MarineMax reported today that third-quarter revenue grew 16 percent, to $175.8 million, from $151.3 million last year and that the company saw same-store sales grow 16 percent on top of a 1 percent increase in the comparable quarter last year.
“Our team produced solid revenue growth in the quarter despite the challenge of generally poor weather that impacted industry trends,” CEO Bill McGill said in a statement. “This growth was driven by our team’s focus and commitment to providing our customers with the right products and experiences, along with strength in key geographic markets, such as Florida and parts of the Northeast.”
During the quarter, the Clearwater, Fla.-based company recovered a net $7 million, or 29 cents a diluted share, from the Deepwater Horizon Settlement Program for damage it suffered as a result of the Deepwater Horizon oil spill in the Gulf of Mexico in 2010. The recovery is reflected as a reduction of the company’s expenses.
“We remain well-positioned to capitalize on improving industry conditions. Our balance sheet, which has been further enhanced by the Deepwater Horizon payment, provides us with a competitive advantage by enabling us to have the broadest available inventory in the industry for our customers to purchase,” McGill said.
Net income was $13.6 million, or 56 cents a diluted share, for the quarter that ended June 30, compared with net income of $4.6 million, or 20 cents a diluted share, for the comparable quarter last year at the nation’s largest recreational boat retailer.
“During the quarter our efforts resulted in product gross margin expansion, which was attributable to the ongoing industry recovery, continued improved inventory aging and our team’s passion and focus on our brands and strategies,” McGill said. “In our efforts to stimulate additional sales because of challenging weather we invested in enhanced promotional activities which, combined with rising insurance costs, resulted in higher ongoing expenses.”