New Yorkers got a glimpse of major trends in the marine industry on Tuesday on the floor of the New York Stock Exchange.
MarineMax chief revenue officer Chuck Cashman, after ringing the opening bell at the NYSE, and NMMA president Thom Dammrich were live on the NYSE’s Facebook page discussing the state of the industry and promoting the Progressive New York Boat Show, which opens today and runs through Sunday.
Cashman listed two reasons that he was there to ring the bell.
“One is, we’re on the eve of the oldest boat show in the country, 110 years in the making,” Cashman said. “The other is, we announced our earnings today. We had a very strong first quarter; same-store sales were up about 20 percent. Business is good.”
This morning the Dow Jones Industrial Average topped the 20,000 mark for the first time.
Dammrich identified four major trends that are leading to strong industry growth.
“Big-boat sales are really coming back,” Dammrich said.
In addition, manufacturers are coming out with “value-priced boats to attract younger, new boaters,” the National Marine Manufacturers Association president said.
Innovative, “smart boats” are also driving the industry, Dammrich said, listing joystick docking and the ability to shape wakes with a wristwatch type of device among some of them.
“And the sharing economy is coming to boating,” he said.
“The big-boat business has been very, very good,” Cashman said, reiterating a conference call the company had with investors on Tuesday. During the call, MarineMax CEO William McGill and CFO Mike McLamb stressed that the company was taking market share, especially in the larger-boat market.
“I think there’s a relief with the election — not that anything’s changed dramatically, but the mood has changed a bit,” Cashman said. “The big-boat market is brusque, and there’s no sign of slowing down.”
Dammrich encouraged viewers to attend the New York Boat Show, adding that many dealers get 50 percent of their annual sales from shows.