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RumbleON Shares Soar On Q2 Earnings Beat

Published 09/08/2022, 20:18
Updated 09/08/2022, 21:11
© Reuters.  RumbleON Shares Soar On Q2 Earnings Beat

© Reuters. RumbleON Shares Soar On Q2 Earnings Beat

  • RumbleON Inc (NASDAQ: RMBL) reported second-quarter FY22 sales growth of 224% year-on-year, to $546.10 million, beating the consensus of $513.59 million.
  • Total revenue grew 18.7% Q/Q, driven primarily by strength across the powersports segment.
  • The gross profit rose 31% to $138 million, and the profit margin expanded 240 basis points to 25.3%, both sequentially. Gross profit jumped 608% Y/Y, and the margin expanded by 1,370 bps.
  • Total unit sales were 23,330 versus 5,711 last year.
  • The company held $77.7 million in cash and equivalents as of June 30, 2022.
  • Adjusted EBITDA for the quarter was $44.3 million, and the adjusted EBITDA margin was 8.1%.
  • Adjusted EPS of $1.20 beat the analyst consensus of $0.90.
  • Outlook: RumbleON reiterated its FY22 sales outlook of $1.9 billion - $2 billion (consensus $1.93 billion).
  • It sees FY22 adjusted EBITDA of at least $145 million.
  • Price Action: RMBL shares are trading higher by 20.55% at $24.64 on the last check Tuesday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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