MarineMax reports record breaking quarterly revenue of $507.9 million
, 2023-01-26 07:19:00,
The American yachting and boating titan MarineMax has reported its financial results for quarter one of 2023, which ended 31 December 2022. The company has recorded a 7 percent increase in revenue, reaching a record $507.9 million for the quarter. The growth was primarily driven by contributions from strategic acquisitions, including IGY Marinas which closed in October 2022. As a result of the current macroeconomic environment and ongoing supply chain challenges, same-store sales declined a modest 1 percent for the quarter, compared with an increase of 9 percent in the first quarter of 2022. The company acquired IGY Marines in August for $480 million, the largest acquisition it has made to date.Photo: MarineMaxBrett McGill, Chief Executive Officer and President, stated, “Our team executed exceptionally well in the first quarter, despite the sustained supply chain constraints and economic uncertainty. We delivered strong top-line growth, record December quarter gross margin, strong positive cash flowsand Adjusted EBITDA, reflecting the strength of our premium brands and the addition of IGY Marinas to our portfolio. In addition to the IGY acquisition, we also expanded with Midcoast Marine Enterprises, while also growing on the technology front, through the formation of a new business, New Wave Innovations. New Wave recently completed the acquisition of Boatzon, the industry’s only 100 percent online boat and marine digital retail platform.”
Net income for…
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