MarineMax has reported its financial results for the third quarter of fiscal 2025, which ended on 30 June 2025.
Revenue for the quarter totals $657.2m, down 13.3 per cent from $757.7m in the same quarter last year. The firm says this decline is primarily attributed to lower new boat sales, although this is partially offset by increases in used boat sales and growth in higher-margin segments.
Same-store sales are down 9 per cent. Gross profit is $199.6m, compared with $242.1m for the same period last year, a decrease of 17.6 per cent. Gross margin for the quarter stands at 30.4 per cent, down from 32 per cent in the prior-year period, due to weaker margins on new boat sales in the current retail environment.
Selling, general and administrative expenses amount to $172.1m, or 26.2 per cent of revenue. This compares with $181.1m, or 23.9 per cent of revenue, in the same quarter of fiscal 2024. Adjusted SG&A, which excludes certain items such as transaction costs, weather impacts and restructuring expenses, decreases by $6.6m, or 3.7 per cent, year over year.
Interest expense for the quarter is $16.9m, or 2.6 per cent of revenue, slightly down from $18.2m (2.4 per cent of revenue) in the comparable 2024 period, reflecting a reduction in interest rates. Net loss for the third quarter is $52.1m, or $2.42 per share. This includes a non-cash goodwill impairment charge of $69.1m related to the manufacturing segment, which is triggered by a decline in market capitalisation and segment performance.
In the same period last year, net income was $31.6m, or $1.37 per diluted share. Adjusted net income is $11m, or $0.49 per adjusted diluted share, down from $34.8m and $1.51 respectively. Adjusted EBITDA for the quarter is $35.5m, compared with $70.4m a year ago.
“A combination of ongoing economic uncertainty, evolving trade policies and geopolitical tensions contributed to weak retail demand across the recreational marine industry in the June quarter,” says Brett McGill, chief executive officer and president of MarineMax.
“Business conditions have been challenging throughout the fiscal year, with increasing consumer caution since April, particularly among prospective new boat buyers, many of whom are delaying their purchases until conditions improve. “Importantly, our continued diversification efforts have helped to offset some of the pressures on new boat margins during the fiscal year,” McGill says.
“Our 31.8 per cent gross margin through the first nine months of fiscal 2025 included strong contributions from our higher-margin growth areas, including finance and insurance, marinas and superyacht services. Our marina portfolio, anchored by our prestigious IGY Marinas brand, continues to expand its reach. This momentum is reflected in the recent opening of the new state-of-the-art IGY Savannah Harbor Marina and IGY’s selection as the marina operator for the upcoming Wynn Al Marjan Island Marina in the United Arab Emirates.
“Although industry inventory levels remain elevated due to softer sales in the June quarter, we expect improvement ahead, with forecasts indicating a gradual rebalancing beginning in the back half of calendar 2025,” McGill says.
“Recent developments such as the new tax legislation, easing geopolitical tensions, and the prospect of trade agreements, may help reduce some of the uncertainty that has weighed on consumer confidence. Encouragingly, interest in the boating lifestyle remains strong as demonstrated by attendance at our events as well as marina demand, and online activity.”
Based on performance to date, MarineMax has revised its fiscal 2025 guidance. Adjusted net income is now expected to fall between $0.45 and $0.95 per diluted share, compared with the previous estimate of $1.40 to $2.40 per diluted share. Adjusted EBITDA is forecast at $105m to $120m, revised down from $140m to $170m. These projections exclude potential acquisitions or material external events.
“While our near-term outlook is cautious due to the ongoing economic uncertainty, we are confident that our overarching strategy will drive operational resilience. Our solid balance sheet positions us well to navigate the current market volatility,” McGill says. “This management team has successfully guided the Company through many challenging economic cycles. 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.”
MarineMax operates more than 120 locations globally, including over 70 dealerships and 65 marina and storage facilities. Its business portfolio includes IGY Marinas, Fraser Yachts Group, Northrop & Johnson, Cruisers Yachts, Aviara, Intrepid Powerboats, Boatyard, Boatzon and MarineMax Vacations.
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