MarineMax reports Q2 adjusted EPS 18c, consensus 66c

Reports Q2 revenue $582.9M, consensus $590.19M. Same-store sales increased 2%. “Although we continue to operate in a challenging market environment, as evidenced by industrywide larger than expected declines in boat registrations, we drove an increase in sales in Q2. Our gross margin also remains strong as a direct result of the strategic growth in our higher-margin businesses,” said CEO Brett McGill. “Our performance was impacted by ongoing softness in the marine market, highlighting broader macroeconomic concerns including elevated interest rates and persistent inflation…We continue to focus on driving growth through investments in strong, higher-margin businesses that enhance the customer experience and expand our margin profile. During the quarter, we completed the purchase of Williams Tenders USA…We are taking additional steps to reduce expenses while maintaining our customer experience and service. These additional measures are directed at better aligning our cost structure with the current environment. Our actions will enhance our strong cash position and healthy balance sheet, positioning us for greater opportunities as market conditions improve”.