MarineMax increases revenue, net income in Q3
Though the weather nationally in Q3 wasn’t ideal for MarineMax dealers, the company still increased its revenue and net income in the quarter ending June 30.
Revenue was up 16 percent to $175.8 million. Net income was $13.6 million, or $0.56 per diluted share, compared to $4.6 million, or $0.20 per diluted share in Q3 2012. MarineMax also recovered $7.0 million, or $0.29 per diluted share from the Deepwater Horizon Settlement Program. Same store sales were up 16 percent.
William H. McGill, Jr., chairman, president and CEO, said in a statement, “Our team produced solid revenue growth in the quarter despite the challenge of generally poor weather that impacted industry trends. This growth was driven by our team’s focus and commitment to providing our customers with the right products and experiences along with strength in key geographic markets, such as Florida and parts of the Northeast. During the quarter, our efforts resulted in product gross margin expansion, which was attributable to the ongoing industry recovery, continued improved inventory aging, and our team’s passion and focus on our brands and strategies. In our efforts to stimulate additional sales because of challenging weather, we invested in enhanced promotional activities, which combined with rising insurance costs, resulted in higher ongoing expenses.”