MarineMax reports Q1 adjusted EPS 17c, consensus (22c)

Reports Q1 revenue $468.5M, consensus $485.23M. “Our December quarter revenue and same-store sales performance reflected a combination of the soft retail environment that affected the recreational boating industry throughout 2024, and the significant disruptions caused by Hurricanes Helene and Milton,” said CEO Brett McGill. “With continued uncertainty in the economy, demand remained muted for much of the quarter, resulting in lower revenue and higher inventory at quarter-end compared with our expectations. Despite the macroeconomic headwinds, our consolidated gross profit margin strengthened, improving 290 basis points to 36.2% from 33.3% in Q1 of FY24…The expansion of our higher-margin revenue streams through strategic acquisitions and organic growth has significantly improved our margin profile over the past several years. This diversification also has enhanced our resilience to the challenges faced by the industry during periods of uncertainty, as demonstrated by our relatively stable Adjusted EBITDA despite the revenue decline. Consistent with our strategy, we continued our expense-reduction initiatives in Q1, including the divestiture or closure of three locations. Maintaining a focus on cost efficiency, while also keeping a strong balance sheet, will be central to our plans in fiscal 2025 as we work to enhance profitability and further strengthen our operational foundation.”