MarineMax, Inc. (NYSE: HZO) has reported its fiscal 2026 first quarter results, revealing a revenue of $505.2 million, representing a 7.8% increase from the prior year. Same-store sales also saw an impressive growth of over 10% despite the challenges faced in the retail environment. The company's gross profit margin stood at 31.8%, supported by its strategic expansion into higher-margin businesses.
The quarter ended with a significant reduction in inventories, which decreased by $167.3 million from the previous year, contributing to the strengthening of the company's liquidity and balance sheet. However, MarineMax reported a net loss of $7.9 million, or $0.36 per share, for the quarter. Adjusted net loss was $4.6 million, or $0.21 per share.
The company's adjusted EBITDA for the quarter was $15.5 million, reflecting a decrease from $26.1 million in the prior-year period. Despite this, MarineMax reaffirmed its full-year fiscal 2026 guidance, with adjusted EBITDA expected to be 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 first quarter results showed that the company's revenue increased by 7.8% and gross profit margin stood at 31.8% of revenue. However, selling, general, and administrative (SG&A) expenses totaled $155.6 million, or 30.8% of revenue, reflecting an increase compared to the prior-year period. Interest expense decreased to $15.9 million, or 3.1% of revenue, in the first quarter of fiscal 2026, from $18.7 million, or 4.0% of revenue, in the prior-year period.
Despite the challenges faced in the recreational boating industry, MarineMax remains optimistic about the future, with CEO and President Brett McGill stating that the company's positioning in the premium segment will enable it to outperform the broader market as conditions improve.
The company's strategic expansion into higher-margin, complementary, and less cyclical businesses has positioned it to generate gross margins above 30% even in challenging markets. MarineMax has diversified beyond traditional boat sales into marinas, storage operations, superyacht services, and financing and insurance, which provide higher-margin, recurring-revenue streams.
The company's ability to achieve significant reductions in inventory and floor plan financing, along with steady customer deposits, has provided a foundation for greater stability as it progresses through the year. MarineMax's increased liquidity, improved inventory positioning, and a strengthening balance sheet have positioned it well for the next phase of the industry recovery.
MarineMax will discuss its fiscal 2026 first quarter financial results on a conference call, providing further insight into its performance and strategic outlook. The market has reacted to these announcements by moving the company's shares -0.38% to a price of $28.82. If you want to know more, read the company's complete 8-K report here.
