Benzinga | Aug 3, 2021 12:14PM EDT

Camping World Reports Mixed Q2 Results; Lifts FY21 Adjusted EBITDA Outlook

* Camping World Holdings Inc (NYSE:CWH) reported second-quarter FY21 revenue growth of 28.3% year-on-year, to $2.06 billion, missing the analyst consensus of $2.08 billion.

* Revenue from New vehicles rose 17.8% Y/Y to $1.06 billion, and Used vehicles increased 67.4% to $460 million.

* Total unit sales gained 4.4% to 40,500.

* Gross profit rose 55.5% Y/Y to $759.8 million, and gross margin expanded 644 basis points to 36.9%.

* Operating expenses rose 59.4% Y/Y to $454.8 million.

* The operating margin was 14.8%, and operating income for the quarter rose 49.9% to $304.9 million.

* RV and outdoor retail inventories rose 13.7% Y/Y to $1.2 billion.

* The company held $191.5 million in cash and equivalents as of June 30, 2021.

* Adjusted EBITDA for the quarter gained 51% Y/Y to $333.3 million, and EBITDA margin expanded 250 basis points to 16.2%.

* Adjusted EPS of $2.51 beat the analyst consensus of $2.32.

* Outlook: Camping world sees FY21 adjusted EBITDA of $840 million - $860 million (prior view $770 million - $810 million).

* Price action: CWH shares are trading lower by 0.45% at $40.04 on the last check Tuesday.