MarineMax releases Q3 results

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MarineMax revenue increased 10 percent to $361.3 million in the third quarter, and same-store sales grew 8 percent.

Net income for the quarter increased 22 percent to $17.4 million, while earnings per diluted share grew about 32 percent to $0.75, compared to $0.57 for the third quarter last year.

Excluding the non-recurring unusual costs, earnings per diluted share grew 39 percent to $0.79.

Revenue grew more than 8 percent to $868.8 million for the first nine months of the fiscal year, compared with $801.7 million for the same period last year.

Same-store sales increased about 6 percent on top of similar growth for the comparable period last year. Net income for the nine months that ended June 30 rose more than 41 percent to $27.8 million, or $1.21 per diluted share, compared with $19.6 million, or $0.78 per diluted share, for the comparable period last year.

“Despite some larger boat choppiness as suggested by industry data, we believe we continue to take market share through our proven strategies and leading brands,” chairman and CEO Bill McGill said in a statement.

“While our top-line sales were healthy, margins did come under some pressure, largely due to the anticipated Brunswick sale of Sea Ray,” McGill said. “Furthermore, in addition to the non-recurring unusual costs, we incurred significant health care cost increases in the quarter. Generally, industry fundamentals are sound, and with Brunswick retaining the Sea Ray brand, the margin pressure should subside as we move ahead.”

Inventory and outstanding borrowing declined year-over-year, while same-store sales grew, McGill said.

“The mix of our inventory is well positioned in terms of model lineup and model age,” he said. “Our balance sheet remains very strong, which supports our ability to take advantage of opportunities as they arise.”