MarineMax reports 4Q, year-end results

MarineMax said it saw a 17 percent same-store fourth-quarter sales increase.
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MarineMax said it saw a 17 percent same-store fourth-quarter sales increase — on top of a 10 percent increase during the quarter last year — and said it had a 22 percent increase for the full fiscal year.

Excluding a tax benefit in the September 2015 quarter and gains in the September 2014 quarter, pretax earnings increased more than 50 percent to $5.4 million, or 22 cents a diluted share, compared with $3.6 million, or 15 cents a diluted share, for the comparable period last year, the company said.

Excluding the tax benefit and the gains in the fiscal year that ended Sept. 30, and gains in the fiscal year that ended in September 2014, the company said pretax earnings increased more than 98 percent, to $19.3 million, or 77 cents a diluted share, compared with $9.7 million, or 40 cents a share, for the comparable period last year.

Revenue for the 2015 quarter increased more than 15 percent, to $189.3 million, from $164.1 million in the comparable quarter last year. MarineMax said its profit for the quarter was $32.8 million, or $1.32 a diluted share, compared with $5.1 million, or 21 cents a share, for the comparable period last year.

“Our fourth-quarter and full-year performance marked another milestone in the company’s ongoing progress as we continue to outperform the industry in this slow but steady economic recovery,” MarineMax CEO William McGill said in a statement.

Revenue for the year increased more than 20 percent to $751.4 million. The company said its net profit for the year was $48.3 million, or $1.92 a diluted share, compared with $11.3 million, or 46 cents a share, in the previous year.

“The marine industry continues to make progress, as evidenced by generally increasing unit sales,” McGill said. “We are pleased to be able to end the year on a strong note of quarterly same-store sales growth exceeding 17 percent in a year where we produced very strong same-store-sales growth of 22 percent. Our results have been enhanced by new products from our industry-leading partners and additional brands and segments we have acquired over the past few years.”

Based on current business conditions, retail trends and other factors, MarineMax said it expects fully taxed earnings per diluted share to be in the range of 60 to 70 cents in fiscal 2016. This compares with an adjusted but fully taxed diluted earnings per share of 47 cents for the year that concluded at the end of September.

“We are energized by the increasing demand that is occurring, evidenced by our backlog of sales and the continued positive reaction to the new models at the start of the fall boat show season,” McGill said.

“We expect to build on our ability to outperform the industry and gain market share. With appropriate inventory levels, a balance sheet that is the strongest it has been in the past 10 years and a high-performing team and culture, we are positioned to create additional value in the coming years as we focus on building upon our strong results."

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