 million and gross margin increased
737 basis points to 31.8%;
-- Selling, general and administrative expenses increased 7.8% to $323.0
million and selling, general and administrative expenses as a percentage
of gross profit were 60.6% for the third quarter and 65.1% for the
nine-month period ended September 30, 2020;
-- Net income increased 337.2% to $154.8 million and net income margin was
9.2% for the third quarter and 7.0% for the nine-month period ended
September 30, 2020;
-- Adjusted EBITDA(1) increased 258.4% to $217.0 million and adjusted EBITDA
margin was 12.9% for the third quarter and 11.0% for the nine-month
period ended September 30, 2020; and
-- Cash and cash equivalents, maintained in our primary cash accounts, was
$482.6 million on September 30, 2020 and we also maintained an additional
$104.3 million of cash in our floorplan interest offset account on
September 30, 2020;
-- The total leverage ratio under our senior secured credit facilities was
2.3x at September 30, 2020 and we expect the total leverage ratio to be
below 2.0x at December 31, 2020.
2020 Adjusted EBITDA Guidance Update(2)
As a result of our financial performance during the three months ended September 30, 2020, we are updating our 2020 Adjusted EBITDA guidance from a range of $460 million to $490 million to a revised range of $495 million to $515 million.
