MarineMax reports 2Q results - Trade Only Today

MarineMax reports 2Q results

MarineMax said today that revenue grew 16 percent to $199.6 million during its fiscal second quarter.
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MarineMax said today that revenue grew 16 percent to $199.6 million during its fiscal second quarter from $172.1 million for the comparable quarter last year.

Same-store sales grew more than 16 percent for the quarter that ended March 31 on top of 27 percent growth during the same period a year earlier, the company said.

Based on current business conditions, retail trends and other factors, MarineMax is raising annual guidance expectations to a range of 68 cents to 75 cents for fiscal 2016 from its previous guidance of 60 to 70 cents. This compares with 47 cents in fiscal 2015.

The company said its pretax earnings were $4 million, compared with $390,000 for the same period a year earlier, an increase of more than 10 times.

“We are excited by our results in the quarter and through the first half of the year,” MarineMax CEO William McGill said in a statement. “Our performance continues to be driven by new products from our premium manufacturing partners, as well as great execution by our team on our customer-centric strategies. Our same-store sales growth this quarter provides additional evidence that the pace of the boating recovery is continuing to build, especially for MarineMax.”

The company reported a profit for the quarter of $2.4 million, or 10 cents a diluted share, compared with $390,000, or 2 cents a share, in the comparable quarter last year.

Revenue increased 12 percent to $369.1 million for the six months that ended March 31, compared with $330.3 million for the comparable period last year.

Same-store sales grew more than 12 percent on top of 35 percent growth for the comparable period last year.

The company’s pretax earnings were $5.4 million, compared with $604,000 for the period a year earlier.

“With our product line expansions over the past few years, combined with new models from our partners, we expect to continue our ongoing market share gains and improved earnings performance,” McGill said.

“We are certainly encouraged by our backlog of orders, the right inventory mix, a broader geographic reach with our recent Northeast coastal acquisition of Russo Marine and the fact that we are entering the busiest selling season of the year. Our team is fully engaged as they execute on our strategy to maximize our customers’ enjoyment of the boating lifestyle as we create long-term shareholder value and happy customers.”

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