MarineMax 2Q 2018 revenue increase tops 10 percent

MarineMax, Inc. today announced results for its second quarter ended March 31, 2018. Revenue grew over 10 percent to $270.6 million for the quarter ended March 31, 2018, from $245.0 million for the comparable quarter last year. Same-store sales increased 8 percent on top of 13 percent in the comparable period last year.

Income before taxes increased over 84 percent  to $7.8 million for the quarter ended March 31, 2018 from $4.2 million for the same quarter last year.

Net income rose 125 percent to $6.2 million, compared to net income of $2.7 million,  for the comparable quarter last year.

Revenue increased approximately 8 percent  to $507.5 million for the six months ended March 31, 2018 compared with $471.9 million for the comparable period last year. Same-store sales grew approximately 4 percent on top of 20 percent growth for the comparable period last year.

“A combination of strong unit growth and constant focus on our higher margin businesses enabled our team to drive meaningful year-over-year gross margin and earnings per share improvement,” said William H. McGill, Jr., MarineMax chairman and chief executive officer.

As the industry continues to recover, the environment for capturing additional product margins remains encouraging, McGill said.

“Our 8 percent same-store sales growth was driven by increased traffic at boat shows, online and in our stores, as demand was aided by strong consumer confidence. Our team executed well by controlling costs in the quarter, which allowed for strong flow-through, despite an unusual increase in health insurance claims in the quarter.”

New, innovative models from MarineMax’s manufacturing partners are continuing to be well received and are helping to drive demand from existing boaters as well as those new to boating, as evidenced by the company’s growing backlog, McGill said.

“MarineMax remains well positioned to build on its industry leading share position as we enter the height of the boating season,” McGill added.

The company will hold a webcast to review its second quarter Fiscal 2018 results today at 10 a.m. Eastern Time.

To access the webcast, visit the investor relations section of the company’s web site: http://www.marinemax.com.

The on-line replay will be available for a limited time beginning within one hour of the conclusion of the call.