Skip to main content
Publish date:

MarineMax Posts Another Strong Quarter

Author:
1_MarineMax

For the second consecutive quarter and fiscal year, MarineMax reported the best numbers in company history.

For its fourth quarter, MarineMax reported a 16 percent increase in revenue to $462.3 million, up from $399 million a year prior. Net income was $32.8 million — $1.45 per diluted share — compared with $25.6 million, or $1.13 per diluted share, in the fourth quarter of 2020.

President and CEO Brett McGill.

President and CEO Brett McGill.

The company said growth was primarily driven by acquisitions. In May, MarineMax acquired Cruisers Yachts for $63 million. It also added Nisswa Marine and Intrepid Yachts.

MarineMax reported a 7 percent decline in same-store sales for the fourth quarter, which it attributed to lack of inventory.

The retailer acquired Cruisers Yachts earlier this year.

The retailer acquired Cruisers Yachts earlier this year.

For its fiscal year ending Sept. 30, MarineMax reported a 37 percent increase in revenue to $2.06 billion, up from $1.51 billion the prior year. Net income was $155 million ($6.78 per diluted share) compared with $74.6 million ($3.37 per diluted share) for fiscal year 2020. Same-store sales saw a 13 percent increase.

“The MarineMax team’s commitment and extraordinary efforts generated record revenue of more than $2 billion, our highest gross margin since inception and a near doubling of earnings per share,” president and CEO Brett McGill in a said in a statement.

4_MarineMax-Pompano-Yacht-Center

McGill said the company is well-capitalized and will continue to make investments in technology, as well as higher-margin businesses by acquisitions.

“This financial flexibility allows us to continue to pursue strategic accretive acquisitions, which will further diversify our business and support sustainable future earnings and cash flow growth,” McGill said. “We have increased confidence that the market will begin to recognize the significant value that we have created and that we expect to build upon in the future.”

Related

AIM Marine Group Hosts Meet the Editors Event

More than a dozen editors from Active Interest Media’s Marine Group participated in the day-long, information-sharing event.

Fairline Makes Leadership Appointments

The British luxury boatbuilder founded plans to chart its course for the future with a new CEO and the return of Derek Carter as chairman.

Battle on the Great Lakes Rages On

The Icebreaker Wind Turbine Development faces strong headwinds from boating and fishing groups.

Limestone Boat Co. Expands Dealer Network

The company adds four new dealers to its roster, with three to represent Aquasport Boats.

NMEA Announces ‘22 Training Course Schedule

For next year, marine training courses will be offered as virtual and in-person sessions for basic marine electronics installers, and in-person only for advanced installers.

GM Invests $150M in Electric Boat Start-Up

General Motors has acquired a 25-percent stake in Pure Watercraft, a Seattle-based e-propulsion outfit.

Patrick Acquires Marine and RV Seating Maker

The Elkhart, Ind.-based component manufacturer finalized its purchase of Williamsburg Marine and Williamsburg Furniture.