Financial Data and Key Metrics Changes - The company reported consolidated net sales of $1,100,000,000 for Q2 2025, representing a 5% increase year over year [27] - Adjusted EBITDA for the quarter was $121,000,000, or 11% of net sales [33] - GAAP net income for Q2 was $58,000,000, or $2.29 per diluted share, compared to $61,000,000, or $2.40 per diluted share in the prior year [32] - Gross margins decreased to 24.4% from 25.3% year over year, primarily due to executive separation costs and changes in product mix [30] Business Line Data and Key Metrics Changes - RV OEM net sales totaled $840,000,000, up 5% from the same period in 2024, driven by market share gains [27] - Aftermarket net sales were $268,000,000, an increase of 4% year over year, primarily due to product innovations and expanding relationships [30][12] - Adjacent Industries OEM net sales increased by 10% year over year to $336,000,000, largely due to recent acquisitions [29] Market Data and Key Metrics Changes - North American RV sales were up 5%, while overall RV sales increased by 3% year over year [9] - The marine market experienced a 15% decline in sales due to inflation and high interest rates affecting retail demand [30] - The company expects North American RV wholesale shipments for 2025 to be between 320,000 and 350,000 units [24] Company Strategy and Development Direction - The company aims to achieve an organic revenue target of $5,000,000,000 by 2027, supported by strategic acquisitions and product innovations [4][38] - A focus on reducing raw material exposure and diversifying the supply chain is emphasized, with a goal to reduce China exposure from 24% in 2024 to 10% by 2025 [7] - The company is committed to facility consolidation and cost reduction initiatives, targeting an 85 basis point overhead reduction for 2025 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the retail environment, noting that while inflation and tariff uncertainties persist, there are signs of stabilization in demand [23] - The company anticipates a slow and steady recovery in inventory levels once demand improves, particularly in the RV sector [45] - Management remains confident in their ability to align cost structures and capital deployment with market conditions [24] Other Important Information - The company executed a $300,000,000 share repurchase program, returning $187,000,000 to shareholders year to date through dividends and repurchases [34] - The company is focused on maintaining a strong financial foundation while pursuing strategic acquisitions and investments in innovation [19] Q&A Session Summary Question: What is the current state of dealer inventories in RV and marine markets? - Management noted that dealers remain cautious, leading to significant destocking, and expect a slow and gradual rise in inventory levels once demand improves [43][45] Question: What is the expected impact of tariffs on margins? - The tariff impact increased from 180 basis points to 290 basis points due to a rise in tariffs from 20% to 30%, but management is confident in their mitigation strategies [57][58] Question: How is the company addressing the shift towards single axle trailers? - Management indicated that while single axle trailers have increased in market share, they expect a return to larger multi-axle units as consumer preferences evolve [64][70] Question: What is the outlook for retail demand and production volumes? - Management expects retail demand to stabilize, with wholesale and retail being similar this year, but anticipates a soft fourth quarter due to seasonal trends [96][98]

Financial Data and Key Metrics Changes - The company reported consolidated net sales of $1,100,000,000 for the second quarter, representing a 5% increase year over year [27] - Adjusted EBITDA for the quarter was $121,000,000, or 11% of net sales [33] - GAAP net income was $58,000,000, or $2.29 earnings per diluted share, compared to $61,000,000, or $2.40 per diluted share in the prior year [32] - Gross margins decreased to 24.4% from 25.3% year over year, primarily due to executive separation costs and changes in product mix [30] Business Line Data and Key Metrics Changes - RV OEM net sales totaled $840,000,000, up 5% from the same period in 2024, driven by market share gains [27] - Aftermarket net sales were $268,000,000, an increase of 4% year over year, primarily due to product innovations and expanding relationships [30][12] - Adjacent Industries OEM net sales increased by 10% year over year to $336,000,000, largely due to recent acquisitions [30] Market Data and Key Metrics Changes - North American RV sales were up 5%, while overall RV sales increased by 3% year over year [9] - The marine market experienced a 15% decline in sales due to inflation and high interest rates affecting retail demand [30] - The company expects softness in the marine market to continue for the balance of the year [16] Company Strategy and Development Direction - The company aims to achieve $5,000,000,000 in organic revenue by 2027, focusing on strategic acquisitions and product innovations [4][38] - A tariff mitigation strategy has been implemented to diversify the supply chain and minimize pricing impacts on customers [6] - The company is committed to reducing exposure to China from 24% in 2024 to 10% by 2025 through supply chain diversification [6] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the second half of the year, noting that inflation and tariff uncertainties continue to pressure consumer behavior [23] - The company anticipates a gradual recovery in demand, with July 2025 sales up 5% year over year [24] - Management believes the toughest part of the cycle is behind them, positioning the company for success as volumes normalize [24] Other Important Information - The company generated $155,000,000 in operating cash flow, supported by improved working capital discipline [19] - A $300,000,000 share repurchase program was announced, with $128,000,000 executed year to date [34] - The company is focused on maintaining a strong financial foundation while driving growth and returning capital to shareholders [19] Q&A Session Summary Question: Inventory levels and potential restock impact - Management noted that dealers remain cautious with inventory levels, and any restock will likely be slow and gradual once demand improves [42][45] Question: Margin perspective and tariff impact - The company indicated that tariff impacts have increased to 290 basis points, primarily due to changes in government tariffs [58][59] Question: Sales growth and RV model year changeover - Management confirmed that the recent RV model year changeover did not significantly impact sales in Q2 or Q3 [60] Question: Trends in single axle and multi-axle RVs - Management reported a slight improvement in the mix of multi-axle units, with single axle units decreasing to about 20.5% in Q2 [66][67] Question: Aftermarket activity from previous years' buyers - Management indicated that there is less aftermarket opportunity for single axle trailers, but the overall aftermarket continues to grow [74] Question: Contribution of acquisitions to sales growth - Management estimated that 3% to 4% of the recent sales growth was attributable to acquisitions [79] Question: Future revenue targets and wholesale shipment volumes - The company expects to return to a normalized wholesale shipment range of 400,000 to 415,000 units over the next two to three years [83]

Financial Performance - Net sales reached $1.1 billion, a 5% increase year-over-year[10] - Net income was $58 million, representing 5.2% of net sales, a 6% decrease year-over-year[10] - Adjusted EBITDA was $121 million, or 11.0% of net sales, a 1% decrease year-over-year[10] Capital Allocation - Returned $67.1 million to shareholders, including $29 million in dividends ($1.15 per share) and $38.1 million in share repurchases in Q2[11] - Total share repurchases year-to-date reached $128.3 million as of August 1, 2025[11] Acquisitions and Market Trends - Acquired Freedman Seating in April, adding approximately $125 million in annual revenues in the bus market[11] - RV OEM sales increased by 3% year-over-year, driven by market share gains and increased mix in higher-content fifth wheels[17] - Adjacent Industries sales increased by 10% year-over-year, primarily due to recent acquisitions in the bus market[28] Tariff Mitigation - Tariff mitigation strategy minimized pricing impact to customers and supported profitability in Q2, with $15.4 million of tariff expenses mitigated[10, 61] - Target is to reduce China sourcing to approximately 10% in 2025[60] Outlook - Expects to deliver an 85 bps margin improvement in 2025 through optimizing infrastructure[10, 67] - North American wholesale unit shipments forecast for full year 2025 is 320,000-350,000 units[71]

This press release includes "forward-looking statements" within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future financing transactions and business strategy, and often contain words such as "project," "outlook," "expect," "anticipate," "intend," "plan," "be ...

Camping World (CWH) is a provider of services, protection plans, products and resources for recreational vehicle enthusiasts. The Zacks Consensus Estimate for its current year earnings has been revised 17.8% downward over the last 60 days. View the entire Zacks Rank #5 List. Belite Bio (BLTE) is a clinical stage biopharmaceutical drug development company focused on novel therapeutics targeting currently untreatable eye diseases involving retinal degeneration, such as atrophic age- related macular degenerati ...

The past few months have been pretty difficult for shareholders of Winnebago Industries (NYSE: WGO ). Back in late March of this year, as earnings for the second quarter of the 2025 fiscal year were nearing, I reaffirmed theCrude Value Insights offers you an investing service and community focused on oil and natural gas. We focus on cash flow and the companies that generate it, leading to value and growth prospects with real potential.Subscribers get to use a 50+ stock model account, in-depth cash flow anal ...

Financial Data and Key Metrics Changes - The company reported a top line growth of 3%, resulting in revenue of approximately $1,050,000,000 for the second quarter, with a trailing twelve-month revenue of approximately $3,800,000,000 [5][20] - Adjusted earnings per diluted share was $1.50 in the second quarter, reflecting a 4% increase compared to the prior year period [22] - Gross margin improved to 23.9%, up 110 basis points from the same period last year, while operating margin remained flat at 8.3% [21] - Net income decreased 32% to $32,000,000, impacted by a non-recurring legal settlement [22][24] Business Line Data and Key Metrics Changes - RV revenue increased 7% to $479,000,000, representing 46% of consolidated revenue, with RV content per unit on a trailing twelve-month basis remaining flat at $4,952 [11][20] - Marine revenues were $156,000,000, up 1% from the prior year, while powersports revenues decreased 9% to $96,000,000 [15][16] - Housing revenues increased 3% to $315,000,000, with manufactured housing representing approximately 58% of housing revenues [17] Market Data and Key Metrics Changes - RV retail and wholesale unit shipments were approximately 109,692 units, indicating a seasonal dealer inventory destock of about 16,700 units [12] - Marine retail and wholesale powerboat unit shipments were estimated at 60,838 units, reflecting a seasonal dealer inventory destock of approximately 22,800 units [15] - Powersports wholesale shipments were down year over year, while the company noted resilience in the utility side of the market [16] Company Strategy and Development Direction - The company is focused on enhancing product integration and innovative design at scale, with a strong emphasis on automation and innovation [6][8] - The diversification of the portfolio is seen as a core strength, providing resilience across the business model [6] - The company is actively cultivating its acquisition pipeline while returning value to shareholders through dividends and share repurchases [8][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying demand for outdoor enthusiast lifestyles, despite a temporary pause in consumer activity due to tariffs [7] - The company anticipates a traditional seasonal slowdown in RV production in the second half of the year, while expecting some upside in marine shipments [40] - Management remains optimistic about cash flow generation and the ability to capitalize on growth opportunities, with a solid balance sheet and liquidity of $835,000,000 [8][24] Other Important Information - The company has continued to invest in innovation and automation, creating an advanced product group to enhance its full solutions model [9] - The return of former CFO Jake Pekovich as President of Marine businesses is expected to advance the company's full solutions model [9] Q&A Session Summary Question: Discussion on end market outlook for RV and marine - Management indicated a traditional seasonal slowdown in RV production while expecting some upside in marine shipments due to solid inventory management [40] Question: Cash flow outlook and impact of legal settlement - The reduction in cash flow guidance was attributed solely to the legal settlement, with no other significant changes noted [41] Question: Powersports inventory and retail demand - Management noted stabilization in inventory levels and increasing attachment rates, indicating optimism for future growth in the powersports market [49] Question: M&A pipeline and leverage strategy - The company is actively cultivating its M&A pipeline and is comfortable with its current leverage position, willing to stretch for the right deals [57][59] Question: Pricing expectations and inflation impact - Management expects low to mid single-digit pricing increases in response to tariffs and inflation, which will affect content expectations for 2026 [62] Question: Aftermarket exposure and demand visibility - The company has good visibility into aftermarket demand through RecPro, with a focus on upgrading and refurbishing RVs rather than just new units [95][97]

Financial Data and Key Metrics Changes - The company reported revenue of $2 billion for Q2 2025, an increase of over 9% driven by unit volume increases in both new and used RVs exceeding 20% [28] - Adjusted EBITDA for the quarter was $142.2 million compared to $105.6 million in the previous year [29] - SG&A as a percentage of gross profit improved by 276 basis points year over year [29] Business Line Data and Key Metrics Changes - The company set a record selling 45,000 RV units in the quarter, with finance and insurance revenue reaching $200 million, the highest ever [6][28] - Gross margins exceeded 30%, indicating growth was not driven by heavy discounting [11] - The company achieved over 14% market share of all new and used RVs registered in North America year to date [26] Market Data and Key Metrics Changes - Same store unit growth trends showed high teens growth in used RV sales and high single digits in new RV sales year over year as of July [25] - The company expects a small bump in the new RV market in 2026, projecting an increase of 15,000 to 20,000 units [13] Company Strategy and Development Direction - The company is focused on building a customer ecosystem through various services, including finance, insurance, and service offerings [7][12] - There is a commitment to continue selling affordable units to build customer lifetime value and increase transaction frequency [12] - The company is exploring acquisitions and investments to grow its Good Sam business, which reported record revenue [21] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in navigating a challenging macro environment, stating that 2025 is expected to be tougher than 2024 due to tariffs and interest rates [24] - The company anticipates double-digit growth in used RV sales moving forward [15] - Management is optimistic about the scalability of their used RV supply chain and expects continued growth in this segment [27] Other Important Information - The company ended the quarter with approximately $118 million in cash and has paid down $75 million of long-term debt since October [30] - The balance sheet is described as the strongest ever, with significant inventory and real estate holdings [20] Q&A Session Summary Question: ASPs and Competitor Pricing - Management views ASP weakness as an opportunity to grow the customer base rather than a problem, focusing on profitability rather than competitor pricing [33][34] Question: Used Gross Profit Margin Sustainability - Management expects used gross profit margins to remain in the range of 19% to 19.5% for the back half of the year [39] Question: Changes in Pricing Expectations - Management anticipates a continued decline in new RV pricing year over year, but expects seasonal improvements in ASPs [58][60] Question: Trade-in Cycle and Customer Retention - The company emphasizes multiple customer touchpoints post-purchase to enhance retention and upsell opportunities [94][96] Question: M&A Activity - Management clarified that they are not on pause for M&A but are being more thoughtful about capital allocation while looking for opportunities [73] Question: Impact of Tariffs on Pricing - Management indicated that any increase in new pricing could lead to margin expansion due to their contract manufacturing advantages [81]

Financial Performance - Polaris Inc. reported Q2 results on July 29, showcasing resilient financials despite a challenging macroeconomic environment [1] - The company's performance has raised confidence in a potential rebound in the recreational vehicle market [1] Market Context - The macroeconomic backdrop remains highly uncertain, contributing to ongoing challenges for the industry [1] - Despite the uncertainties, the financial results indicate a level of stability that could attract investor interest [1]

Core Insights - Camping World (CWH) reported revenue of $1.98 billion for the quarter ended June 2025, reflecting a year-over-year increase of 9.4% [1] - The company's EPS was $0.57, up from $0.38 in the same quarter last year, although it fell short of the consensus estimate of $0.58 by 1.72% [1] - The revenue exceeded the Zacks Consensus Estimate of $1.88 billion by 5.04% [1] Financial Performance Metrics - New vehicle unit sales reached 26,696, surpassing the average estimate of 22,432 [4] - Used vehicle unit sales were 18,906, exceeding the average estimate of 18,170 [4] - Average gross profit per unit for used vehicles was $6,190, higher than the average estimate of $5,851.75 [4] - Average selling price for used vehicles was $30,269, compared to the average estimate of $30,005.27 [4] - Average gross profit per unit for new vehicles was $4,729, below the average estimate of $5,320.90 [4] Revenue Breakdown - Revenue from RV and Outdoor Retail products, services, and other was $222.89 million, below the average estimate of $241.07 million, representing a year-over-year decline of 5.5% [4] - Revenue from RV and Outdoor Retail finance and insurance was $201.2 million, exceeding the average estimate of $185.26 million, with a year-over-year increase of 12.4% [4] - Revenue from RV and Outdoor Retail used vehicles was $572.27 million, surpassing the average estimate of $539.28 million, reflecting a year-over-year increase of 19% [4] - Revenue from RV and Outdoor Retail new vehicles was $915.11 million, exceeding the average estimate of $854.12 million, with a year-over-year increase of 8% [4] - Total revenue from RV and Outdoor Retail was $1.92 billion, above the average estimate of $1.82 billion, representing a year-over-year increase of 9.6% [4] - Revenue from the Good Sam Club was $10.27 million, below the average estimate of $11.32 million, indicating a year-over-year decline of 7.6% [4] - Revenue from Good Sam Services and Plans was $54.21 million, slightly below the average estimate of $55.21 million, reflecting a year-over-year increase of 3.2% [4] Stock Performance - Shares of Camping World have returned +4.1% over the past month, outperforming the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]