MarineMax reports 1Q results - Trade Only Today

MarineMax reports 1Q results

First-quarter revenue grew more than 7 percent to $169.5 million at MarineMax.
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First-quarter revenue grew more than 7 percent to $169.5 million at MarineMax and the company said it had the highest earnings before taxes for the quarter in more than a decade.

Same-store sales increased 8 percent, building on 45 percent growth in the same period last year.

MarineMax said the December quarter is typically its lowest-revenue quarter of the year and is usually a loss quarter for marine dealers, including MarineMax. But for the sec-ond consecutive year the company produced a profitable first quarter, with net income of $889,000, or 4 cents a diluted share, compared with $214,000, or 1 cent a share, in the quarter a year earlier.

On a pretax basis, the quarter that ended Dec. 31 was nearly seven times greater than in 2014, MarineMax said.

“The growing interest in new boats from our manufacturing partners and our focus on enhancing the boating experience is resonating with our customers, as evidenced by our strong results to start fiscal 2016, which exceeded the extraordinary growth we produced in the same quarter last year,” MarineMax president and CEO William McGill said in a statement. “We are encouraged that our earnings growth and margin expan-sion were due to strong sales of new models and unit growth that actually exceeded our same-store sales growth.”

“The excitement we generated in the December quarter has continued into the boat shows that we have participated in since the start of January, which is the beginning of the winter boat show season,” McGill said.

“However, we understand that we still have our three largest quarters in front of us. In order to build on the early success of our fiscal year, we must execute and deliver on our strategies each and every day. We believe we have the team, the approach, the balance sheet strength and the brands that position us best to capitalize on current trends and grow our earnings and cash flow as we move ahead.”

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