MarineMax delivered a positive Q1, with results surpassing Wall Street’s revenue and profit expectations and a strong market reaction following the announcement. Management attributed the quarter’s outperformance to aggressive pricing, targeted promotions, and increased digital marketing, which helped drive double-digit same-store sales growth. CEO Brett McGill emphasized the company’s ability to leverage technology and analytics, stating, “Our digital investments combined with the best team and industry leading premium brands and strong execution enable us to achieve record March quarter revenue.”
Is now the time to buy HZO? Find out in our full research report (it’s free).
MarineMax (HZO) Q1 CY2025 Highlights:
- Revenue: $631.5 million vs analyst estimates of $582.4 million (8.3% year-on-year growth, 8.4% beat)
- Adjusted EPS: $0.23 vs analyst estimates of $0.19 (19.3% beat)
- Adjusted EBITDA: $30.92 million vs analyst estimates of $28.73 million (4.9% margin, 7.6% beat)
- Management lowered its full-year Adjusted EPS guidance to $1.90 at the midpoint, a 17.4% decrease
- EBITDA guidance for the full year is $155 million at the midpoint, below analyst estimates of $166.1 million
- Operating Margin: 3.6%, in line with the same quarter last year
- Locations: 71 at quarter end, down from 83 in the same quarter last year
- Same-Store Sales rose 11% year on year (2% in the same quarter last year)
- Market Capitalization: $545.9 million
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions MarineMax’s Q1 Earnings Call
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James Hardiman (Citi): Asked about the drivers behind the 11% same-store sales growth and the expected decline in April. CFO Mike McLamb explained that growth was largely due to premium product mix, while unit volumes fell and April is expected to see further softness.
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Michael Swartz (Truist Securities): Inquired about direct tariff costs and margin impacts. McLamb clarified that guidance does not include significant direct tariff costs, and margin declines are attributed mainly to promotions and product mix.
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Joe Altobello (Raymond James): Questioned the promotional environment and industry inventory levels. CEO Brett McGill said promotions are now more about overcoming consumer uncertainty than excess inventory, and online engagement remains strong.
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Eric Wold (Texas Capital Securities): Pressed on demand softness across price points and the effectiveness of promotions. McGill noted softness across all segments, with premium buyers still seeking deals, and said promotions may be less effective during periods of high uncertainty.
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Anna Glaessgen (B. Riley Securities): Asked about cancellations and the effect of tariffs on future pricing. McGill reported no uptick in cancellations and expects any price increases related to tariffs to be phased in with new model years, not immediately.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will watch for (1) stabilization in promotional activity and signs that margin pressure is easing, (2) continued growth and resilience in higher-margin marina and superyacht services, and (3) the impact of tariff developments on consumer demand and industry sentiment. Trends in inventory management and digital engagement will also serve as important indicators of MarineMax’s ability to navigate ongoing uncertainty.
MarineMax currently trades at $25.49, up from $19.24 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).
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