MarineMax: Q4 2024 Earnings Miss on Revenue, Beats on Profit, Stock Surges

Key Financial Metrics:

* Revenue: $468.5 million (vs. $485.2 million analyst estimates)
* Non-GAAP EPS: $0.17 (vs. -$0.22 analyst estimates)
* Adjusted EBITDA: $26.06 million (vs. $16.91 million analyst estimates)

Business Highlights:

* Revenue decline of 11.2% year-over-year due to soft retail environment and hurricane disruptions
* Same-store sales fell 11% year-over-year
* Management reaffirmed full-year adjusted EPS guidance of $2.30
* EBITDA guidance for the full year is $165 million, below analyst estimates

Market Reaction:

* Stock rose 6.1% to $29.61 following earnings release

Company Overview:

MarineMax (NYSE: HZO) is a leading boat and marine products retailer headquartered in Clearwater, Florida. It targets affluent consumers and its locations offer a range of products including boats, yachts, and marine accessories.

Industry Analysis:

The boat and yacht market is cyclical and discretionary, with purchases influenced by economic conditions and consumer confidence. Despite online competition, brick-and-mortar stores remain significant due to the large purchase amounts and logistic challenges.

Growth Prospects:

MarineMax has grown revenue at an annualized rate of 12.8% over the last five years. While growth is expected to decelerate, sell-side analysts anticipate revenue growth of 4.4% over the next 12 months.

Store Performance:

MarineMax has closed stores in recent years, with a current count of 70. Same-store sales have also declined, indicating challenges in driving organic growth.

Key Takeaways:

* MarineMax exceeded profit expectations but missed on revenue due to weak same-store sales.
* Full-year EBITDA guidance fell short of analyst estimates.
* Despite mixed results, positive sentiment surrounding EPS and EBITDA beat boosted stock performance.