MarineMax reports 2Q results

Fiscal second-quarter revenue grew more than 26 percent at MarineMax to $172.1 million from $136.6 million in the same quarter last year.
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Fiscal second-quarter revenue grew more than 26 percent at MarineMax to $172.1 million from $136.6 million in the same quarter last year. Same-store sales grew more than 27 percent compared with a 16 percent decline in the quarter a year earlier.

The company reported a profit of $390,000, or 2 cents a diluted share, for the quarter that ended March 31, compared with a loss of $2 million, or 8 cents a share, in the quarter last year.

“Despite the ongoing challenging weather in the Northeast, we are pleased with the momentum of our business, which produced a profit in the first six months of our fiscal year, a milestone last achieved nine years ago,” MarineMax president and CEO William McGill said in a statement.

“Furthermore, we anticipate that our backlog and the continual stream of new products that will be delivered should positively contribute to our summer selling season and beyond,” he said. “We believe our sales growth is outpacing that of the industry, yielding continued market share gains as we strive to execute on our strategy of fully embracing our customers and ensuring they are enjoying the boating lifestyle.”

Revenue increased more than 34 percent, to $330.3 million, for the six-month period that ended March 31, compared with $246.2 million in the comparable period last year.

Same-store sales rose about 35 percent, compared with a 6 percent decrease in the comparable period last year.

The company’s profit for the half-year was $604,000, or 2 cents a diluted share, compared with a loss of $5.3 million, or 22 cents a share, in the comparable period last year.

“Our team’s efforts continue to propel our growth in an industry that is slowly but steadily recovering,” McGill said.

“While we strived for more robust operating leverage in the quarter, we experienced sizable increases in health care costs and we invested in marketing to drive even greater sales than we were able to close, which sets the stage for an improved start for the June quarter,” McGill said. “Additionally, while margins are historically in line, we actively worked to position our inventory to be in the best seasonal shape since March of 2006, as we enter the busy summer selling season.”

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