MarineMax reports record financial results for Q3

MarineMax Pompano Yacht Centre

Recreational boat and yacht retailer MarineMax has announced record results for its third quarter, with a jump in both earnings and revenue.

Revenue increased 3 per cent to a record US$688.5 million for the quarter ended June 30, 2022, from US$666.3 million in the same period last year. This growth has been attributed to recent strategic acquisitions, as same-store sales declined 5 per cent versus an increase of 6 per cent a year ago.

MarineMax reports new unit sales grew year-over-year, despite the challenges presented by low inventory and the supply chain crisis. The change in same-store sales was primarily related to the ongoing industry shortage of inventory, specifically larger products. The company’s significant geographic and product diversification, in combination with accretive acquisitions, resulted in net income growing to US$70.2 million and a 22 per cent increase in earnings per diluted share to US$3.17. This compares to earnings per diluted share of US$2.59 in the comparable period last year.

For the nine months ended June 30, 2022, revenue grew 11 per cent to US$1.77 billion compared with US$1.60 billion for the same period last year. Same-store sales increased approximately 3 per cent, on top of 21 per cent growth for the same period last year. Net income for the nine months ended June 30, 2022, rose to US$159.6 million, with earnings per diluted share rising over 33 per cent to US$7.11, compared with US$122.2 million, or US$5.33 per diluted share for the comparable period last year.

“I am extremely proud of our team for continuing to execute, as we extend our long record of accelerating profitability and operating leverage expansion,” says W. Brett McGill, MarineMax CEO. “We are building on our previously communicated strategic vision that we began deploying in 2019, to transform MarineMax into a more diversified business model that would create greater resilience across ever-changing economic cycles. This strategy produced another quarter of record gross margins and profits, driving sustained profitability by focusing on higher margin businesses.”

Mr. McGill continued, “Business accelerated as we moved through the quarter, supported by unit growth year-over-year as we effectively worked to overcome ongoing supply chain challenges and the weather-related delay to the start of the Midwest boating season. In fact, excluding our Midwest markets, we saw over 8% new unit growth on a same-store basis in the quarter. We continue to gain market share, as the industry did not experience that same level of growth.”

MarineMax also announced record results for its second quarter in April, increasing its revenue by 17 per cent.

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