LINCOLNSHIRE, Ill. — Camping World Holdings reported results for the quarter ended March 31. Unless stated otherwise, comparisons are to the same period of 2016.
First quarter 2017 summary
- Total revenue increased 10.8% to $883.8 million;
- Gross profit increased 13.3% to $251.8 million and gross margin increased 62 basis points to 28.5%;
- Income from operations increased 24.5% to $69.8 million and operating margin increased 87 basis points to 7.9%;
- Net income increased 30.9% to $49.4 million, net income margin increased 86 basis points to 5.6%; and adjusted pro forma net income(1) increased 46.2% to $31.6 million;
- Basic and diluted earnings per share(2) for the first quarter of 2017 were $0.39 and $0.37, respectively, and adjusted pro forma earnings per fully exchanged and diluted share(1) for the quarter increased 47.2% to $0.38; and
- Adjusted EBITDA(3) increased 24.9% to $71.7 million and adjusted EBITDA(3) margin increased 92 basis points to 8.1%.
Marcus Lemonis, chairman and chief executive officer, stated, “Trends across our business continue to be very strong and we are very pleased with our first quarter financial results. In the quarter, net income increased 30.9% to $49.4 million and adjusted EBITDA increased 24.9% to $71.7 million on a 10.8% increase in revenue to $883.8 million.”
“We believe these results demonstrate the strength and operating leverage in our model. Being the only provider of a comprehensive portfolio of services, protection plans, products and resources for RV enthusiasts and the largest national network of RV-centric retail locations in the United States, we are benefiting from the continued growth in the installed base of recreational vehicles and strength in the lower priced towable market.”
SOURCE: Camping World press release