By Connor Hart

Shares of MarineMax climbed after the company reported a surprise profit in its fiscal first quarter and guided for an improving industry environment.

The stock gained 19%, to $33.18, in midday trading Thursday and is up 14% in the past 52 weeks.

The Oldsmar, Fla., company--which provides recreational boat, yacht and superyacht services--reported a profit of $18.1 million, or 77 cents a share, for its three months ended Dec. 31, compared with $930,000, or 4 cents a share, in last year's comparable quarter.

Adjusted earnings came in at 17 cents a share. Analysts surveyed by FactSet were expecting an adjusted loss of 22 cents a share.

Revenue fell 11%, to $468.5 million, missing the $485.2 million that analysts had forecast, according to FactSet. Same-store sales, which account for store openings and closings, fell 11% from last year.

Chief Executive Brett McGill said the company's quarterly revenue and same-store sales were hurt by a soft retail environment and disruptions caused by recent hurricanes. "With continued uncertainty in the economy, demand remained muted for much of the quarter, resulting in lower revenue and higher inventory at quarter-end compared with our expectations," he said.

These headwinds were offset by promotions and "meaningful contribution from our higher-margin lines of business including, our marinas, Superyacht Services, and finance and insurance operations," McGill added.

Looking ahead, MarineMax backed its 2025 guidance, expecting adjusted per-share earnings between $1.80 and $2.80, as well as adjusted earnings before interest, taxes, depreciation and amortization between $150 million and $180 million. Analysts surveyed by FactSet are expecting adjusted earnings of $2.27 a share and adjusted Ebitda of $167 million.

McGill said early activity at this year's retail boat shows has been encouraging, and the company anticipates the pace of activity across the industry will improve heading into the spring.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

January 23, 2025 12:25 ET (17:25 GMT)

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