MarineMax Inc. (NYSE:HZO) reported second-quarter results on Thursday that met profit forecasts but came in below revenue expectations, as the company continued to face pressure from a soft boating market.
Shares of the recreational boat retailer rose 1.64% in after-hours trading, reflecting a relatively muted investor reaction to the mixed performance.
Sales decline amid weaker retail demand
The company posted adjusted earnings per share of $0.04, in line with analyst estimates. However, revenue totaled $527.4 million, missing the consensus forecast of $610.11 million.
Sales fell 16% from $631.5 million in the same quarter last year, largely due to weaker boat sales in a challenging retail environment. Same-store sales dropped 15%, compared with an 11% increase a year earlier.
Margins improve despite top-line pressure
Despite the revenue decline, MarineMax reported a notable expansion in profitability, with gross margin increasing by 440 basis points to 34.4%, up from 30% last year.
The improvement was driven by stronger contributions from higher-margin segments, including finance and insurance services, superyacht operations, and marina-related businesses.
The company posted a net loss of $2.6 million, or -$0.12 per share, compared with net income of $3.3 million, or $0.14 per share, in the prior-year period.
“Our fiscal second quarter results reflected ongoing industry headwinds in the retail environment for new and used boat sales; however, our higher-margin businesses once again provided important balance, stability and growth,” said Brett McGill.
Outlook reaffirmed with cautious tone
MarineMax maintained its fiscal 2026 guidance, projecting adjusted earnings per share between $0.40 and $0.95. The midpoint of $0.68 sits below the analyst consensus of $0.74.
The company also expects adjusted EBITDA in the range of $110 million to $125 million.
Inventory and liquidity position
Inventories decreased by $128 million year-on-year to $845.4 million, while cash and cash equivalents stood at $189.1 million at the end of the quarter.