MarineMax reported a third-quarter net loss of $52.1 million for fiscal 2025, largely due to a $69.1 million non-cash goodwill impairment in its manufacturing segment. Quarterly revenue declined 13.3% year-over-year to $657.2 million. Same-store sales fell 9%.
Adjusted net income for the quarter was $11 million, or $0.49 per diluted share, compared with $1.51 per share for the same period a year earlier. Gross profit declined to $199.6 million, or 30.4% of revenue, from $242.1 million and 32% last year.
“Business conditions have been challenging throughout the fiscal year, with increasing consumer caution since April, particularly among prospective new-boat buyers,” president and CEO Brett McGill said in a statement.
MarineMax also stated that resilience in its high-margin segments, such as marinas, finance, insurance and superyacht services, helped offset some margin pressure from new-boat sales.
The company continues to expand its marina portfolio, including the launch of IGY Savannah Harbor Marina and its appointment as operator for the Wynn Al Marjan Island Marina in the United Arab Emirates.
As a result of the quarterly performance and market conditions, MarineMax revised its full-year guidance downward. Adjusted net income is now forecasted between $0.45 and $0.95 per share, down from $1.40 to $2.40. Adjusted EBITDA is expected in the range of $105 million to $120 million, versus earlier projections of $140 million to $170 million.
“While our near-term outlook is cautious due to the ongoing economic uncertainty, we are confident that our overarching strategy will drive operational resilience,” McGill said in the statement. “Our solid balance sheet positions us well to navigate the current market volatility. As the recovery takes hold, we believe our long-term earnings power will be significantly enhanced by our growing presence in higher-margin businesses and by the resilient consumer demand for the boating lifestyle.”
