MarineMax announced record results for its fiscal first quarter ending Dec. 31, 2021.
The company reported that revenue increased 15 percent to a record $472.7 million, up from $411.5 million for the previous-year period.
MarineMax attributed the growth to its strategic acquisitions and strong same-store sales growth of 9 percent, driven by increased unit sales. The same-store sales growth was on top of more than 20 percent growth in the comparable period last year.
Net income increased 52 percent to $35.9 million, and earnings per diluted share grew 53 percent to $1.59, up from $1.04 in the comparable period a year prior.
“We delivered record revenue, cash flow and earnings growth in the quarter. This was on top of very strong performance a year ago, as we have continued to outperform by effectively executing on our growth strategy,” CEO and president W. Brett McGill said in a statement.
“The foundational shift of consumers’ renewed desire for the boating lifestyle continues to build, as both demand and backlog remain very robust. With the peak selling season ahead, we expect to build on the strong start to our fiscal year, and we remain confident that our growth strategy will continue to enhance long term shareholder value,” he added.