MarineMax says ‘significant’ damage to locations after Hurricane Helene

MarineMax’s president and CEO, Brett McGill, has issued a statement detailing ‘significant’ damage to some of its locations.

“Our foremost concern is for the safety and well-being of our team members, their families and the residents of the communities throughout the regions affected by this devastating storm,” says McGill.

The company, which provides recreational boat, yacht and superyacht services, says it is working diligently to quantify the effects of Hurricane Helene on its financial results and operations, including the loss of physical assets and impact to revenue which was adversely affected by the closure of boat and yacht insurance markets as the storm approached.

According to NBC News, at least 215 people are known to have died as a result of the destruction wrought by the hurricane since it made landfall in Florida a week ago. There were fears that IBEX would need to be cancelled, as happened in 2022. Although the footage of widespread devastation was shocking, the Tampa-based exhibition was able to proceed.

“Florida and the Southeast are two of MarineMax’s largest markets,” McGill continues. “Damage and disruption to certain locations on the west coast of Florida has been significant, while the damage to other locations in the Southeast has been limited.

“We are working to fully assess the impact of the storm on our operations and ensure that affected locations are up and running as quickly as possible.”

Based on the information the company currently has, it expects to be at, or near, the low end of its Adjusted EBITDA guidance range for the fiscal year ended September 30, 2024, while revenue is expected to be modestly lower than anticipated due to the impact from the storm.