MarineMax (NYSE:HZO) shares took on water on Thursday after falling well short of expectations for its fiscal first quarter offering a soft forecast for the full-year.

The Clearwater, Florida-based company reported $1.24 in earnings per share, $0.29 below Street expectations. Meanwhile, $507.93M in revenue fell narrowly short of expectations. Adjusted EBITDA for the quarter decelerated to $53.2M from $55.3M in the prior year quarter.

Due to macro headwinds in the year ahead, management updated full year forecasts with some downward revisions. The company now expects 2023 adjusted EPS to range from $6.90 to $7.40, down from a prior $7.90 to $8.40 and below the $7.94 consensus estimate.

“Although we are updating our 2023 guidance as a result of current economic uncertainty, we have strong momentum as we move into the remainder of the year,” CEO Brett McGill said. “We are backed by one of the strongest balance sheets in the industry, which provides us increased flexibility to remain agile and take advantage of opportunities as they arise. We remain confident that our organic growth opportunities, coupled with attractive strategic acquisitions, position us well for 2023 and beyond.”

Shares of MarineMax (HZO) slid 6.87% in premarket trading. Peers MasterCraft Boat Holdings (MCFT), Malibu Boats (MBUU), Brunswick Corp. (BC), OneWater Marine (ONEW), and Marine Products Corp. (MPX) each declined modestly in premarket trading following the inauspicious results from MarineMax. Trading volume on most peers remained thin prior to the bell.

Dig into the details of MarineMax’s results.