MarineMax reports 3Q results

MarineMax revenue grew in the third quarter by 8 percent to $231.8 million.
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MarineMax revenue grew in the third quarter by 8 percent to $231.8 million, compared with $214.4 million in the comparable quarter last year, accelerating market share gains during the busy summer selling season, the company said.

Same-store sales for the quarter that ended June 30 increased about 10 percent, which is on top of 22 percent growth in the comparable quarter last year.

“The new models from all of our manufacturing partners are being very well received, and based on their demand the consumer is eager for something different and new,” MarineMax president and CEO William McGill said in a statement. “Our sales growth has resulted in continued gains in market share, which we believe has accelerated as we move through the busy summer selling season.”

The company reported a profit for the quarter of $14.9 million, or 59 cents a diluted share (including a $1.6 million, or 6-cent-a-diluted share gain from the sale of real estate), an increase from $11.5 million, or 47 cents a share, in the comparable quarter last year.

Revenue grew about 22 percent to $562.1 million for the nine months that ended June 30, compared with $460.6 million for the comparable period last year.

Same-store sales increased about 23 percent on top of 5 percent growth in the comparable period last year. The company’s profit for the nine-month period improved to $15.5 million, or 61 cents a diluted share, which includes the real estate sale gain of $1.6 million, or 6 cents a diluted share, compared with net income of $6.2 million, or 25 cents a diluted share, for the comparable period last year.

“We continue to make steady progress as our team leverages the strategies we have put in place to meet the needs of our growing customer base,” McGill said. “We produced solid growth in revenue and earnings per share, along with our third consecutive quarter of sequential improvement in gross margins despite the mix of products in the June quarter being heavily influenced by the sale of used boats, which carry lower margins.”

“With our well capitalized balance sheet, highly desirable brands and an ongoing return of the consumer to boating, MarineMax remains well positioned to build on earnings and cash flow as we look ahead to the coming years of helping our customers maximize their enjoyment and time on the water,” he said.

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