Boat and marine products retailer MarineMax (NYSE:HZO) will be reporting earnings tomorrow before market open. Here's what to expect.
Last quarter MarineMax reported revenues of $527.3 million, up 3.8% year on year, missing analyst expectations by 0.2%. It was a weak quarter for the company, with underwhelming earnings guidance for the full year and a miss of analysts' gross margin estimates.
Is MarineMax buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting MarineMax's revenue to grow 3.5% year on year to $590.2 million, improving on the 6.5% year-over-year decline in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.67 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates four times over the last two years.
Looking at MarineMax's peers in the automotive and marine retail segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. Genuine Parts delivered top-line growth of 0.3% year on year, missing analyst estimates by 1% and CarMax reported revenue decline of 1.7% year on year, missing analyst estimates by 3.2%. Genuine Parts traded up 12.7% on the results, and CarMax was down 9.8%.
Read our full analysis of Genuine Parts's results here and CarMax's results here.
Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, and while some of the automotive and marine retail stocks have fared somewhat better, they have not been spared, with share price declining 5.7% over the last month. MarineMax is down 10.3% during the same time, and is heading into the earnings with analyst price target of $36.9, compared to share price of $27.94.
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