Overview

• US recreational boat retailer's fiscal Q3 revenue fell 7% and missed analyst expectations

• Adjusted EPS for fiscal Q3 missed analyst expectations

• Adjusted net income beat estimates as gross margin rose on improved boat and service business

Outlook

• MarineMax reaffirms fiscal 2026 adjusted EBITDA guidance of $110 mln to $125 mln

• Company maintains fiscal 2026 adjusted net income guidance of $0.40 to $0.95 per diluted share

• MarineMax says consumer demand remains cautious but industry inventory levels are normalizing

Result Drivers

• HIGHER-MARGIN BUSINESSES - Growth in superyacht services, marinas, finance and insurance, and parts and service helped offset lower retail sales

• BOAT MARGIN IMPROVEMENT - Improved margins on new and used boats contributed to gross margin expansion

• TARIFF REFUND - Gross margin benefited by about 110 basis points from a tariff refund, mostly related to earlier boat sales

Company press release: ID:nBw5DqWQ0a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Revenue	Miss	$611.26 mln	$682.49 mln (8 Analysts)
Q3 Adjusted EPS	Miss	$0.81	$0.83 (7 Analysts)
Q3 Adjusted Net Income	Beat	$18.80 mln	$17.28 mln (5 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the recreational products peer group is "buy"

• Wall Street's median 12-month price target for MarineMax Inc is $35.00, about 6.3% above its July 22 closing price of $32.92

• The stock recently traded at 24 times the next 12-month earnings vs. a P/E of 23 three months ago

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