COURTESY MARINEMAX

MarineMax yesterday reported record revenue of $721.8 million and gross profit of $243.8 million for its third fiscal quarter.

The company reported in a statement that the results were largely driven by strong demand in its premium segment and the recent acquisition of IGY Marinas.

Gross profit increased 3.1% over the year-ago quarter to $243.8 million, while gross profit margin of 33.8% decreased 50 basis points from last year’s fiscal third quarter.

Notably, interest expenses increased to $14.8 million from $1 million from the prior-year quarter, a result of higher interest rates.

“Our team outperformed our expectations in the third quarter, highlighted by record revenue, solid earnings and strong cash flows,” CEO and president Brett McGill said in the statement. “Robust consumer demand and enthusiasm for boating, particularly in the premium segment, fueled new and used boat revenue, and resulted in a modest increase in same-store sales in the quarter.”

McGill continued: “We continue to execute on our strategy to structurally enhance our margin profile through premium products, services and experiences. … While the marine industry is seeing a return to seasonality that led to incrementally more aggressive retail pricing during the quarter, our margins remained healthy, strengthened by the more profitable business lines in our integrated marine portfolio.”

The company provided guidance for the remainder of fiscal year 2023 in the statement: “The company is narrowing its fiscal year 2023 guidance for adjusted earnings to a range of $5.10 to $5.50 per diluted share, compared with a prior range of $4.90 to $5.50 per diluted share. The company also is narrowing its fiscal year 2023 guidance for adjusted EBITDA to a range of $225 million to $245 million, compared with a prior range of $220 million to $245 million.”