MarineMax reported revenue of $468.5 million for the first quarter of fiscal 2025, a decline of 11.2% compared with the same period a year ago. The decrease was attributed to a soft retail environment and disruptions caused by Hurricane Helene and Hurricane Milton. Same-store sales fell 11% year-over-year, reversing a 4% increase in the first quarter of fiscal 2024.
Gross profit for the quarter was $169.7 million, down 3.3% from the prior year, though the gross margin rose 290 basis points to 36.2%. The improvement was driven by a favorable promotional environment and increased contributions from higher-margin businesses, such as marinas, superyacht services, and finance and insurance operations.
“This diversification has enhanced our resilience to the challenges faced by the industry during periods of uncertainty,” president and CEO Brett McGill said in a statement.
Operating expenses improved, with selling, general and administrative costs decreasing to $130.7 million, or 27.9% of revenue, compared with 29.7% the previous year. In the statement, McGill highlighted the company’s focus on cost efficiency as central to its strategy for fiscal 2025.
Net income for the quarter rose to $18.1 million, or $0.77 per diluted share, compared with $900,000 in the same period last year. Adjusted net income, however, was $4.1 million, slightly below the $4.4 million reported in the prior year.
MarineMax said it remains optimistic about the spring selling season, supported by encouraging early activity at boat shows. The company reaffirmed its fiscal 2025 guidance, citing expectations of adjusted net income between $1.80 and $2.80 per diluted share.
McGill expressed confidence in the company’s market positioning. “We believe that our position within the premium category of the segment will enable us to outperform the industry and more meaningfully grow as conditions improve,” he said.
