West Marine raises earnings, eliminates debt in Q3
WATSONVILLE, Calif. — West Marine’s earnings per share for the third quarter increased 137 percent to $0.38, compared to $0.16 for the same period last year, according to a report from the company.
In addition, at the end of the quarter, it had zero debt and a cash balance of $22.3 million, compared to long-term debt of $29.3 million and a cash balance of $6.0 million at the end of the third quarter last year.
Earnings per share year-to-date were $1.13, compared to a loss of $0.45 for the same period last year. Income before taxes was $9.0 million, a $5.3 million increase compared to the same period last year.
Also, approximately $91.9 million was available for borrowings under the company’s credit facility at quarter-end.
For more on the company’s quarterly results, click here.
- Can’t get enough boating news? Subscribe to our blog’s RSS feed, follow us on Twitter or look for “Boating Industry” on Facebook and LinkedIn.
- For more of the latest news, click here.
