MarineMax posts 26 percent revenue gains for quarter
MarineMax grew revenue by more than 26 percent for the second quarter of its fiscal year, the company reported Thursday.
The company posted revenue of $172.1 million for the quarter ending March 31, up from $136.6 million last year. For the first half of its fiscal year, revenue increased 34 percent to $330 million from $246.2 million.
It was also the first time since 2006 MarineMax was profitable for the first half of its fiscal year, with net income of $604,000 versus a net loss of $5.3 million in 2014.
“The evidence of our recovery is clear,” CEO Bill McGill said during the company’s earnings call Thursday morning. “We also believe that our growth outpaced that of the industry, yielding continued market share gains.”
The growth was driven mostly by an increase in the number of units sold, with a single-digit percentage increase in unit prices, chief financial officer Mike McLamb said.
Although some of the 27 percent growth in same-store sales for the quarter can be explained by last year’s bad winter weather, the weather has been poor for MarineMax’s Midwest and Northeast stores this year, McLamb added.
“Last year was one of our largest Aprils ever,” he said. “As of today, we expect this April will exceed last year’s April.”
McGill said that he continues to be optimistic about the industry and MarineMax in particular as buyers become more confident.
“The industry is poised to experience greater demand than we have in years,” he said.
And there could be more expansion for MarineMax on the horizon from its current total of 54 stores. McGill added that discussions about potential acquisitions are continuing with several potential sellers and that the company will make deals “when it makes sense” for MarineMax and the sellers.
