MarineMax drops on second downward revision in annual profit forecast

MarineMax

25/04/2024 14:19

** MarineMax shares  HZO.N  fall 12.8% to $23.70 premarket
after recreational boat retailer trims annual profit forecast
for second time
    ** Stock is set to open at an over three year low if losses
hold through open
    ** Co now sees adj. FY net income in range of $2.20 to $3.20
per share, down from previously revised range of $3.20 to $3.70
    ** On Oct. 26, 2023, co had first estimated adj. 2024 net
income between $4.50 and $5 per share
    ** HZO also misses Street estimates for Q1 results - LSEG
data
    ** Our performance was impacted by ongoing softness in the
marine market, highlighting broader macroeconomic concerns
including elevated interest rates and persistent inflation - CEO
Brett McGill
    ** Up to last close, stock had fallen 30% YTD 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))