MarineMax said today that its revenue grew about 22 percent, or $39 million, to $214.4 million in its third quarter and same-store sales grew 22 percent on top of 16 percent growth in the quarter last year.
“The extra effort by our team, combined with having the right strategies and product to satisfy the demands of our customers, helped us produce a strong third quarter and overcome the obstacles associated with adverse winter weather, which lingered into the June quarter,” MarineMax CEO William McGill said in a statement.
The Florida-based company’s focused efforts resulted in market share growth as it capitalized on momentum that carried over from March into its historically busiest selling season, McGill said.
Revenue grew about 6 percent, to $460.6 million, for the nine-month period that ended June 30, compared with $434.8 million for the comparable period last year. Same-store sales increased about 5 percent on top of 13 percent growth during the comparable period last year.
During the comparable quarter last year, the company recovered a net $7 million, or 29 cents a diluted share, from the Deepwater Horizon settlement program for damages it suffered as a result of the Deepwater Horizon oil spill in 2010.
The recovery was reflected as a reduction to the company’s selling, general and administrative expenses, lowering expenses from $40 million to $33 million. Income before taxes for this year’s third quarter, which ended June 30, was $11.5 million, growing more than 100 percent, compared with $5.6 million for the comparable quarter last year, excluding the proceeds from the recovery.
Net income was $11.5 million, or 47 cents a diluted share, for the quarter, compared with $13.6 million, or 56 cents a diluted share, in the comparable quarter last year, which included the recovery. Comparative diluted earnings per share were 47 cents for the quarter this year, compared with 27 cents for the quarter a year earlier, excluding the proceeds from the recovery.
The company’s net income for the nine-month period that ended June 30 was $6.2 million, or 25 cents a diluted share, compared with $9.8 million, or 41 cents a diluted share, for the comparable period last year, which included the benefit from the Deepwater Horizon settlement.
“It is our expectation that we should be able to build on this positive momentum into the remainder of fiscal 2014,”McGill said. “Our team and extensive brand offerings, coupled with our strong balance sheet, should position us to capture additional market share as the recovery in the industry continues. We expect that the pent-up demand will continue to build as consumer confidence increases and both new and seasoned boaters enjoy quality time on the water with friends and family. We are well positioned to increase cash flows and earnings as the recovery takes hold and expands deeper into the key segments that are most meaningful to MarineMax.”
Read about MarineMax’s quarterly call with investors and analysts in Friday’s Trade Only Today.