PHOTO COURTESY MARINEMAX

MarineMax reported record revenues of $527.3 million and gross profit margin of 33.3% in the fiscal first quarter of 2024. Same-store sales were up 4%, and net income was $.9 million, with adjusted EBITDA at $26.6 million.

“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,” president and CEO Brett McGill said in a statement. “This growth came despite a challenging retail environment, which required us to take more aggressive pricing actions than expected. Our pricing actions did result in lower gross margins and profitability. This was primarily due to increased discounting on certain boat models 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.”

McGill added that the company is “cautiously encouraged by the reasonably strong start to the winter boat show season.”

First quarter revenue of $527.3 million was a 4% increase compared with $507.9 million in the year-prior quarter. Gross profit decreased 6.1% to $175.5 million from $186.9 million in the prior year. Gross profit margin decreased 350 basis points.

Selling, general and administrative expenses totaled $156.5 million, or 29.7% of revenue, in the quarter, compared with $150.4 million, or 29.6% of revenue. Interest expense was $18.4 million, or 3.5% of revenue, compared to $9.5 million, or 1.9% of revenue in the previous year.

MarineMax updated its fiscal year 2024 adjusted net income guidance to a range of $3.20 to $3.70 per diluted share. The company also is revising adjusted EBITDA for the year in the range of $190 million to $215 million.