PHOTO COURTESY MARINEMAXMarineMax posted revenue of $570.3 million and record gross margin of 35.2% for its fiscal second quarter. Net income was $30 million, and adjusted EBITDA was $57.4 million.
The company said the increase in gross profit was driven primarily by the acquisition of IGY Marinas and growth in its higher-margin business.
“Our second quarter fiscal 2023 revenue reflected the boat industry’s return to more seasonal sales trends, coupled with the ongoing macroeconomic uncertainty, which grew more impactful as the quarter progressed,” president and CEO Brett McGill said in a statement. “Against that backdrop, our team executed well, delivering a solid top line and record second-quarter gross margin. Our performance was highlighted by growth across most of our higher-margin businesses and the contribution of our strategic acquisitions, including IGY Marinas.”
Compared with the first six months of fiscal 2019, the company said revenue during the same period in 2023 almost doubled to $1.1 billion. Gross margin climbed more than 1,000 basis points to 36%, and diluted earnings per share increased to $2.23.
Gross profit of $200.9 million for the quarter was down 2% from $205.3 million a year prior.
Selling, general and administrative expenses totaled $145.5 million, or 25.5% of revenue, compared with $133.5 million, or 21.9%, in 2022. Interest expense increased to $13.3 million from $700,000 in the prior year, reflecting higher interest rates and an the increase in long-term debt related to the IGY acquisition.
Net income for the quarter was $30 million, or $1.35 per diluted share, compared with $53.5 million and $2.37 per diluted share in 2022. Adjusted net income was $27.4 million, down from $54.1 million.
The company is updating its fiscal-year guidance for adjusted earnings to $4.90 to $5.50 per diluted share and adjusted EBITDA to $220 million to $245 million.
