MarineMax Posts Q3 Net Loss As Weak Trends Bite, Cuts Annual Outlook Below View; Stock Down 25%

MarineMax

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(RTTNews) - MarineMax, Inc. (HZO), a recreational boat and yacht retailer, marina operator, and superyacht services company, on Thursday registered a net loss for the third quarter. Excluding items, the firm's earnings missed Street view. In addition, the company has revised down its annual profit guidance.

Brett McGill, CEO of MarineMax, said: "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. 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."

For the three-month period to June 30, the company recorded a net loss of $52.146 million, or $2.42 per share, compared with a profit of $31.550 million, or $1.37 per share, in the same period last year.

This net loss includes a non-cash goodwill impairment charge of $69.1 million related to the company's manufacturing segment. The impairment charge was due to the decline in the firm's market capitalization, combined with a fall in the manufacturing segment's performance as a result of a weak market.

Excluding items, profit was $10.979 million, or $0.49 per share, less than the prior year's $34.761 million, or $1.51 per share. On average, eight analysts polled had projected the firm to earn $1.18 per share for the quarter. Analysts' estimates typically exclude special items.

Pre-tax loss was $58.476 million as against a profit of $42.798 million a year ago. Loss from operations stood at $41.540 million, compared with a profit of $61.027 million in 2024. Revenue was $657.159 million, down from $757.720 million in the previous year.

Citing results to date, current business conditions, retail trends, and others, MarineMax has revised down its fiscal 2025 guidance.

Excluding items, the company now expects earnings of $0.45 to $0.95 per share, compared with the prior range of $1.40 to $2.40 per share. Analysts, on average, forecast the company to record annual earnings of $1.91 per share for the year.

For the full year, adjusted EBITDA is now expected to be in the range of $105 million to $120 million, less than the prior range of $140 million to $170 million.

For fiscal 2024, the company had reported adjusted income per share of $2.13, with adjusted EBITDA of $160.2 million.

HZO was down by 25.70% at $20.30 in the pre-market trade on the New York Stock Exchange.