MarineMax publishes 2022 financial results
The USA based marine industry giant announces results for its first quarter ended December 31, 2022…
After a year of significant expansion across the superyacht sector and wider marine industry, MarineMax has released its 2022 financial results. The most significant recent acquisition came in August 2022 when it announced the purchase of IGY Marinas. The deal was for a reported $480 million in cash, with an additional potential earnout of up to $100 million two years after closing, subject to the achievement of defined performance metrics.
This follows the acquisition of Northrop & Johnson and Fraser in 2020 and 2019 respectively. Staking MarineMax's claim as a dominant player in the brokerage and superyacht services business. MarineMax has now reported that revenue increased 7% to a record $507.9 million for the quarter that ended December 31, 2022, from $472.7 million in the comparable period last year.
According to a statement to the media, 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% for the quarter, compared with an increase of 9% in the first quarter of 2022.
Brett McGill, Chief Executive Officer and President MarineMax
Brett 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 flows and 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% online boat and marine digital retail platform.”
Mr. McGill concluded, “Although we are updating our 2023 guidance as a result of current economic uncertainty, we have strong momentum as we move into the remainder of the year. We are backed by one of the strongest balance sheets in the industry, which provides us increased flexibility to remain agile and take advantage of opportunities as they arise. We remain confident that our organic growth opportunities, coupled with attractive strategic acquisitions, position us well for 2023 and beyond. We continue to execute on our strategic growth plan to drive sustainable value for MarineMax stakeholders through a diversified business model built on premium brands, global marinas, world-class services, and innovative technology.”
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This news comes just a few weeks after MarineMax announced their acquisition of IGY Marinas
MarineMax expects the transaction to close in the first half of fiscal 2023, subject to the satisfaction of customary closing conditions