MarineMax reports Q1 increases in revenue and gross margin

MarineMax-Fort-Myers

MarineMax, the world’s largest recreational boat, yacht and superyacht retailer, has announced record results for its first quarter ended December 31, 2022.

In a statement, the company says its growth was primarily driven by strategic acquisitions, including IGY Marinas, which closed in October 2022, and online marine retailer Boatzon.

Revenue increased 7 per cent to a record $507.9 million for the quarter ended December 31, 2022, from US$472.7 million in the comparable period last year. However, same-store sales declined by 1 per cent for the quarter, compared with an increase of 9 per cent in the first quarter of 2022.

Net income for the quarter ended December 31, 2022 was $19.7 million, or $0.89 per diluted share, compared with net income of $35.9 million, or $1.59 per diluted share, for the same period last year. Adjusted net income was $27.3 million, or $1.24 per diluted share for the quarter ended December 31, 2022.

Adjusted EBITDA1 for the quarter ended December 31, 2022 was $53.2 million, compared with $55.3 million for the same period last year. Adjusted EBITDA1, excluding the adjustment for currency changes, was $55.6 million for the quarter ended December 31, 2022.  

Brett McGill, MarineMax‘s chief executive and president, says: “Our team executed exceptionally well in the first quarter, despite the sustained supply chain constraints and economic uncertainty. 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.”

MarineMax has also recently expanded with Midcoast Marine Enterprises, while also growing on the technology front, through the formation of a new business, New Wave Innovations. New Wave recently completed the acquisition of Boatzon, the industry’s only 100 per cent online boat and marine digital retail platform.

McGill adds: “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. We are backed by one of the strongest balance sheets in the industry, which provides us increased flexibility to remain agile and take advantage of opportunities as they arise. We remain confident that our organic growth opportunities, coupled with attractive strategic acquisitions, position us well for 2023 and beyond.”

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