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MarineMax reports 1Q results

MarineMax said today that it turned a profit in its fiscal first quarter, a period that usually results in an operating loss, and grew revenue by more than 44 percent, to $158.1 million.

Revenue for the quarter that ended Dec. 31 rose from $109.6 million in the same period last year.

Same-store sales grew more than 45 percent, on top of a 9 percent increase in the same period last year, the company said.

Seasonally, the December quarter traditionally provides the lowest revenue of the year and typically yields a loss for marine dealers, including MarineMax.

The company reported a first-quarter profit of $214,000, or 1 cent a diluted share, “significantly improved” from a loss of $3.4 million, or 14 cents a share, in the comparable quarter last year.

“We are encouraged by the progress we have made in driving sales year over year and thrilled by the enthusiasm our customers are expressing for new products that are coming from our manufacturing partners,” CEO William McGill said in a statement.

“The December quarter results are historically our smallest of the year,” he said. “The strength in new and specifically larger, albeit lower-margin boats during the quarter, drove very strong same-store-sales growth, yielding a significant increase in revenue and a profitable quarter. Absent the mix impact, margins remain healthy as the industry takes another step forward in the recovery.”

The company is positioned to continue to benefit from “the rising tide of the industry,” McGill said.

“Clearly the growth we produced is evidence of a broadening recovery, although we believe our growth has outpaced that of the overall industry,” he said. “Our inventories, while building, are at appropriate levels as we prepare to enter the busiest quarters of the year.”

“Having started the early portion of the boat show season, we are seeing solid increases in traffic and remain confident that the long-term nature of the recovery continues to emerge,” McGill said. “That said, we are very early into our fiscal year and still have much to accomplish in order to build on this past quarter’s results. Our highly motivated team provides a strong competitive advantage as they lead our effort to bring the boating dream to all of the MarineMax families.”

Read more about MarineMax’s earnings report in Friday’s Trade Only Today.

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