2023-04-27 08:11:27 ET
MarineMax ( NYSE: HZO ) shares slumped over 10% in premarket action on Thursday after missing Q2 earnings expectations.
For the second quarter, $1.23 in earnings per share came up $0.52 short of expectations while a surprising 6.5% contraction in revenue to $570.3M was $39.96M below the Street consensus.
“After the exceptionally strong results we saw throughout fiscal 2022, our second quarter fiscal 2023 revenue reflected the boat industry’s return to more seasonal sales trends, coupled with the ongoing macroeconomic uncertainty, which grew more impactful as the quarter progressed,” CEO Brett McGill said. “While the unprecedented inventory shortages and lower interest rate environment of fiscal 2022 create a very difficult comparison for us this year, our results in historical context demonstrate clearly that our growth strategy is paying off, despite the macroeconomic volatility.”
Still, the company revised guidance based upon macroeconomic uncertainty. Adjusted earnings per share are expected to range from $4.90 to $5.50 per diluted share against a $6.94 consensus. For the second quarter, comparable sales are expected to fall 13% as compared to a 4.67% consensus expectation while $1.23 in adjusted EPS forecast for the quarter came in well short of the $1.71 Street consensus as well.
“Although we are revising our fiscal 2023 guidance to reflect our year-to-date performance and appropriately address the economic uncertainty, we remain extremely confident in the underlying fundamentals of our business and our ability to outperform the market over the long term,” McGill concluded. “As we head into the traditionally strong summer selling season, our historically high backlog and strong customer demand reflect worldwide enthusiasm for boating as well as the demand for the high-quality products and services we are delivering to this global market.”
Shares of MarineMax ( HZO ) moved 11.42% lower in premarket action on Thursday after the earnings announcement . Read more on the earnings beat achieved by Brunswick Corporation on Thursday morning .
For further details see:
MarineMax stock sinks on earnings miss, pessimistic guidance