It was a record fourth quarter and full year for MarineMax, as the retailer, brokerage and vacation operator saw its highest revenue and earnings in company history.
For the quarter that ended on Sept. 30, revenue skyrocketed over 29 percent to $398.8 million when compared to the same quarter last year, primarily attributed to a 33 percent increase in same-store sales.
Revenue was at $1.52 billion for the fiscal year, a 22 percent increase, up from last year’s $1.24 billion. Again, these numbers were driven by a strong boost in same-store sales, up 25 percent.
Net income for the quarter more than tripled to $25.6 million ($1.13 per diluted share) when compared to 2019; for its fiscal year, net income doubled to $74.6 million, or, $3.37 per diluted share.
“The MarineMax Team generated a record $1.5 billion of revenue and more than doubled our earnings per share while overcoming these extremely uncertain times…I could not be prouder of the entire Team for their focus, hard work and passion for MarineMax,” said MarineMax president and CEO Brett McGill in a statement.
McGill continued: “We also believe that the industry experienced a foundational shift in 2020, and specifically for MarineMax, it resulted in a greatly expanded customer base that is embracing and enjoying the boating lifestyle. We continue to add new customers at a seasonally accelerated pace. This foundational layer should provide sustainable growth for years to come, as many existing and new customers will upgrade to larger boats and need additional services.”
As for 2021 guidance, the company remains confident in the current and evolving landscape, with earnings per diluted share to be in the $3.70 to $3.90 range. Also in play for ’21 will be earning from SkipperBud’s, its largest acquisition to date which was finalized after its FY20 came to a close.
“Looking ahead, our business outlook remains promising as more people are realizing that boating is a safe way for families to spend time together enjoying the boating lifestyle,” McGill said. “Our balance sheet is very well capitalized, allowing us to continue to pursue strategic accretive acquisitions, to strengthen and enhance our digital strategy, to expand with marinas and to further grow our higher margin businesses. We are happy that many people have rediscovered the benefits of the boating lifestyle, which gives us increased confidence for the future.”