MarineMax sees 25 percent jump in share price

MarineMax Westbrook

MarineMax Westbrook

MarineMax today reported a 25 percent increase in revenue for its first quarter, growing more than $62.2 million to $304.2 million. After news of the record quarter broke, its shares experienced a 26 percent surge in early trading to $23.32 at 9:30 a.m. ET.

Same-store sales were up more than 24 percent in the quarter, according to a statement, supported almost entirely by similar growth in units sold.

For the sixth consecutive year, MarineMax recorded a profitable December quarter, as net income nearly doubled to $9.1 million, with earnings per diluted share of $0.41. Last year, net income was $4.9 million in the first quarter, with earnings per diluted share of $0.21.

The company benefitted from a “resurgence in consumer confidence and the relatively stable economic environment,” said president and CEO Brett McGill.

“As a result of these factors, combined with our customer-centric approach and optimal product mix, we drove a meaningful increase in sales and profitability,” McGill said. “Relative to our historical expectations for our December quarter, we again outperformed as we overcame margin pressure while making significant progress to better align our inventory. Additionally, we produced very meaningful unit growth in the quarter, far exceeding that of the industry.”

The company also saw positive results from its September 2019 store optimization effort, McGill said.

“Our focus on improving costs, combined with our strong sales, resulted in attractive cash-flow growth, allowing us to bolster our balance sheet,” he said. “With the largest two selling seasons ahead of us, we expect to build on the strong start to our fiscal year and leverage the excitement in the industry with a robust slate of upcoming boat shows. Furthermore, we will continue to pursue complementary opportunities to expand our business, as we remain committed to creating long-term value for our shareholders.”

Based on current business conditions, retail trends and other factors, the company is raising its fiscal year 2020 guidance for earnings per diluted share to be in the range of $1.82 to $1.92, from its previously provided guidance of $1.58 to $1.68.

This compares to a GAAP earnings per diluted share of $1.57 and a non-GAAP adjusted, but fully taxed, diluted earnings per diluted share of $1.63 in fiscal 2019.


‘A Phenomenal Success’

The Southampton International Boat Show had more than 88,000 visitors during its 10-day run, after last year’s cancellation.

TopSide Marinas Makes First Two Acquisitions

Founded in January 2020, the firm has thus far acquired Beavers Bend Marina in Oklahoma and Galveston Yacht Basin in Texas.

Two Boosts for Boating and Fishing

MBIA’s Metro Boat show show draws a crowd, and the U.S. Fish and Wildlife Service expands boating and fishing opportunities.

Norwalk Boat Show Held This Weekend

The NMMA show runs through Sunday at Norwalk Cove Marina in Norwalk, Conn.

Raritan Expands Team

Patrick McNeel joins the New Jersey-based manufacturer as a marine equipment product developer.

Industry Mourns Walter “Bing” Burns O’Meara

The longtime publisher of Lakeland Boating magazine has died at 81.

NMMA Announces Hall of Fame Inductees

Regulator Marine’s Joan Maxwell and Bill Watters of Syntec Industries will be honored at IBEX.

Brunswick Acquires SemahTronix

The supplier of wiring harnesses and other electrical assemblies will be part of Brunswick’s growing Advanced Systems Group.