Skip to main content

MarineMax reports 2Q results

MarineMax officials blamed bad weather for a drop in second-quarter revenue and profits and a same-store sales decline, but the boat retailer predicted that sales have only been delayed until later in 2014, rather than lost.

Revenue was $136.6 million, compared with $160 million in the comparable quarter last year. Same-store sales declined about 16 percent, primarily because of poor weather, after two consecutive March quarters of double-digit percentage same-store sales growth on a year-over-year basis.

“We believe that many of the potential sales that did not close in the second quarter have likely been deferred to later quarters,” MarineMax CEO Bill McGill said in a statement. “We expect to benefit from our broad selection of brand offerings and recent brand additions and believe that our strong balance sheet, strategically placed inventory and improving market conditions position us well for the future.”

The Clearwater, Fla.-based company reported a net loss of slightly less than $2 million, or 8 cents a share, for the quarter that ended March 31, compared with net income of $344,000, or 1 cent a share, in the quarter last year.

Revenue decreased 5 percent to $246.2 million for the six months that ended March 31, compared with $259.1 million in the comparable period last year. Same-store sales decreased about 6 percent, compared with a 10 percent increase in the comparable period last year.

The company reported a net loss for the first six months of $5.3 million, or 22 cents a share, compared with a net loss of $3.8 million, or 17 cents a share, in the comparable period last year.

“We are confident in the long-term industry recovery cycle and the significant upside that exists for MarineMax,” McGill said. “As we head into the prime boating season, we believe our team is poised to increase market share, grow margins and deliver the best possible experience to our passionate customers. We also believe we have a strong foundation in place and are well-positioned to drive positive cash flow growth as consumer confidence returns.”

Related

1_HEESE_TRIGG

ABC 2022: That’s a Wrap

The American Boating Congress concluded Friday with an award presentation, discussions with representatives, a midterm election report from political analyst Charlie Cook, and a panel discussion about electrification.

1_GODFREYELKHART

Godfrey Breaks Ground on Expansion

The company said the additional manufacturing and warehouse space in Elkhart, Ind., will enable an increase in production.

1_HIGHFIELD

Highfield USA Hires New President

The RIB builder said Christophe Lavigne will help develop the brand and operations in North America.

9_BREAKFAST

ABC 2022: A Full Schedule

The second day of the American Boating Congress included awards presentations, Capitol Hill sessions with lawmakers, an economic report, a state-of-the-industry address and statements from NMMA lobbyists.

1_GASPRICES

Gas Prices Soar to Record Highs

Oil supply concerns have lifted the average U.S. price of regular unleaded gasoline to $4.432 per gallon, according to AAA.

1_SEARAYWOMEN

All-Women Team Designs New Sea Ray

Parent company Brunswick Corp. said the achievement highlights its successes in promoting diversity in the marine workforce.