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MarineMax reports 1Q results

MarineMax reported today that revenue grew about 8 percent, to $99.1 million, for its first quarter, which ended Dec. 31.

Same-store sales grew more than 8 percent, compared to a 2 percent increase in the same period last year.

The company’s net loss for the first quarter was $4.16 million, or 18 cents a share, compared with $4.21 million, or 19 cents a share, for the first quarter of the prior year.

“The fact that our team produced positive same-store sales growth, while also producing slightly better bottom-line results, represents a significant effort by the entire organization,” MarineMax CEO Bill McGill said in a statement.

The MarineMax team overcame ongoing economic challenges exacerbated by the uncertainty prior to the presidential election and the fiscal cliff discussions, McGill said.

“This was compounded by the devastation resulting from Hurricane Sandy,” McGill said. “The storm caused certain of our Northeastern stores to focus on protecting and recovering boats and restoring our facilities rather than on selling boats.”

Entering a historically busy selling season for MarineMax, the company is well-positioned with inventory, McGill said.

“We remain encouraged by positive industry fundamentals that seem to indicate the industry is in the early stage of a recovery, which is further supported by the solid interest around the country during the early boat show season,” McGill said. “Our team is committed to capturing additional market share, and given our more efficient operating structure we would expect to see improved leverage to our bottom line as we move through the balance of our fiscal year.”

MarineMax stock opened at $11.79 this morning.

Read more about the first-quarter earnings in Wednesday’s Trade Only Today.

Click here for the full release.



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