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Dec 31, 2024
Marinemax Q1 2025 Earnings Report
Reported first quarter fiscal 2025 results, reflecting challenges in the retail market and hurricane impacts.
Key Takeaways
MarineMax reported a decrease in revenue for the first quarter of fiscal 2025, primarily due to lower boat sales and hurricane disruptions. However, gross profit margin increased due to a favorable sales mix and contributions from higher-margin businesses. The company reaffirms its fiscal year 2025 guidance.
Revenue decreased to $468.5 million due to a soft retail environment and hurricane impacts.
Same-store sales decreased by 11%.
Gross profit margin increased to 36.2%, up 290 basis points year-over-year.
Net income was $18.1 million, or $0.77 per diluted share; adjusted diluted EPS was $0.17.
Marinemax
Marinemax
Marinemax Revenue by Segment
Revenue by Segment
Retail Operations Revenue
CapyFin.com Forward Guidance
The Company continues to expect fiscal year 2025 Adjusted net income in the range of $1.80 to $2.80 per diluted share, and fiscal year 2025 Adjusted EBITDA in the range of $150 million to $180 million.
Positive Outlook
- Early activity at this year’s retail boat shows has been encouraging.
- Company believes that its position within the premium category of the segment will enable it to outperform the industry.
- Company believes that its position within the premium category of the segment will allow it to more meaningfully grow as conditions improve.
- Reaffirms Fiscal 2025 Guidance.
- Expense-reduction initiatives
Challenges Ahead
- Economic conditions in the recreational marine industry remain challenging.
- Ongoing assessment of the impact from Hurricanes Helene and Milton.
- Current business conditions.
- Retail trends.
- Company expects fiscal year 2025 Adjusted EBITDA in the range of $150 million to $180 million.