MarineMax posts full year results

MarineMax, the world’s largest boat dealer, has reported record results for its fourth quarter and full year ended 30 September 2021.

The dealer has reported a 16 per cent revenue gain for its fourth quarter, ending 30 September 2021 and record fiscal 2021 revenue surpassing $2 billion.

The Florida-based company confirmed revenue grew 16 per cent to a record $462.3 million for the quarter ended 30 September 2021, from $398.8 million for the comparable quarter last year. The growth, MarineMax says, was driven primarily by successful strategic acquisitions completed during the fiscal year. Same-store sales for the quarter declined 7 per cent, due to supply-constrained inventory, but was up against 33 per cent growth in the comparable period last year.

For the fiscal year ended 30 September 2021, revenue increased 37 per cent to $2.06 billion compared with $1.51 billion for the same period last year. The revenue increase was driven primarily by successful strategic acquisitions completed during the fiscal year and by strong same-store sales growth of over 13 per cent which was on top of a 25 per cent increase in the prior fiscal year.

W. Brett McGill, chief executive officer and president says: “The MarineMax team’s commitment and extraordinary efforts generated record revenue of more than $2 billion, our highest gross margin since inception and a near doubling of earnings per share. Perhaps most notable is that these results were delivered while providing world class customer service as evidenced by record high customer satisfaction scores. We are very proud of these outstanding achievements and believe this further demonstrates the scale and flexibility of our business model that is benefiting from investments in technology, growth in our asset light and higher margin businesses, increased penetration of highly desired brands and our recent strategic acquisitions. The foundational shift of consumer’s renewed desire for the boating lifestyle, continues to build, as both demand and backlog remain very robust.”

Net income for the quarter ended 30 September 2021, was $32.8 million, or $1.45 per diluted share, compared to $25.6 million, or $1.13 per diluted share in the comparable period prior year. Included in the quarter ended 30 September 2020, were net charges of $1.5 million or $0.06 per diluted share, related primarily to costs associated with the company’s store optimisation plan. Excluding the charges in 2020, adjusted diluted earnings per share for the quarter ended 30 September 2020, was $1.19.

Net income for the fiscal year ended 30 September 2021, was $155.0 million, or $6.78 per diluted share, compared to net income of $74.6 million, or $3.37 per diluted share in the prior year. The year ended 30 September 2020, included net charges of $1.3 million or $0.05 per diluted share as outlined above. Excluding the charges in 2020, adjusted diluted earnings per share was $3.42 in the prior year.

McGill says: “Our balance sheet is extremely well capitalised, which was further strengthened by our record 2021 EBITDA of over $225 million. This financial flexibility allows us to continue to pursue strategic accretive acquisitions which will further diversify our business and support sustainable future earnings and cash flow growth.”

As of 30 September 2021, the company’s liquidity exceeded $327 million, consisting of cash and cash equivalents along with availability under its credit facilities.