MarineMax grew revenue more than 10 percent to $270.6 million in the second quarter, prompting the company again to raise its annual expectations to $1.44 to $1.50 versus its prior expectations of $1.30 to $1.40 per-diluted-share.
Same-store sales increased 8 percent, on top of 13 percent in the comparable period last year. Income before taxes increased more than 84 percent to $7.8 million for the quarter from $4.2 million last year.
Net income rose 125 percent to $6.2 million, or $0.27 per-diluted-share, for the quarter compared to net income of $2.7 million, or $0.11 per diluted share, for the same time last year.
Net income in the quarter benefitted from tax credits resulting from hurricanes Harvey and Irma that represented approximately $380,000, or $0.02 per diluted share.
“A combination of strong unit growth and constant focus on our higher margin businesses enabled our team to drive meaningful year-over-year gross margin and earnings per share improvement,” said MarineMax chairman and CEO Bill McGill in a statement.
“As our industry continues to recover, the environment for capturing additional product margins remains encouraging,” McGill said. “Our 8 percent same-store sales growth was driven by increased traffic at boat shows, online and in our stores, as demand was aided by strong consumer confidence. Our team executed well by controlling costs in the quarter, which allowed for strong flow-through, despite an unusual increase in health insurance claims in the quarter.”
Revenue increased approximately 8 percent to $507.5 million for the six months that ended March 31, compared with $471.9 million for the comparable period last year.
Same-store sales grew approximately 4 percent in the first half of the fiscal year — on top of 20 percent growth in the same period last year.
Net income for the six months rose 93 percent to $10.4 million, or $0.46 per diluted share, compared with net income of $5.4 million, or $0.22 per share, last year.
“New, innovative models from our manufacturing partners are continuing to be well received and are helping to drive demand from existing boaters as well as those new to boating, as evidenced by our growing backlog,” said McGill.
“MarineMax remains well positioned to build on its industry leading share position as we enter the height of the boating season,” McGill said. “Through continuing to deliver our customers the highest level of service, providing a broad array of new products and working to ensure that each boating experience is maximized, MarineMax will remain the retailer of choice for years to come.”