Skip to main content

MarineMax reports third-quarter financial results

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.”

Related

VOLVO-EARNINGS

Volvo Penta Reports Q4, FY22 Results

Net sales of $470 million for the quarter were a 33% increase compared to the prior year period.

Pulse-Report

DEALERS: Are You Improving the Service Experience?

Our monthly Pulse Report survey asks this and other questions about your dealership. Take the survey here.

NMRA-SCHOLARSHIP

NMRA Sets Scholarship Deadline

Students pursuing education in the marine trades can apply for the National Marine Representatives Association awards until April 1.

MARINE-PRODUCTS

Marine Products Reports Record Q4

The builder of Chaparral and Robalo boats reported net sales were up 42% for the quarter and 28% for fiscal year 2022.

1_SHURHOLD

Shurhold Appoints COO

Forrest Ferrari has years of management, business development, IT and quality-assurance experience.

MOBILE-CATCH-CENTER

RBFF, Pure Fishing Partner for a First Catch Center

Pure Fishing will equip a mobile trailer with tackle and gear to bring fishing experiences to areas of South Carolina where participation is low.

Norm

An Oft-Overlooked Sales Opportunity

A recent report from the Recreational Boating & Fishing Foundation showed that women comprise 37% of all anglers. If you haven’t tapped this segment, you’re missing out.

1. 2023 new boat retail outlook

Too Many High-Priced Boats

To wrap up 2022, marine retailers reported lower demand, expressed more negative sentiment and voiced concerns about rising inventory. Boat prices and the economy remained top of mind for dealers in December.

Soundings Nov 2022

New-Boat Registrations Continue to Slide

As the gaudy sales figures from the pandemic continue to return to more realistic numbers, the main segments of the recreational boating industry saw new-model registrations of 4,421 in November, a 30.3% drop from 6,340 during the same time in 2021. .