MarineMax reports 2Q results

MarineMax said today that revenue grew 23 percent to $245 million in its second fiscal 2017 quarter.
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MarineMax said today that revenue grew 23 percent to $245 million in its second fiscal 2017 quarter, with same-store sales growing 13 percent in addition to 16 percent growth in the quarter last year.

Net income for the quarter that ended March 31 was $2.7 million, or 11 cents a diluted share, for the quarter, compared with $2.5 million, or 10 cents a share, for the comparable quarter last year.

“Given our robust growth in sales, which we expected to be incrementally higher, MarineMax continues to capture share in an expanding market,” MarineMax CEO Bill McGill said in a statement. “While the timing of our sales is difficult to predict, as illustrated by the growth in same-store sales of 13 percent this quarter and 28 percent in the previous quarter, we believe that demand remains strong.”

Beyond the addition of nine stores from two acquisitions MarineMax completed during the past 12 months, the company’s expense structure reflects its expectation of sustained annual revenue growth, given the trends it has experienced in the past several years, McGill said.

“We also believe the addition of new models, combined with current sales trends, should support our ongoing efforts to expand gross margins,” McGill said.

The Clearwater, Fla.-based company said revenue increased 28 percent to $471.9 million for the six-month period that ended March 31, compared with $369.1 million in the comparable period last year.

Same-store sales grew about 20 percent on top of 12 percent growth for the comparable period last year. Net income for the six-month period was $5.4 million, or 22 cents a diluted share, compared with $3.2 million, or 13 cents a share, in the comparable period last year.

“MarineMax remains well positioned to produce industry-leading results,” McGill said. “This is supported by the strength of the industry, positive boat show results, an expanding backlog, as noted through our increase in customer deposits, and growing interest from customers. As we enter the busiest season of the year we are energized by the rising enthusiasm for the boating lifestyle, increased interest in innovative products and our improved inventory mix. Our team is poised to continue to execute our customer-centric approach and build on our past success.”

The company reaffirmed its annual guidance expectations for fully taxed earnings per diluted share to be in the range of $1.14 to $1.24 for fiscal 2017.

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