MarineMax reports 2018 Q3 financial results

MarineMax, Inc. has announced results for its third quarter ended June 30, 2018.

Revenue increased approximately 10 percent to $361.3 million for the quarter ended June 30, 2018, compared with $329.8 million for the June quarter last year, with same-store sales growing 8 percent.

Net income for the quarter increased about 22 percent year-over-year to $17.4 million, while earnings per diluted share grew approximately 32 percent to $0.75, compared to $0.57 for the comparable quarter last year.

Revenue grew over 8 percent to $868.8 million for the nine months ended June 30, 2018, compared with $801.7 million for the same period last year.

Same-store sales increased approximately 6 percent on top of similar growth for the comparable period last year. Net income for the nine months ended June 30, 2018, rose over 41 percent to $27.8 million, or $1.21 per diluted share, compared with $19.6 million, or $0.78 per diluted share for the comparable period last year.

“We drove strong growth in the quarter, with solid contributions across almost all our segments and brand offerings,” said William H. McGill, Jr., MarineMax Chairman and CEO. “Despite some larger boat choppiness as suggested by industry data, we believe we continue to take market share through our proven strategies and leading brands. While our top line sales were healthy, margins did come under some pressure, largely due to the anticipated Brunswick sale of Sea Ray.”

McGill also said that in addition to non-recurring unusual costs, MarineMax incurred significant healthcare cost increases in the quarter.

“The great news is that generally, industry fundamentals are sound, and with Brunswick retaining the Sea Ray brand, the margin pressure should subside as we move ahead.” McGill said. “As expected, our inventory and outstanding borrowings declined year-over-year while same- store sales continue to grow, increasing inventory turns and cash  flow. The mix of our inventory is well positioned in terms of model line-up and model age. Our balance sheet remains very strong, which supports our ability to take advantage of opportunities as they arise. As we head into the rest of the summer season, our team is focused, our backlog is up, and we plan to build upon the already strong year to date earnings and cash flow as we close out  fiscal 2018.”