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MarineMax, Inc. has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports an increase in total revenue to $2.431 billion, up from $2.395 billion in the previous year. This growth was driven by a 1% increase in comparable-store sales and contributions from recent acquisitions.
Gross profit decreased to $801.2 million from $835.3 million, with a gross margin decline from 34.9% to 33.0%, attributed to lower margins on new and used boat sales.
Selling, general, and administrative expenses rose by 6.1% to $673.0 million, mainly due to inflationary pressures and costs associated with recent acquisitions.
Interest expense increased significantly to $73.9 million from $53.4 million, primarily due to higher borrowings linked to increased inventory levels.
Net income attributable to MarineMax, Inc. was reported at $38.1 million, down from $109.3 million in the prior year, with an effective tax rate increase to 28.7% from 25.7%.
MarineMax's Retail Operations segment includes over 75 locations across 21 states, focusing on premium brand recreational boats, related products, and services. The Product Manufacturing segment includes Cruisers Yachts (HZO-1.17%) and Intrepid Powerboats.
The company completed several acquisitions in fiscal 2024, including Williams Tenders USA and Native Marine, enhancing its market presence.
MarineMax's liquidity is supported by the Amended Credit Facility, providing a line of credit with asset-based borrowing availability up to $950 million.
The company acknowledges potential risks from economic conditions, interest rate fluctuations, and supply chain disruptions that could impact future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MarineMax Inc. (FL) annual 10-K report dated November 14, 2024. To report an error, please email earnings@qz.com.