MarineMax third quarter revenues dips on weak retail environment

Florida-based MarineMax announced financial results for the third quarter wherein it reported revenue of $657m, down 13% year-over-year from $757.7m in the same period of last year.

“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,” said Brett McGill, CEO and president of MarineMax.

The company said the dip in revenue was on account of “lower new boat sales”. Segment-wise breakdown showed major decline in topline came from retail operations, which fell 12.8%YoY to $655.7m. Similarly, product manufacturing sales declined to $32.1m.

Subsequently, the company’s gross margins decreased 160 basis points to 30.4% of the revenue with gross profit in absolute terms declining to $199.6m. Selling, general, and administrative (SG&A) expenses totalled $172.1m compared with $181.1m last year.

Overall, during the quarter, the company reported a net loss of $52.1m translating into loss of $2.42 per share compared to net income of $31.6m (earnings per share of $1.37).

Nine-month revenues lower from last year

On a cumulative basis, MarineMax reported a revenue of $1.7bn in the first nine months of the fiscal year* against $1.8bn in the same period of last year.

The company’s gross margin also declined to 31.8% while in absolute terms, the company’s gross profit clocked in at $558m.

“Our 31.8% gross margin through the first nine months of fiscal 2025 included strong contributions from our higher-margin growth areas, including finance and insurance, marinas and superyacht services,” said McGill on the nine-month results.

The company’s full-year net loss clocked in at $30.7m or a loss of $1.38 per share.

Full-year guidance

The company also revised its full-year guidance for 2025 revising its adjusted net income in the range of $0.45 to $0.95 per diluted share, compared with a prior range of $1.40 to $2.40 per diluted share.

In addition, it also lowered its adjusted EBITDA to $105m to $120m, compared with a prior range of $140m to $170m.

“While our near-term outlook is cautious due to the ongoing economic uncertainty, we are confident that our overarching strategy will drive operational resilience. Our solid balance sheet positions us well to navigate the current market volatility,” McGill said.

*It is worth noting that MarineMax fiscal year starts in September.