Camping World Shares Decline After Correcting Financial Statements
Camping World Holdings, Inc. (CWH) reported a 40% increase in Adjusted EBITDA for the third quarter, driven by record new and used vehicle sales, with revenue reaching $1.8 billion, a 4.7% year-over-year increase.
However, 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 volume drove Adjusted EBITDA growth.
- Revenue increased 4.7% year-over-year to $1.8 billion.
- New-vehicle sales declined, contributing to the share price drop.
Author's summary: Camping World's shares fell despite strong Q3 results due to accounting corrections.