Camping World Shares Decline After Financial Statement Correction
Camping World Holdings, Inc. (CWH) reported a 40% increase in Adjusted EBITDA for the third quarter, driven by record-breaking new and used vehicle sales, with revenue reaching $1.8 billion, a 4.7% year-over-year increase.
Despite the positive news, the company's shares plummeted nearly 25% after announcing a correction to prior period financial statements due to accounting misstatements 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.
- Record-breaking new and used vehicle sales drove 40% Adjusted EBITDA growth
- Revenue increased 4.7% year-over-year to $1.8 billion
- Correction to prior period financial statements due to accounting misstatements
- New-vehicle sales decline led to a 25% drop in CWH shares
Camping World Holdings, Inc. reported continued momentum in October, with total new and used same store unit volume increasing by low double-digit percent year-over-year.
Author's summary: Camping World shares dropped despite strong Q3 sales due to accounting corrections.
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