MarineMax this week reported fourth quarter revenue of $563.1 million, a 5% decline compared with the prior-year quarter and gross profit margin of 34.3%.
“The effects of Hurricane Helene significantly impacted our fourth-quarter results, causing damage and disruption to a number of our locations along the west coast of Florida,” CEO and president Brett McGill said in a statement. “Hurricane Milton has exacerbated the damage.”
Helene made landfall Sept. 26 along the Big Bend region of Florida, and Milton hit two weeks later, Oct. 9, near Sarasota.
Gross profit decreased 5% to $193.2 million, from $203.7 million a year prior. Net income for the quarter was $4 million compared with $15.1 million last year. Adjusted EBITDA for the quarter was $33.5 million, down from $42.6 million.
“Our fourth-quarter performance, in particular, highlights the progress we have made to strengthen our financial profile by building a meaningful presence in higher-margin businesses, including marinas, storage facilities and superyacht services,” CEO and president Brett McGill said in a statement. “Our ability to maintain a gross margin above 34% despite boat margins being at or below prepandemic levels, along with a 5% decrease in fourth-quarter sales, speaks to the success of that effort.”
For fiscal-year 2024, MarineMax reported revenue of $2.43 billion, a same-store sales increase of 1%, gross profit margin of 33%, and net income of $38.1 million.
In the statement, MarineMax provided the following guidance for fiscal year 2025:
“Based on a preliminary assessment of damage from hurricanes Helene and Milton, current business conditions, retail trends and other factors, the company expects fiscal year 2025 adjusted net income in the range of $1.80 to $2.80 per diluted share and fiscal year 2025 adjusted EBITDA in the range of $150 million to $180 million.”
