MarineMax reported a challenging Q4 FY2024 largely driven by hurricane-related disruptions (Helene and Milton) that weighed on top-line growth. Revenue declined to $563.1 million, down 5% year over year, and same-store sales fell 5% in the quarter, with Florida being notably softer. Despite the demand headwinds, MarineMax preserved a robust gross margin of 34.3%, underscoring the resilience of higher-margin units such as finance & insurance, IGY marinas, and the Superyacht portfolio. Management initiatives to enhance operating leverage—most notably SG&A reductions of over $5 million in Q4—are designed to improve profitability as the year progresses, with further cost-actions anticipated in 2025. Adjusted net income for the quarter was $5.5 million ($0.24 per diluted share), versus $15.8 million ($0.69) in the prior year, while full-year adjusted EBITDA reached $160.2 million. The company also reinforced its strategic pivot toward higher-margin services and assets, including IGY Marinas, the Aviara brand, and a broader superyacht ecosystem, positioning MarineMax for a more diversified, resilient revenue mix.
Looking ahead, MarineMax guided for fiscal 2025 adjusted EBITDA of $150–180 million and adjusted net income of $1.80–$2.80 per diluted share, with same-store sales expected to be essentially flat and consolidated margins in the low-30s. The guidance reflects ongoing inventory normalization, anticipated gradual improvement in financing conditions, and the benefit of ongoing cost-reduction initiatives, while acknowledging the persistent impact of West Coast Florida storms on near-term performance. The investment thesis rests on a diversified portfolio that expands beyond traditional boat sales into marina operations, maintenance services, and premium brands, providing multiple revenue streams and greater resilience against single-channel demand fluctuation.