MarineMax-Fort-Myers

MarineMax, one of the world’s largest recreational boat, yacht and superyacht services companies, has announced its financial results for the fourth quarter and full fiscal year ending 30 September 2024. For the fourth quarter, the company reported revenue of $563.1m, a 5 per cent decrease compared to the same period in the previous year, largely attributed to disruptions from Hurricane Helene.

Same-store sales also saw a 5 per cent decrease year-over-year. The gross profit margin remained steady at 34.3 per cent, despite reduced boat margins, due to the higher contribution from finance, insurance, marinas and superyacht services.

Net income for the quarter was $4m, or $0.17 per diluted share, while adjusted diluted EPS was $0.24. The company recorded adjusted EBITDA of $33.5m. Selling, general and administrative (SG&A) expenses amounted to $166.4m, representing 29.5 per cent of revenue, an increase from the previous year’s 28.5 per cent. Adjusted SG&A, excluding transaction costs, weather events and other items, decreased by $5.1m or 3 per cent from the previous year.

For the full fiscal year 2024, MarineMax generated revenue of $2.43 billion, marking a 1 per cent increase in same-store sales. The company maintained a gross profit margin of 33 per cent and reported net income of $38.1m or $1.65 per diluted share. Adjusted diluted EPS was $2.13, with adjusted EBITDA totalling $160.2m.

“Resilient is the word that captures the spirit of our team members, who have shown extraordinary dedication and perseverance in the face of the devastating storms that hit Florida and the southeast over the past month,” says CEO Brett McGill.

McGill acknowledged the operational impact of Hurricanes Helene and Milton, which affected the company’s locations along Florida’s west coast. The Sarasota location, specifically, incurred “significant damage” but has since reopened, with marina repairs still underway.

“From an operational perspective, we performed well in light of what has proven to be one of the more challenging years for our industry,” McGill says. “With sizable month-over-month industrywide declines in unit sales, our ability to generate annual same-store sales growth in fiscal 2024 is a testament to the success of our long-term strategy.”

McGill highlighted the company’s progress in enhancing its financial structure by focusing on higher-margin services, including marinas, storage, and superyacht services. Despite reduced boat sales, MarineMax achieved a gross margin above 34 per cent.

“As part of our long-term improvement plan, we implemented further strategic cost-cutting actions during the fourth quarter, including consolidating certain retail locations,” McGill says. “Expense reduction remains a focus in fiscal 2025, with the goal of driving improved operating leverage.”

Looking ahead, MarineMax projects fiscal 2025 adjusted net income to be within the range of $1.80 to $2.80 per diluted share, with adjusted EBITDA estimated between $150m and $180m. These projections are based on a preliminary assessment of storm damages, current retail trends and other economic factors, excluding potential major acquisitions or unforeseen events.

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