MarineMax reports record revenue for Q1 2023
MarineMax has reported record revenue of $508m generating a profit of $187m for the quarter ending December 31st, 2022. Sales rose by 7% and profit was up 12% from the same period last year.
The superyacht and boat broker said that the growth was primarily driven by the acquisition of IGY Marinas, which was closed in October 2022.
Brett McGill, CEO and president, MarineMax said: “In addition to the IGY acquisition, we also expanded with Midcoast Marine Enterprises, while also growing on the technology front through the formation of a new business, New Wave Innovations.” New Wave recently completed the acquisition of online boat retail platform Boatzon.
There has been some downturn however, with same-store sales declining 1% for the quarter, compared with an increase of 9% in the first quarter of 2022. The firm said this was a result of the “current macroeconomic environment and ongoing supply chain challenges”.
Net income for the quarter was also down to $19.7m from $35.9m for the same period last year.
McGill said: “We delivered strong top-line growth, record December quarter gross margin, strong positive cash flows and Adjusted EBITDA, reflecting the strength of our premium brands and the addition of IGY Marinas to our portfolio.”
Although the firm is having to adjust its 2023 guidance because of economic uncertainty, MarineMax said it has “strong momentum” for the remainder of the year.
“We are backed by one of the strongest balance sheets in the industry, which provides us increased flexibility to remain agile and take advantage of opportunities as they arise,” said McGill.
“We remain confident that our organic growth opportunities, coupled with attractive strategic acquisitions, position us well for 2023 and beyond.”
MarineMax Q1 2023 results – at a glance
- Record Q4 revenue of $508m
- Record Q4 profit of $187m
- Net income of $19.7m