MarineMax Inc. (FL) Down 10.61% To $31.01 After Earnings Miss

MarineMax Inc (HZO) reported less than expected earnings this morning for Q1 2023.

The consensus among analysts for MarineMax Inc. (FL) was for an earnings per share (EPS) of $1.53. The firm failed to meet those projections, reporting an EPS of $1.24, a negative surprise of $0.29 (-19%). Profits fell 22% year-over-year after reporting an EPS of $1.59 in its year-ago quarter. The negative growth rate signals that the Consumer Cyclical company isn't performing well amid current economic conditions.

Revenues were downbeat at $507.9 million. That is an increase of 7.45% in revenues from the year-ago report and is 0.32% lower than consensus estimates set at $509.6 million.

The stock is down 10.61% to $31.01 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned MarineMax Inc. (FL) a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 46. Meanwhile, the average Wall Street analyst rated the stock a Buy.

MarineMax Inc is a United-States-based company that sells new and used recreational boats under premium brands, and related marine products, like engines, parts, and accessories. The company is also engaged in other businesses, including providing services of repair, maintenance and storage; managing related boat financing, insurance, and others; offering brokerage sales of boats and yachts; and operating a yacht charter business. The sale of new and used boats account for the majority of the company's total revenue. It serves customers across the U.S.