COURTESY MARINEMAXMarineMax yesterday announced financial results for its fourth quarter and 2023 fiscal year ended Sept. 30. Fourth quarter revenue of $594.6 million was an 11% increase over the year-ago quarter, and fiscal year revenue was $2.39 billion, up 4% from 2022.
“Our strong close to fiscal year 2023 stands as a testament to the exceptional performance of our team,” CEO and president Brett McGill said in a statement. “Fueled by consumer demand for the boating lifestyle, sustained premium-segment momentum, and our strategic marketing expertise, we delivered record revenue and generated 8% same-store sales growth in the fourth quarter.”
Fourth quarter gross profit increased 3.5% to $203.7 million compared with $196.8 million in the prior year. Fourth quarter gross profit margin of 34.3% decreased 240 basis points from 36.7% in the 2022 fourth quarter, primarily as a result of expected lower new- and used-boat margins, partially offset by MarineMax’s acquisition of IGY.
Fiscal year gross profit increased 3.7% to $835.3 million from $805.8 million in the prior fiscal year. Gross profit margin remained flat at 34.9% for the twelve months ended Sept. 30, reflecting the addition of the higher margin revenue from IGY Marinas, as well as an expected decline in new- and used-boat product margins.
“With the addition of businesses such as IGY, we have significantly enhanced the potential for expansion and synergies within our existing superyacht services and luxury yacht
offerings,” McGill said. “Supported by our strong balance sheet, we continue to actively expand our global market presence, exemplified by our most recent acquisition of Atalanta Golden Yachts in Greece, which closed in early October.”
MarineMax is providing fiscal year 2024 guidance for adjusted net income in the range of $4.50 to $5 per diluted share. The company also is providing guidance for adjusted EBITDA2 in the range of $225 million to $250 million during 2024.
