MarineMax posts Q2 results

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MarineMax posted 12 percent revenue growth of to $303.6 million for the second quarter, compared to $270.6 million for the comparable quarter last year, and same-store sales for the quarter increased 12 percent on top of 8 percent last year.

Income before taxes was $7.2 million for the quarter, down from $7.8 million for the same quarter last year.

Net income was $5.3 million, or $0.23 per diluted share, compared to net income of $6.2 million, or $0.27 per diluted share, in the second quarter of 2018.

The company’s results for the fiscal second quarter 2019 were impacted by inclement weather in key markets that potentially delayed sales and additional expenses were incurred to drive the substantial sales growth, including growth in larger product.

Furthermore, the mix of product and softer than anticipated unit sales affected profitability in the quarter.

“Our team succeeded in driving strong sales growth in the quarter, even as we and the industry incurred challenges that included rougher than normal winter weather in many of our markets,” said MarineMax CEO Brett McGill in a statement.

For the six-months ended March 31, revenue increased approximately 8 percent to $545.5 million compared with $507.5 million for the same period last year.

Same-store sales grew approximately 7 percent in the first half of fiscal year 2019 on top of 4 percent last year. Income before taxes was $13.7 million for the half year, compared to $14.3 million for the same period last year.

Net income for the first six months was $10.2 million, or $0.44 per diluted share, compared with net income of $10.4 million, or $0.46 per diluted share, for the comparable period last year.

“Based on preliminary industry data, we believe our same store sales performance in the quarter drove continued market share gains,” said McGill. “Our proactive decision to invest to capture additional sales impacted both our margins and profitability. As we enter our most active season, we have the right products in stock along with a large on-order backlog that provides us additional momentum moving into the June quarter, historically our largest quarter.”

The company updated its annual fiscal 2019 expectations for fully taxed earnings per diluted share to range from $1.75 to $1.85 compared to its previous range of $1.85 to $1.95.

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