MarineMax Inc (HZO) Reports Record Revenue for Fiscal 2023 Q4 and Full Year
MarineMax Inc (NYSE:HZO) reports record revenue of $594.6 million in Q4, up 11% from the previous year.
Full year revenue also hits a record high at $2.39 billion, a 4% increase year-over-year.
Net income for Q4 stands at $15.1 million, while full year net income reaches $109.3 million.
The company provides fiscal 2024 guidance, expecting adjusted net income in the range of $4.50 to $5.00 per diluted share.
MarineMax Inc (NYSE:HZO), the world's largest recreational boat, yacht, and superyacht services company, announced its fiscal 2023 fourth quarter and full year results on October 26, 2023. The company reported record revenue for both the fourth quarter and the full year, driven by robust demand for the boating lifestyle and strategic acquisitions.
Financial Highlights
For the fourth quarter, MarineMax reported record revenue of $594.6 million, up 11% from the previous year. The company also saw strong same-store sales growth of 8% and a solid gross profit margin of 34.3%. Net income for the quarter was $15.1 million, or diluted EPS of $0.67. The company also expanded its superyacht services in Greece with the acquisition of Atalanta Golden Yachts.
For the full fiscal year, the company reported record revenue of $2.39 billion, up 4% from the previous year. However, same-store sales saw a decrease of 2%. The gross profit margin remained strong at 34.9%, and net income for the year was $109.3 million, or diluted EPS of $4.87.
CEO Commentary
Our strong close to fiscal year 2023 stands as a testament to the exceptional performance of our team, stated MarineMax Chief Executive Officer and President Brett McGill. Fueled by consumer demand for the boating lifestyle, sustained premium-segment momentum and our strategic marketing expertise, we delivered record revenue and generated 8% same-store sales growth in the fourth quarter."
Looking Ahead
MarineMax provided fiscal 2024 guidance, expecting adjusted net income in the range of $4.50 to $5.00 per diluted share. The company also expects adjusted EBITDA in the range of $225 million to $250 million. These expectations do not consider, or give effect for, among other things, material acquisitions that may be completed by the Company during fiscal 2024 or other unforeseen events, including changes in global economic conditions.
MarineMax will discuss its fiscal 2023 fourth quarter and full year financial results on a conference call starting at 10:00 a.m. ET today. The conference call can be accessed via the Investors section of the Company's website: www.marinemax.com.
Explore the complete 8-K earnings release (here) from MarineMax Inc for further details.
This article first appeared on GuruFocus.
