MarineMax Reports Record Fiscal Third Quarter Results
- Record June Quarter Revenue Grows to Over $688 Million
- Gross Margins Continue to Expand
- Record Third Quarter Earnings Per Share of $3.17
- Raises Fiscal Year 2022 Guidance
CLEARWATER, FL - July 28, 2022 (Investorideas.com Newswire) MarineMax, Inc. (NYSE: HZO), the world's largest recreational boat and yacht retailer, today announced results for its third quarter ended June 30, 2022.
Revenue increased 3% to a record $688.5 million for the quarter ended June 30, 2022, from $666.3 million in the comparable period last year. Revenue growth benefitted from contributions of recent strategic acquisitions, as same-store sales declined 5% versus an increase of 6% a year ago and a 43% increase over the prior two-comparable periods. New unit sales grew year-over-year notwithstanding low inventory and supply chain challenges. The change in same store sales was primarily related to the on-going industry shortage of inventory, specifically larger product. The Company's significant geographic and product diversification, in combination with accretive acquisitions, resulted in net income growing to $70.2 million and a 22% increase in earnings per diluted share to $3.17. This compares to earnings per diluted share of $2.59 in the comparable period last year.
For the nine-months ended June 30, 2022, revenue grew 11% to $1.77 billion compared with $1.60 billion for the same period last year. Same-store sales increased approximately 3%, on top of 21% growth for the same period last year. Net income for the nine months ended June 30, 2022, rose to $159.6 million, with earnings per diluted share rising over 33% to $7.11, compared with $122.2 million, or $5.33 per diluted share for the comparable period last year.
W. Brett McGill, Chief Executive Officer and President, stated, "I am extremely proud of our team for continuing to execute, as we extend our long record of accelerating profitability and operating leverage expansion. 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. As the world's preferred boating and yacht retailer, we remain well capitalized to continue to enhance shareholder value through our wide-ranging geographic presence, broad product diversification, digital platform, strong balance sheet and a cycle tested management team."
Investor Relations Website | https://investor.marinemax.com/overview/default.aspx
MarineMax is the world's largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 79 retail dealership locations, which includes 31 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, the Company also is the largest super-yacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufacturers boats and yachts with sales through our select retail dealership locations and through independent dealers. Intrepid Powerboats, a MarineMax company, manufacturers powerboats and sells through a direct-to-consumer model. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE: HZO). For more information, please visit www.marinemax.com.
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