MarineMax reported a record first quarter 2023, with revenue of $507.9 million, a 7% increase from $472.7 million in the year-prior quarter.
The company said in a statement that the growth was driven primarily by strategic acquisitions, including IGY Marinas, which closed in October.
Same-store sales declined 1% for the quarter ending Dec. 31, compared with an increase of 9% in the first quarter of 2022.
Net income for the first quarter was $19.7 million, or $0.89 per diluted share, a decrease from $35.9 million, or 1.59 per diluted share, in 2022. Adjusted net income was $27.3 million.
“Our team executed exceptionally well in the first quarter, despite the sustained supply chain and economic uncertainty,” CEO and president Brett McGill said in a statement. “We delivered strong top-line growth, record December quarter gross margin, strong positive cash flows and adjusted EBITDA, reflecting the strength of our premium brands and the addition of IGY Marinas to our portfolio. We also expanded with Midcoast Marine Enterprises, while also growing on the technology front through the formation of a new business, New Wave Innovations.
“Although we are updating our 2023 guidance as a result of current economic uncertainty, we have strong momentum as we move into the remainder of the year,” McGill added. “We remain confident that our organic growth opportunities, coupled with attractive strategic acquisitions, position us well for 2023 and beyond.”
