MarineMax (HZO) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 revenue rose 2% year-over-year to $2.43 billion, with same-store sales up 1% despite significant hurricane disruptions and industry headwinds.

• Gross margin for FY2024 was 33.0%, with Q4 margin at 34.3%, supported by higher-margin businesses such as finance, insurance, marinas, and superyachts.

• Adjusted EBITDA for FY2024 was $160.2 million, down from $239.5 million in FY2023, reflecting lower gross profit and higher SG&A and interest expenses.

• Hurricanes Helene and Milton caused significant operational disruptions, store closures, and a $4.7 million asset write-off, especially in Florida.

• Strategic acquisitions and portfolio diversification, especially in marinas and superyachts, have enhanced resilience and growth opportunities.

Financial highlights

• Q4 revenue was $563.1 million, down 5% year-over-year due to hurricane impacts.

• Q4 adjusted net income was $4.0 million ($0.17 per diluted share); adjusted diluted EPS was $0.24.

• Full-year adjusted net income was $49.1 million ($2.13 per share); net income attributable to the company was $38.1 million.

• Full-year adjusted EBITDA was $160.2 million, slightly above prior guidance.

• Cash and cash equivalents exceeded $224 million at year-end; equity was $986 million.

Outlook and guidance

• Fiscal 2025 same-store sales expected to be essentially flat, with industry unit trends also flat.

• Adjusted EBITDA guidance for FY25 is $150–$180 million; adjusted net income guidance is $1.80–$2.80 per diluted share.

• Consolidated margins expected to remain in the low 30% range, though boat margins may face further pressure.

• Guidance excludes potential material acquisitions and unforeseen events, assumes a 26.5% tax rate and 23.5 million share count.

• December quarter expected to have negative comps due to hurricane impacts, with recovery timing uncertain.