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NEW YORK - MarineMax Inc . (NYSE:HZO) shares jumped 3.79% in premarket trading Thursday after the recreational boat and yacht retailer reported better-than-expected fiscal first quarter earnings and reaffirmed its full-year outlook, despite challenging market conditions.
The company posted adjusted earnings per share of $0.17 for the quarter ended December 31, beating analyst estimates for a loss of $0.17 per share. Revenue fell 11.2% year-over-year to $468.5 million, below the $485.52 million consensus, as same-store sales declined 11%.
"Our December quarter revenue and same-store sales performance reflected a combination of the soft retail environment that affected the recreational boating industry throughout 2024, and the significant disruptions caused by Hurricanes Helene and Milton," said CEO Brett McGill.
Despite lower sales, MarineMax expanded its gross profit margin by 290 basis points to 36.2%, driven by promotional activity, sales mix, and contributions from higher-margin businesses like marinas and superyacht services.
The company reaffirmed its fiscal 2025 guidance, projecting adjusted earnings of $1.80 to $2.80 per share, compared to analyst expectations of $2.27 per share.
"While economic conditions in the recreational marine industry remain challenging, we anticipate that the pace of activity improves as we move into the spring selling season," McGill added.
MarineMax ended the quarter with inventory of $1.04 billion, up from $876.2 million a year ago. The company said it is focused on expense reduction and maintaining a strong balance sheet in fiscal 2025.
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