Yacht retailer MarineMax's Q3 revenue misses estimates

Overview

• MarineMax Q3 revenue falls 13.3% yr/yr, missing analyst expectations, per LSEG data

• Adjusted net income for Q3 misses estimates

• Company revises fiscal 2025 guidance downward amid ongoing economic uncertainty

Outlook

• MarineMax revises fiscal 2025 adjusted net income to $0.45-$0.95 per share

• Company expects fiscal 2025 adjusted EBITDA of $105 mln to $120 mln

• MarineMax sees gradual market improvement in late 2025

• Company cites economic uncertainty affecting near-term outlook

Result Drivers

• ECONOMIC UNCERTAINTY - CEO attributes weak retail demand to ongoing economic uncertainty and geopolitical tensions

• DIVERSIFICATION - Co's diversification into higher-margin areas like marinas and superyacht services helped offset pressures on new boat margins

• INVENTORY LEVELS - Elevated industry inventory levels due to softer sales, with expected improvement later in the year

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the recreational products peer group is "buy"

• Wall Street's median 12-month price target for MarineMax Inc is $36.00, about 24.1% above its July 23 closing price of $27.32

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release: ID:nBwblbF21a