Camping World Holdings Inc. (NYSE: CWH) reported its first-quarter financial results before the markets opened on Tuesday. The company said that it had $0.41 in earnings per share (EPS) on $1.06 billion in revenue. Consensus estimates from Thomson Reuters had called for $0.42 in EPS on revenue of $1.05 billion, and the same period of last year reportedly had EPS of $0.38 and $883.82 million in revenue.
During the quarter, total same-store sales increased 3.9% to a first-quarter record of $838.6 million.
Also in this time, the total number of recreational vehicles sold increased 21.0% to a first-quarter record of 24,547 units, up from 20,279 units. But the average selling price of a unit sold decreased 4.3% to $30,619 from $32,010.
New vehicle units sold increased 18.4% to 16,296 units, though the average selling price of a new vehicle decreased 2.8% to $35,561. Used vehicle units sold increased 26.6% to 8,251 units, and the average selling price of a used vehicle decreased 6.8% to $20,857 per unit.
The company did not issue any guidance, but the consensus estimates call for $1.13 in EPS on $1.5 billion in revenue for the current quarter.
On the books, Camping World cash and cash equivalents totaled $331.3 million at the end of the quarter, up from $224.2 million at the end of the previous fiscal year.
Marcus A. Lemonis, board chair and chief executive, commented:
We had a very strong first quarter and are pleased with the continued performance of our business. For the quarter, total revenue increased 20.4% to a first quarter record $1.1 billion, total gross profit increased 21.0% to a first quarter record $304.8 million, Adjusted Pro Forma Net Income increased 16.5% to $36.9 million and Adjusted EBITDA of $71.8 million was right in line with our expectation. While the unseasonably cold weather throughout a good portion of the country has likely impacted the early part of the peak selling season, we believe the backdrop across the RV industry remains strong and we continue to plan our business around a mid-single digit increase in same store sales in 2018.
Shares of Camping World were last seen down about 15% at $23.60 on Tuesday, with a consensus analyst price target of $52.80 and a 52-week range of $23.56 to $47.62.