MarineMax reports third-quarter financial results

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MarineMax acquired Fraser Yachts from Azimut Benetti Group in July.

MarineMax acquired Fraser Yachts from Azimut Benetti Group in July.

Revenue at MarineMax increased more than 6 percent to $383.5 million in the third quarter, and same-store sales grew 3 percent on top of 8 percent growth for the comparable period last year.

Excluding the non-recurring unusual costs in the comparable period last year, net income for the quarter grew 4.5 percent to $19.1 million, compared to $18.3 million last year, while earnings per diluted share grew approximately 6.3 percent to $0.84, compared to $0.79 for the comparable quarter last year.

“Producing same-store sales growth of 3 percent driven by even greater unit growth, MarineMax outperformed during a challenging quarter for the industry,” said MarineMax CEO Brett McGill in a statement. “Our team worked to overcome uncertainty in the quarter, which is evident in recent industry data, and delivered growth through incremental investments in marketing.”

Based on current business conditions, retail trends, the company’s most recent results and other factors, the company is updating its annual fiscal 2019 expectations for fully taxed earnings per diluted share to range from $1.60 to $1.70, compared to its previous range of $1.75 to $1.85.

Revenue grew approximately 7 percent to $929 million for the nine months that ended June 30, compared with $868.8 million for the same period last year.

Same-store sales were up approximately 5 percent, on top of 6 percent growth for the comparable period last year. Net income for the time period rose approximately 5.5 percent to $29.3 million, or $1.26 per diluted share, compared with $27.8 million, or $1.21 per diluted share for the comparable period last year.

“We are proud to have stayed disciplined and delivered a combination of market share and margin gains in our traditionally largest quarter,” said McGill. “With one of the strongest balance sheets in the industry, we remain well-positioned to capitalize on additional opportunities to enhance our growth. This was evidenced by our recent accretive acquisition of Fraser Yachts, the premier superyacht brokerage and largest luxury yacht services company in the world. We are extremely excited about adding the Fraser team and believe the global expansion will bring incremental opportunities to create additional value.”