Overview
RideNow Q3 revenue beats analyst expectations despite a 4.7% yr/yr decline
Adjusted EBITDA for Q3 beats consensus, increasing 80.9% yr/yr
Net loss improved 63.4% to $4.1 mln, driven by powersports segment growth
Outlook
RideNow Group focuses on powersports segment for future growth
Company aims to leverage 'back to our roots' strategy for improvement
RideNow Group does not provide specific financial guidance for future periods
Result Drivers
POWERSports SALES - Higher unit sales in powersports segment led to increased revenue and gross profit
SG&A REDUCTION - Reduced SG&A expenses by 2.3%, contributing to improved net loss
STRATEGY IMPACT - 'Back to our roots' strategy credited for driving improved results, per CEO Michael Quartieri
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $281 mln | $270.24 mln (3 Analysts) |
Q3 Net Income | -$4.10 mln | ||
Q3 Adjusted EBITDA | Beat | $12.30 mln | $9.06 mln (3 Analysts) |
Q3 Gross Profit | $76 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the auto vehicles, parts & service retailers peer group is "buy."
Wall Street's median 12-month price target for RideNow Group Inc is $3.00, about 9.3% below its November 3 closing price of $3.28
Press Release: ID:nPnbV93lga
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)