Coming off its most profitable fourth quarter, fiscal year, and first and second quarters, MarineMax continues to roll. The company posted another record for its third quarter, reporting an increase in revenue of more than $168 million — 34 percent — to $666.3 million, compared with the same quarter a year prior.
MarineMax reported a 43 percent increase in same-store sales for the quarter (6 percent in addition to a 37 percent increase to 2020’s numbers) driven by an increase in demand for boats, as well as recent acquisitions, including the addition of Cruisers Yachts.
Net income and earnings also saw significant gains. Net income jumped 70 percent to $59.6 million (from $34.9 million), and diluted earnings per share were $2.59, up 64 percent from $1.58 a year ago.
MarineMax is on track for a record fiscal year, reporting $1.6 billion in revenue for the nine-month period that ended June 30, a 44 percent gain. For that same period, net income surged 149 percent to $122.2 million.
“We once again delivered record sales and earnings growth in the quarter, as demand for the boating lifestyle remained strong and our team continued to execute on our strategy of driving our higher-margin businesses, resulting in our strongest quarterly operating margin to date,” CEO and president W. Brett McGill said in a statement.
“Our deep manufacturer relationships, industry-leading inventory management and valuable real estate locations position us well to continue to gain share, as evidenced by our ability to continue to generate strong same-store sales in a lean inventory environment,” he added. “We remain well-capitalized to continue to make strategic accretive acquisitions to further enhance our geographic presence; to add to our marina, storage and service offerings; and to further grow our higher-margin businesses.”