MarineMax Provides Update on Impact from Hurricane Helene
October 03 2024 - 4:15PM
Business Wire
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational
boat, yacht and superyacht services company, today provided a
preliminary update on Hurricane Helene.
“Our foremost concern is for the safety and well-being of our
team members, their families and the residents of the communities
throughout the regions affected by this devastating storm,” said
Brett McGill, Chief Executive Officer and President of MarineMax.
“Florida and the Southeast are two of MarineMax’s largest markets.
Damage and disruption to certain of our locations on the west coast
of Florida has been significant, while the damage to other
locations in the Southeast has been limited. We are working to
fully assess the impact of the storm on our operations and ensure
that affected locations are up and running as quickly as
possible.”
The Company is working diligently to quantify the effects of
Hurricane Helene on its financial results and operations, including
the loss of physical assets and impact to revenue which was
adversely affected by the closure of boat and yacht insurance
markets as the storm approached. Based on the information the
Company has as of today, it expects to be at or near the low end of
its Adjusted EBITDA guidance range for the fiscal year ended
September 30, 2024, while revenue is expected to be modestly lower
than anticipated due to the impact from the storm. MarineMax plans
to provide a further update on its fiscal 2024 fourth-quarter and
full-year earnings call.
About MarineMax
As the world’s largest lifestyle retailer of recreational boats
and yachts, as well as yacht concierge and superyacht services,
MarineMax (NYSE: HZO) is United by Water. We have over 120
locations worldwide, including over 75 dealerships and 65 marina
and storage facilities. Our integrated business includes IGY
Marinas, which operates luxury marinas in yachting and sport
fishing destinations around the world; Fraser Yachts Group and
Northrop & Johnson, leading superyacht brokerage and luxury
yacht services companies; Cruisers Yachts, one of the world’s
premier manufacturers of premium sport yachts and motor yachts; and
Intrepid Powerboats, a premier manufacturer of powerboats. To
enhance and simplify the customer experience, we provide financing
and insurance services as well as leading digital technology
products that connect boaters to a network of preferred marinas,
dealers, and marine professionals through Boatyard and Boatzon. In
addition, we operate MarineMax Vacations in Tortola, British Virgin
Islands, which offers our charter vacation guests the luxury
boating adventures of a lifetime. Land comprises 29% of the earth’s
surface. We’re focused on the other 71%. Learn more at
www.marinemax.com.
Forward-Looking Statement
Certain statements in this press release are forward-looking as
defined in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include the expected impact of
Hurricane Helene on the Company’s financial results, operations,
Adjusted EBITDA and revenue performance. These statements are based
on current expectations, forecasts, risks, uncertainties, and
assumptions that may cause actual results to differ materially from
expectations as of the date of this release. These risks,
assumptions, and uncertainties include those factors identified in
the Company’s Form 10-K for the fiscal year ended September 30,
2023 and other filings with the Securities and Exchange Commission.
The Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20241003112529/en/
Mike McLamb Chief Financial Officer 727-531-1700 Scott Solomon
Sharon Merrill Advisors 857-383-2409 HZO@investorrelations.com
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