Lazydays reports Q1 adjusted EPS ($1.63), consensus (44c)

Reports Q1 revenue $270.6M, consensus $273.77M. CEO John North commented, “As we discussed in March, we expected our results for Q1 to reflect a focus on both reducing the quantity and improving the health of vehicle inventory on hand. To that end, we made significant progress in these areas and finished Q1 with approximately 85% of our new inventory model year 2024. However, our expectation to see increasing unit volumes in March and April as we entered the summer selling season did not materialize as we had hoped…As of today, our new inventory is comprised of more than 90% 2024 and 2025 model year units, and we believe it is among the healthiest in the industry. Given the current market conditions and the larger than expected losses in Q1, for the full year we anticipate a pre-tax loss but both positive EBITDA and adjusted operational cash flow…While we are navigating the current economic environment alongside our OEM partners and competing dealers, we strongly believe in the earnings power of our store base and look forward to unlocking its full earnings potential as the industry recovers.”