MarineMax reported revenues of $757.7 million in its fiscal third quarter, a 5% gain year-over-year. Same-store sales increased 4%, and gross profit margin was 32%. Net income was $31.6 million.
“Despite persistent retail headwinds in the third quarter, our team executed well, delivering 5% top-line growth,” president and chief executive officer Brett McGill said in a statement. “Our solid third-quarter performance in this challenging operating environment underscores the importance of our value-creation strategy, which focuses on expanding on our high-margin, less cyclical revenue streams. This strategic expansion encompassing marinas, superyacht services and other offerings, has strengthened our gross margin profile — now consistently exceeding 30% — and enhances our cash flow generation and balance sheet resilience.”
McGill pointed to the formation of the Superyacht Division as an example of generating opportunities. The division integrates the operations of Fraser Yachts, Northrop & Johnson, Fairport Yacht Management, Superyacht Management and Atlanta Golden Yachts, streamlining the back-office functions of the businesses.
“As part of our long-term operational improvement plan, we initiate strategic, cost-cutting actions to better align our expense structure with the operating environment and improve operating leverage,” McGill said. “During the fourth quarter and into fiscal 2025, we expect to see increasing cost savings from these initiatives, which will further improve our cash flow.”
The increase in revenues for the third quarter was driven primarily by an increase in boat sales. The 4% increase in same-store sales was attributable to higher new- and used-boat revenue, as well as other areas of the company’s retail operation, including marinas, parts, finance and insurance, superyachts and charters.
Gross profit margin of 32% decreased 180 basis points from 33.8% in the prior-year period. Selling, general and administrative expenses totaled $181.1 million, and interest expense was $18.2 million.
