MarineMax reports record revenue for Q3 2023

MarineMax, the world’s largest recreational boat, yacht and superyacht services company, has announced results for its fiscal third quarter ended 30 June, 2023.

The firm’s revenue in the fiscal 2023 third quarter increased to a record $721.8 million from $688.5 million in the comparable period last year. The 4.8 per cent top-line growth was driven primarily by the acquisition of IGY Marinas in October 2022, increased manufacturing revenue and stronger new and used boat revenue.

MarineMax says its same-store sales increased slightly in the third quarter compared with a decline of five per cent a year ago. IGY Marinas and boat manufacturing revenue are not included in the same-store sales comparison.

Gross profit increased 3.1 per cent to $243.8 million from $236.5 million in the prior-year period. Gross profit margin of 33.8 per cent decreased 50 basis points from 34.3 per cent in Q3 2023.

Selling, general, and administrative expenses totalled $169.2 million, or 23.4 per cent of revenue, in the third quarter compared with $141.2 million, or 20.5 per cent of revenue, for the same period last year. This is said to primarily reflect the addition of IGY Marinas.

Net income in the third quarter was $44.4 million, compared with net income of $70.2 million in the same period last year.

In April, MarineMax reported a record second-quarter gross margin of 35.2 per cent, an increase of 150 basis points from 33.7 per cent in Q2 2022.