MarineMax reports Q1 adjusted EPS 19c, consensus 50c

Reports Q1 revenue $527.3M, consensus $521.28M. Reports SSS up 4%. “I’m proud of our team’s ability to drive a strong close to the December quarter, generating the highest first quarter revenue in our history. This growth came despite a challenging retail environment which required us to take more aggressive pricing actions than expected,” said Brett McGill, Chief Executive Officer and President of MarineMax. “Our pricing actions did result in lower gross margins and profitability. This was primarily due to increased discounting on certain boat models in response to the softer retail environment, as well as a greater mix of larger boats, which historically carry a lower gross margin than other product categories.” “However, with the seasonally smallest quarter of the year behind us, we are cautiously encouraged by the reasonably strong start to the winter boat show season, along with the increased support from our industry leading manufacturing partners. Our healthy balance sheet and strong cash position allow us to continue to execute on our long-term growth plans. In fiscal 2024, we are focused on capturing further synergies and increasing the earnings power of MarineMax imbedded in the acquisitions we completed over the past several years. In addition, we continue to expand our portfolio of higher-margin product and service offerings that complement our business model,” McGill said. “This month, we announced the planned acquisition of Williams Tenders USA, the exclusive distributor in the United States and the Caribbean for the premier brand of rigid inflatable jet tenders for the luxury yacht market. The growth of the yacht and luxury yacht markets represents a tailwind for our business as we advance our strategic priorities.”