<p>Marinemax（HZO）已舉行其第四季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>MarineMax 最近的財報電話會議描繪了一個複雜的局面，突出了在技術和戰略舉措方面的重大成就，但也面臨着由於宏觀經濟逆風導致的收入下降和低船隻利潤率的挑戰。儘管公司慶祝了強勁的同店銷售增長和毛利率擴張，但這些成就受到淨虧損和行業普遍壓力的制約。</p>
<h2>強勁的同店銷售增長</h2>
<p>MarineMax 報告第四季度同店銷售增長超過 2%，主要得益於二手船隻、金融和保險、零部件和服務的收入增加，以及超級遊艇服務和碼頭運營的貢獻。這一增長凸顯了公司有效利用多元化收入來源的能力。</p>
<h2>毛利率擴張</h2>
<p>儘管面臨行業壓力，MarineMax 在第四季度實現了 34.7% 的毛利率擴張。這得益於專注於高利潤率領域（如金融和保險、零部件和服務、超級遊艇服務和碼頭運營）的多元化商業模式。</p>
<h2>船廠平台的成功</h2>
<p>船廠平台在過去一年中實現了超過 160% 的活躍訂閲者增長。這突顯了 MarineMax 在技術領域的領導地位及其在該領域持續擴展的潛力。</p>
<h2>在勞德代爾堡國際船展上的成功表現</h2>
<p>MarineMax 在勞德代爾堡國際船展上產生了強烈影響，創下了後疫情時代的單位和收入記錄，並展示了新的創新模型。這一表現強調了公司對創新和市場領導地位的承諾。</p>
<h2>戰略董事會任命</h2>
<p>MarineMax 通過增加 Odilon Almeda 和 Dan Shiapa 兩位具有推動創新和擴展複雜全球運營的成功經驗的董事，增強了其董事會。這些任命預計將提升公司的戰略方向。</p>
<h2>收入下降</h2>
<p>在 2025 財年，MarineMax 報告收入為 23.1 億美元，反映出由於行業環境嚴峻，同店銷售下降超過 2%。由於戰略性門店和品牌優化努力，總體收入下降了 5%。</p>
<h2>第四季度淨虧損</h2>
<p>MarineMax 在第四季度報告淨虧損略低於 100 萬美元，或每股 0.04 美元，這與調整後的每股虧損一致。這反映了影響公司財務表現的嚴峻經濟條件。</p>
<h2>低船隻利潤率</h2>
<p>船隻利潤率處於歷史低位，創下 27 年來的第二低水平，利潤率比正常水平下降了 300 到 350 個基點。這歸因於庫存水平高企和零售環境嚴峻。</p>
<h2>嚴峻的宏觀經濟條件</h2>
<p>MarineMax 的財務表現受到高利率、持續通脹和地緣政治緊張局勢的影響，導致許多消費者推遲購買船隻。</p>
<h2>前瞻性指導</h2>
<p>展望 2026 財年，MarineMax 預計調整後的 EBITDA 將在 1.1 億到 1.25 億美元之間，調整後的淨收入預計在每股 0.40 到 0.95 美元之間。由於庫存水平高企，公司預計在財務第二季度零售利潤率將繼續承壓，但預計下半年利潤率將穩定。同店銷售增長預計將持平或略有正增長，得益於對高利潤率業務的戰略關注。</p>
<p>總之，MarineMax 的財報電話會議反映出複雜的情緒，儘管在銷售增長和技術方面取得了顯著成就，但也突顯了由於宏觀經濟壓力帶來的挑戰。儘管面臨當前的逆風，公司對其戰略舉措和未來增長潛力仍持樂觀態度。</p>

海上麥斯服務

<p>MarineMax 的第四季度財報電話會議顯示出混合的結果。公司同店銷售增長超過 2%，毛利率擴展至 34.7%，這得益於多元化的收入來源。然而，由於宏觀經濟挑戰，公司面臨近 100 萬美元的淨虧損和 5% 的收入下降。Boatyard 平台和戰略董事會任命被強調為成功之處。展望未來，MarineMax 預計 2026 財年的調整後 EBITDA 將在 1.1 億至 1.25 億美元之間，零售毛利率仍將面臨持續壓力</p>

<p>Marinemax ((HZO)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Marinemax（HZO）已舉行其第四季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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</div><p>MarineMax’s latest earnings call painted a mixed picture, highlighting significant achievements in technology and strategic initiatives, yet facing challenges with revenue decline and low boat margins due to macroeconomic headwinds. While the company celebrated strong same-store sales growth and gross margin expansion, these were tempered by a net loss and industry-wide pressures.</p>
<div class="lb-trans"><p>MarineMax 最近的財報電話會議描繪了一個複雜的局面，突出了在技術和戰略舉措方面的重大成就，但也面臨着由於宏觀經濟逆風導致的收入下降和低船隻利潤率的挑戰。儘管公司慶祝了強勁的同店銷售增長和毛利率擴張，但這些成就受到淨虧損和行業普遍壓力的制約。</p>
</div><h2>Strong Same-Store Sales Growth</h2>
<div class="lb-trans"><h2>強勁的同店銷售增長</h2>
</div><p>MarineMax reported a more than 2% growth in same-store sales for Q4, driven by increased revenue from used boats, finance and insurance, parts and service, and contributions from superyacht services and marina operations. This growth underscores the company’s ability to leverage its diverse revenue streams effectively.</p>
<div class="lb-trans"><p>MarineMax 報告第四季度同店銷售增長超過 2%，主要得益於二手船隻、金融和保險、零部件和服務的收入增加，以及超級遊艇服務和碼頭運營的貢獻。這一增長凸顯了公司有效利用多元化收入來源的能力。</p>
</div><h2>Gross Margin Expansion</h2>
<div class="lb-trans"><h2>毛利率擴張</h2>
</div><p>Despite facing industry pressures, MarineMax achieved a gross margin expansion to 34.7% in Q4. This was supported by a diversified business model that focuses on higher-margin sectors such as finance and insurance, parts and service, superyacht services, and marina operations.</p>
<div class="lb-trans"><p>儘管面臨行業壓力，MarineMax 在第四季度實現了 34.7% 的毛利率擴張。這得益於專注於高利潤率領域（如金融和保險、零部件和服務、超級遊艇服務和碼頭運營）的多元化商業模式。</p>
</div><h2>Boatyard Platform Success</h2>
<div class="lb-trans"><h2>船廠平台的成功</h2>
</div><p>The Boatyard platform demonstrated significant success with an active subscriber growth of over 160% in the past year. This highlights MarineMax’s leadership in technology and its potential for continued expansion in this area.</p>
<div class="lb-trans"><p>船廠平台在過去一年中實現了超過 160% 的活躍訂閲者增長。這突顯了 MarineMax 在技術領域的領導地位及其在該領域持續擴展的潛力。</p>
</div><h2>Successful Presence at Fort Lauderdale International Boat Show</h2>
<div class="lb-trans"><h2>在勞德代爾堡國際船展上的成功表現</h2>
</div><p>MarineMax made a strong impact at the Fort Lauderdale International Boat Show, setting post-COVID records in units and dollars and showcasing new, innovative models. This presence underscores the company’s commitment to innovation and market leadership.</p>
<div class="lb-trans"><p>MarineMax 在勞德代爾堡國際船展上產生了強烈影響，創下了後疫情時代的單位和收入記錄，並展示了新的創新模型。這一表現強調了公司對創新和市場領導地位的承諾。</p>
</div><h2>Strategic Board Appointments</h2>
<div class="lb-trans"><h2>戰略董事會任命</h2>
</div><p>MarineMax strengthened its board of directors with the addition of Odilon Almeda and Dan Shiapa, both of whom have proven track records in driving innovation and scaling complex global operations. These appointments are expected to enhance the company’s strategic direction.</p>
<div class="lb-trans"><p>MarineMax 通過增加 Odilon Almeda 和 Dan Shiapa 兩位具有推動創新和擴展複雜全球運營的成功經驗的董事，增強了其董事會。這些任命預計將提升公司的戰略方向。</p>
</div><h2>Revenue Decline</h2>
<div class="lb-trans"><h2>收入下降</h2>
</div><p>For fiscal 2025, MarineMax reported a revenue of $2.31 billion, reflecting a same-store sales decline of just over 2% due to a challenging industry environment. Overall revenue declined by 5% as a result of strategic store and brand optimization efforts.</p>
<div class="lb-trans"><p>在 2025 財年，MarineMax 報告收入為 23.1 億美元，反映出由於行業環境嚴峻，同店銷售下降超過 2%。由於戰略性門店和品牌優化努力，總體收入下降了 5%。</p>
</div><h2>Net Loss in Q4</h2>
<div class="lb-trans"><h2>第四季度淨虧損</h2>
</div><p>MarineMax reported a net loss of just under $1 million or $0.04 per share in Q4, which was consistent with the adjusted loss per share. This reflects the challenging economic conditions impacting the company’s financial performance.</p>
<div class="lb-trans"><p>MarineMax 在第四季度報告淨虧損略低於 100 萬美元，或每股 0.04 美元，這與調整後的每股虧損一致。這反映了影響公司財務表現的嚴峻經濟條件。</p>
</div><h2>Low Boat Margins</h2>
<div class="lb-trans"><h2>低船隻利潤率</h2>
</div><p>Boat margins are at historically low levels, marking the second lowest in 27 years, with margins down by 300 to 350 basis points below normal. This is attributed to elevated inventory levels and a challenging retail environment.</p>
<div class="lb-trans"><p>船隻利潤率處於歷史低位，創下 27 年來的第二低水平，利潤率比正常水平下降了 300 到 350 個基點。這歸因於庫存水平高企和零售環境嚴峻。</p>
</div><h2>Challenging Macroeconomic Conditions</h2>
<div class="lb-trans"><h2>嚴峻的宏觀經濟條件</h2>
</div><p>MarineMax’s financial performance has been impacted by elevated interest rates, persistent inflation, and geopolitical tensions, leading many consumers to defer boat purchases.</p>
<div class="lb-trans"><p>MarineMax 的財務表現受到高利率、持續通脹和地緣政治緊張局勢的影響，導致許多消費者推遲購買船隻。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</h2>
</div><p>Looking ahead to fiscal 2026, MarineMax projects adjusted EBITDA to range between $110 million and $125 million, with adjusted net income expected between $0.40 and $0.95 per diluted share. The company anticipates continued pressure on retail margins through the fiscal second quarter due to elevated inventory levels, but expects margins to stabilize in the latter half of the year. Same-store sales growth is projected to be flat to slightly positive, supported by a strategic focus on higher-margin businesses.</p>
<div class="lb-trans"><p>展望 2026 財年，MarineMax 預計調整後的 EBITDA 將在 1.1 億到 1.25 億美元之間，調整後的淨收入預計在每股 0.40 到 0.95 美元之間。由於庫存水平高企，公司預計在財務第二季度零售利潤率將繼續承壓，但預計下半年利潤率將穩定。同店銷售增長預計將持平或略有正增長，得益於對高利潤率業務的戰略關注。</p>
</div><p>In summary, MarineMax’s earnings call reflected a mixed sentiment with notable achievements in sales growth and technology, but also highlighted challenges due to macroeconomic pressures. The company remains optimistic about its strategic initiatives and future growth potential, despite the current headwinds.</p>
<div class="lb-trans"><p>總之，MarineMax 的財報電話會議反映出複雜的情緒，儘管在銷售增長和技術方面取得了顯著成就，但也突顯了由於宏觀經濟壓力帶來的挑戰。儘管面臨當前的逆風，公司對其戰略舉措和未來增長潛力仍持樂觀態度。</p>
</div>

海上麥斯服務的財報電話會議：在挑戰中取得了喜憂參半的業績