MarineMax, Inc. announced results Tuesday for its second quarter ended March 31, 2016.
Revenue grew 16 percent to $199.6 million for the quarter ended March 31, 2016 from $172.1 million for the comparable quarter last year. Same-store sales grew more than 16 percent, which is on top of 27 percent growth in the same period a year ago. The company’s pretax earnings were $4.0 million compared with $390,000 for the same period a year ago, an increase of more than 10 times. The company reported net income of $2.4 million, or $0.10 per diluted share for the quarter ended March 31, 2016 compared to net income of $390,000, or $0.02 per diluted share for the comparable quarter last year. In the same period last year, the company was not required to provide an income tax provision.
Revenue increased 12 percent to $369.1 million for the six months ended March 31, 2016 compared with $330.3 million for the comparable period last year. Same-store sales grew more than 12 percent on top of 35 percent growth for the comparable period last year. The company’s pretax earnings were $5.4 million compared with $604,000 for the same period a year ago. Net income for the six months ended March 31, 2016 was $3.3 million or $0.13 per diluted share, compared to net income of $604,000, or $0.02 per diluted share for the comparable period last year. In the same period last year, the company was not required to provide an income tax provision.
“We are excited by our results in the quarter and through the first half of the year. Our performance continues to be driven by new products from our premium manufacturing partners as well as great execution by our team on our customer centric strategies,” said Chairman, President and CEO William H. McGill, Jr. “Our same-store sales growth this quarter provides additional evidence that the pace of the boating recovery is continuing to build, especially for MarineMax.
“With our product line expansions over the past few years, combined with new models from our partners, we expect to continue our ongoing market share gains and improved earnings performance. We are certainly encouraged by our backlog of orders, the right inventory mix, a broader geographic reach with our recent Northeast coastal acquisition of Russo Marine, and the fact that we are entering the busiest selling season of the year. Our team is fully engaged as they execute on our strategy to maximize our customers’ enjoyment of the boating lifestyle, as we create long-term shareholder value and happy customers,” McGill added.
Based on current business conditions, retail trends and other factors, the company is raising annual guidance expectations for fully taxed earnings per diluted share to be in the range of $0.68 to $0.75 for fiscal 2016 from its previous guidance of $0.60 to $0.70. This compares to an adjusted, but fully taxed, diluted earnings per share of $0.47 in fiscal 2015. The adjustments to fiscal 2015 are the removal of certain gains and a deferred tax asset valuation allowance reversal noted in previous earnings releases. These expectations do not take into account, or give effect, for possible material acquisitions that may potentially be completed by the company during the fiscal year or other unforeseen events.
For more information, visit www.marinemax.com.