MarineMax Provides Update on Impact from Hurricane Helene
MarineMax (NYSE: HZO), the world's largest recreational boat, yacht, and superyacht services company, has provided an update on the impact of Hurricane Helene. CEO Brett McGill expressed concern for the safety of team members and affected communities. The company reported significant damage to certain locations on Florida's west coast, while damage in other Southeast locations was
MarineMax is working to assess the full impact on its operations and financial results, including loss of physical assets and revenue disruption due to closed boat and yacht insurance markets. The company expects to be at or near the low end of its Adjusted EBITDA guidance range for the fiscal year ended September 30, 2024, with revenue anticipated to be modestly lower than expected. A further update will be provided during the fiscal 2024 fourth-quarter and full-year earnings call.
MarineMax (NYSE: HZO), la più grande azienda mondiale di servizi per imbarcazioni da diporto, yacht e superyacht, ha fornito un aggiornamento sull'impatto dell'Uragano Helene. Il CEO Brett McGill ha espresso preoccupazione per la sicurezza dei membri del team e delle comunità colpite. L'azienda ha segnalato danni significativi in alcune località della costa occidentale della Florida, mentre i danni in altre località del sud-est sono stati
MarineMax sta lavorando per valutare l'impatto totale sulle sue operazioni e sui risultati finanziari, compresi perdite di beni fisici e interruzioni dei ricavi a causa della chiusura dei mercati assicurativi per imbarcazioni e yacht. L'azienda si aspetta di essere al limite inferiore della gamma di guida EBITDA rettificata per l'anno fiscale concluso il 30 settembre 2024, con ricavi previsti moderatamente inferiori alle aspettative. Un ulteriore aggiornamento verrà fornito durante la teleconferenza sugli utili del quarto trimestre e dell'intero anno fiscale 2024.
MarineMax (NYSE: HZO), la compañía más grande del mundo en servicios para barcos recreativos, yates y superyates, ha proporcionado una actualización sobre el impacto del Huracán Helene. El CEO Brett McGill expresó su preocupación por la seguridad de los miembros del equipo y las comunidades afectadas. La compañía informó de daños significativos en ciertos lugares de la costa oeste de Florida, mientras que los daños en otras ubicaciones del sureste fueron
MarineMax está trabajando para evaluar el impacto total en sus operaciones y resultados financieros, incluidos pérdidas de activos físicos y interrupciones en los ingresos debido al cierre de los mercados de seguros para barcos y yates. La compañía espera estar en o cerca del límite inferior de su rango de orientación de EBITDA ajustado para el año fiscal que finaliza el 30 de septiembre de 2024, con ingresos anticipados modestamente inferiores a lo esperado. Se proporcionará una actualización adicional durante la llamada de ganancias del cuarto trimestre y del año fiscal 2024.
MarineMax (NYSE: HZO), 세계 최대의 레크리에이션 보트, 요트 및 슈퍼요트 서비스 회사가 헬렌 허리케인의 영향에 대한 업데이트를 제공했습니다. CEO Brett McGill은 팀원들과 피해를 입은 지역사회의 안전에 대한 우려를 표명했습니다. 이 회사는 플로리다 서부 해안의 특정 지역에서 상당한 피해를 보고했으며, 동남부의 다른 지역에서는 피해가
MarineMax는 물리적 자산의 손실과 보트 및 요트 보험 시장의 폐쇄로 인한 수익 중단을 포함하여 운영 및 재무 결과에 대한 전체 영향을 평가하기 위해 노력하고 있습니다. 이 회사는 2024년 9월 30일로 종료되는 회계 연도의 조정된 EBITDA 가이던스 범위의 하한선에 있을 것으로 예상하며, 수익은 예상보다 다소 낮을 것으로 예상됩니다. 추가 업데이트는 2024 회계연도 4분기 및 전체 연도 실적 발표 중에 제공될 것입니다.
MarineMax (NYSE: HZO), la plus grande entreprise mondiale de services pour les bateaux de loisirs, yachts et superyachts, a fourni une mise à jour sur l'impact de l'ouragan Helene. Le PDG Brett McGill a exprimé son inquiétude pour la sécurité des membres de son équipe et des communautés touchées. L'entreprise a signalé des dommages significatifs dans certaines zones de la côte ouest de la Floride, tandis que les dommages dans d'autres régions du sud-est étaient
MarineMax travaille à évaluer l'impact total sur ses opérations et ses résultats financiers, y compris les pertes d'actifs physiques et les interruptions de revenus dues à la fermeture des marchés d'assurance pour bateaux et yachts. La société s'attend à être à ou près du limite inférieure de son indicatif EBITDA ajusté pour l'exercice se terminant le 30 septembre 2024, avec des revenus prévus modérément inférieurs aux attentes. Une mise à jour supplémentaire sera fournie lors de l'appel des résultats du quatrième trimestre et de l'année fiscale 2024.
MarineMax (NYSE: HZO), das größte Unternehmen der Welt für Freizeitboote, Yachten und Superyacht-Dienstleistungen, hat ein Update zu den Auswirkungen des Hurrikan Helene veröffentlicht. CEO Brett McGill äußerte Besorgnis über die Sicherheit der Teammitglieder und der betroffenen Gemeinschaften. Das Unternehmen berichtete von erheblichen Schäden an bestimmten Standorten an der Westküste Floridas, während die Schäden an anderen Standorten im Südosten
MarineMax arbeitet daran, die vollständigen Auswirkungen auf seine Betriebe und finanziellen Ergebnisse zu bewerten, darunter Verluste von physischen Vermögenswerten und Einnahmenstörungen aufgrund geschlossener Boot und Yacht-Versicherungs Märkte. Das Unternehmen geht davon aus, dass es am unteren Ende seiner angepassten EBITDA-Prognose für das zum 30. September 2024 endende Geschäftsjahr sein wird, wobei die Einnahmen voraussichtlich mäßig unter den Erwartungen liegen werden. Ein weiteres Update wird während des vierten Quartals und des vollständigen Jahresgesprächs 2024 bereitgestellt.
- damage to locations in the Southeast outside of Florida's west coast
- Company expects to meet the low end of Adjusted EBITDA guidance range for fiscal year 2024
- Significant damage to certain locations on Florida's west coast
- Loss of physical assets due to the hurricane
- Revenue adversely affected by closure of boat and yacht insurance markets
- Revenue expected to be modestly lower than anticipated for fiscal year 2024
Insights
The impact of Hurricane Helene on MarineMax's operations is significant, particularly in Florida and the Southeast, which are key markets for the company. The storm has caused substantial damage to some locations on Florida's west coast, while other areas experienced impact. This disruption is expected to have financial consequences:
- Revenue is projected to be "modestly lower than anticipated" due to the storm's impact
- Adjusted EBITDA is expected to be "at or near the low end" of the previously provided guidance range for fiscal year 2024
- Physical asset losses and operational disruptions are still being assessed
- The closure of boat and yacht insurance markets as the storm approached has adversely affected revenue
While the full extent of the financial impact is yet to be quantified, investors should anticipate a potential downward revision in near-term financial expectations. The company's ability to quickly restore operations and mitigate losses will be important for its performance in the coming quarters.
The closure of boat and yacht insurance markets as Hurricane Helene approached is a critical factor in MarineMax's revenue impact. This highlights the vulnerability of marine-related businesses to extreme weather events. Insurance market closures can lead to:
- Delayed or cancelled boat and yacht sales
- Postponed deliveries and registrations
- Reduced financing options for potential buyers
The aftermath may also see increased insurance premiums and more stringent underwriting criteria for marine assets in affected areas. This could potentially impact MarineMax's sales pipeline and margins in the short to medium term. The company's risk management strategies and its ability to navigate these insurance-related challenges will be important for maintaining customer confidence and sales momentum post-hurricane.
“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
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,
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.
View source 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
Source: MarineMax, Inc.
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