MarineMax Inc (NYSE:HZO)
$ 32.59 -0.16 (-0.49%) Market Cap: 727.35 Mil Enterprise Value: 1.74 Bil PE Ratio: 19.75 PB Ratio: 0.75 GF Score: 91/100
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Q3 2024 MarineMax Inc Earnings Call Transcript

Jul 25, 2024 / 02:00PM GMT
Release Date Price: $37.1 (+17.18%)

Key Points

Positve
  • MarineMax Inc (HZO) achieved a 5% topline growth in the third quarter despite a challenging retail environment.
  • Same-store sales grew by 4%, demonstrating the effectiveness of the company's strategy.
  • The company maintained a gross margin of 32%, marking 15 consecutive quarters above 30%.
  • Strategic acquisitions have expanded geographic reach, product offerings, and customer base.
  • The new SuperYacht Division (SYD) is expected to generate operational and commercial synergies.
Negative
  • Gross margins declined due to higher promotional activity and pressure on boat margins.
  • SG&A expenses increased by 6%, excluding transaction costs and other items.
  • Interest expense rose due to higher interest rates and increased inventory.
  • Adjusted net income decreased to $34.8 million from $46.5 million in the previous year.
  • The company faces ongoing challenges in the industry, including elevated inventories and weakened consumer sentiment.
Operator

Good morning. Welcome to the MarineMax Fiscal 2024 third-quarter conference call. Todayâs call is being recorded. (Operator Instructions)

At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. At this time, I would like to turn the call over to Scott Solomon of the companyâs Investor Relations firm, Sharon Merrill Advisors. Please go ahead, sir.

Scott Solomon;Michael Mclamb
Sharon Merrill Advisors - Investor Relations;MarineMax Inc - Chief Financial Officer,

Good morning and thank you for joining us. Hosting todayâs call are Brett McGill, MarineMaxâs President and Chief Executive Officer; and Mike McLamb, the companyâs Chief Financial Officer. Brett will begin the call by discussing MarineMaxâs operating highlights. Mike will review the financial results and then management will be happy to take your questions. The earnings release and supplemental presentation can be found at investor.marinemax.com. With that, Iâll turn the call over to Mike.

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