MarineMax, Inc. (NYSE: HZO) has released its fiscal 2025 third-quarter results, reporting a June quarter revenue of $657.2 million. This reflects a 13.3% decline from the $757.7 million reported in the same period a year earlier. The company experienced a 9% decrease in same-store sales compared to the prior year.
Gross profit for the quarter amounted to $199.6 million, representing a 17.6% decrease from the $242.1 million reported in the prior-year period. The gross profit margin was reported at 30.4%, down 160 basis points from 32.0% in the comparable period last year, primarily due to lower new boat margins.
Selling, general, and administrative (SG&A) expenses totaled $172.1 million or 26.2% of revenue in the third quarter, compared with $181.1 million or 23.9% of revenue for the comparable period last year. Adjusted SG&A expenses decreased by $6.6 million, or 3.7%, in the third quarter of fiscal 2025 from the same period in fiscal 2024.
The company reported a net loss of $52.1 million, or $2.42 per share, which includes a non-cash goodwill impairment charge of $69.1 million associated with its manufacturing segment. This is in contrast to the net income of $31.6 million, or $1.37 per diluted share, reported in the comparable period of fiscal 2024. Adjusted net income for the third quarter of fiscal 2025 was $11.0 million, or $0.49 per adjusted diluted share, compared with $34.8 million, or $1.51 per diluted share, in the prior-year period.
Adjusted EBITDA for the quarter ended June 30, 2025, was $35.5 million, compared with $70.4 million for the comparable period last year.
MarineMax has revised its fiscal 2025 guidance, with adjusted net income expected to be in the range of $0.45 to $0.95 per diluted share, compared with a prior range of $1.40 to $2.40 per diluted share. Adjusted EBITDA is now expected to be in the range of $105 to $120 million, compared with a prior range of $140 million to $170 million.
In his commentary, Brett McGill, CEO and President of MarineMax, acknowledged the challenging business conditions throughout the fiscal year, citing ongoing economic uncertainty, evolving trade policies, and geopolitical tensions as contributing factors to weak retail demand across the recreational marine industry in the June quarter.
The company's CEO also expressed confidence in MarineMax's overarching strategy to drive operational resilience, positioning the company to navigate the current market volatility and enhance its long-term earnings power. As a result of these announcements, the company's shares have moved 2.25% on the market, and are now trading at a price of $27.32. For more information, read the company's full 8-K submission here.
