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MarineMax, Inc. (NYSE: HZO), the recreational boat and yacht retailer, marina operator and superyacht services company, reported results for its fiscal 2026 second quarter ended March 31, 2026.
MarineMax said the quarter reflected ongoing headwinds in the retail environment for new and used boat sales. Revenue fell to $527.4 million from $631.5 million in the same period last year, primarily driven by lower boat sales. The company reported that growth in higher-margin businesses—including finance and insurance, superyacht services and marinas—partially offset the decline.
Gross profit totaled $181.3 million, compared with $189.5 million in the prior-year period. Despite the revenue decline, gross profit margin expanded 440 basis points year-over-year to 34.4%, driven by a higher contribution from higher-margin businesses.
Selling, general, and administrative (SG&A) expenses were $170.4 million, or 32.3% of revenue, compared with $166.8 million, or 26.4% of revenue, in the prior-year period. On an adjusted basis—excluding transaction costs, changes in contingent consideration, weather events and other non-recurring items—Adjusted SG&A was $165.8 million, or 31.4% of revenue, compared with $163.8 million, or 25.9% of revenue, in the prior year.
Interest expense was $14.7 million, or 2.8% of revenue, compared with $18.2 million, or 2.9% of revenue, in the prior-year period, reflecting lower interest rates and reduced inventory levels.
MarineMax reported a net loss of $2.6 million, or $0.12 per share, compared with net income of $3.3 million, or $0.14 per diluted share, in the prior-year period. Adjusted net income was $0.9 million, or $0.04 per diluted share, compared with adjusted net income of $5.5 million, or $0.24 per diluted share, in the prior year.
Adjusted EBITDA for the quarter was $23.9 million, compared with $30.9 million in the prior-year period.
Cash and cash equivalents were $189.1 million at quarter end, compared with $203.5 million in the prior-year period and $170.4 million at the end of fiscal 2025. Inventories totaled $845.4 million, down from $973.4 million in the prior-year period.
Based on current business conditions and retail marine industry trends, MarineMax reaffirmed its fiscal 2026 expectations for Adjusted EBITDA in the range of $110 million to $125 million and adjusted net income in the range of $0.40 to $0.95 per diluted share. The company noted these projections exclude the potential impact of material acquisitions or other unforeseen developments, including changes in tariffs, international hostilities and broader macroeconomic conditions.
MarineMax Chief Executive Officer and President Brett McGill said the company’s second-quarter results reflected industry headwinds in retail boat sales, but that higher-margin businesses provided “balance, stability and growth,” helping offset pressure from declining boat revenue.
McGill also cited performance from areas the company has expanded, including finance and insurance, superyacht services, marinas and parts and service. He added that near-term market conditions remain pressured by geopolitical and macroeconomic uncertainty, including international concerns from tariffs, while long-term fundamentals of the recreational marine market remain strong.
MarineMax will discuss its fiscal 2026 second-quarter financial results on a conference call starting at 10:00 a.m. ET. The call can be accessed via the Investors section of the company’s website or by dialing 877-407-0789 (U.S. and Canada) or 201-689-8562 (International). An online replay will be available within one hour of the conclusion of the call and will be archived on the website for one year.
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