MarineMax reports seasonal normalization in 2023 Q2 results
MarineMax, Inc. recently announced results for its fiscal second quarter ended March 31, 2023.
Revenue in the fiscal 2023 second quarter was down 7% to $570.3 million from record March quarter revenue of $610.1 million in the comparable period last year. The Company reported this result was primarily attributable to decreases in new and used boat revenue, resulting in 13% lower same-store sales compared with same-store sales increases of 7% in the second quarter of fiscal 2022 and 45% in the second quarter of fiscal 2021. The decrease in same-store sales was partly offset by contributions from IGY Marinas and boat manufacturing revenue, sources that are not included in the same-store sales comparison.
“After the exceptionally strong results we saw throughout fiscal 2022, our second quarter fiscal 2023 revenue reflected the boat industry’s return to more seasonal sales trends, coupled with the ongoing macroeconomic uncertainty, which grew more impactful as the quarter progressed,” Brett McGill, MarineMax’s CEO and president said. “Against that backdrop our team executed well, delivering a solid top line and record second quarter gross margin. Our performance was highlighted by growth across most of our higher-margin businesses and the contribution of our strategic acquisitions, including IGY Marinas, which continues to exceed our expectations.”
Gross profit totaled $200.9 million in the second quarter, down 2% from $205.3 million in the prior-year period, due primarily to the decreases in revenue. Gross profit margin of 35.2% increased 150 basis points from 33.7% in the fiscal 2022 second quarter, primarily driven by the acquisition of IGY Marinas and growth in higher margin businesses.
“Although we are revising our fiscal 2023 guidance to reflect our year-to-date performance and appropriately address the economic uncertainty, we remain extremely confident in the underlying fundamentals of our business and our ability to outperform the market over the long term,” McGill concluded. “We continue to balance prudent expense management with investments to generate sustained profitable growth. As we head into the traditionally strong summer selling season, our historically high backlog and strong customer demand reflect worldwide enthusiasm for boating as well as the demand for the high-quality products and services we are delivering to this global market.”
You can find MarineMax’s full 2023 Q2 results here.
