MarineMax reported fiscal third-quarter revenue of $611.3 million, down 7.0% from $657.2 million a year earlier as same-store sales fell 7% in a still-soft marine retail market.
Despite the top-line decline, gross profit rose 9.2% to $218.1 million from $199.6 million, and gross margin expanded to 35.7% from 30.4%, a gain of 530 basis points. The company said the improvement came from stronger new* and used-boat margins, a better business mix, and growth in higher-margin operations including superyacht services, marinas, and parts and service. Gross margin also benefited by about 110 basis points from a tariff refund tied mostly to earlier boat sales.
Selling, general and administrative expenses increased to $180.9 million from $172.1 million, and as a share of revenue rose to 29.6% from 26.2%. Excluding certain items, adjusted SG&A increased $6.1 million, or 3.6%, from the prior-year quarter.
Interest expense fell to $14.3 million from $16.9 million, reflecting lower inventory levels and reduced borrowing costs.
Net income was $15.4 million, or $0.66 per diluted share, versus a net loss of $52.1 million, or $2.42 per share, in the prior-year quarter. Adjusted net income rose to $18.8 million, or $0.81 per diluted share, from $1.0 million, or $0.05 per share. Adjusted EBITDA increased to $51.3 million from $35.5 million.
On the balance sheet, cash and cash equivalents rose to $174.8 million from $151.0 million a year earlier. Inventories fell 13.0% to $788.6 million from $906.2 million, a drop of $117.6 million. The company also said it completed refinancing $1.49 billion of senior secured credit facilities, extending maturities to 2031 and expanding its revolving credit facility.
MarineMax reaffirmed fiscal 2026 guidance for adjusted EBITDA of $110 million to $125 million and adjusted net income of $0.40 to $0.95 per diluted share. The market has reacted to these announcements by moving the company's shares -1.9% to a price of $32.295. For more information, read the company's full 8-K submission here.
