MarineMax, Inc. today announced results for its fourth quarter and fiscal year ended Sept. 30, 2018.
For the quarter, revenue increased more than 23 percent to $309 million from $251 million for the comparable quarter last year. Same-store sales for the quarter grew 22 percent, on top of 5 percent growth for the comparable period last year.
Included in the quarter ended Sept. 30, 2018, was $1.4 million of adjustments before taxes, elated to contingent consideration obligation estimates associated with acquisitions made by the Company in prior years, which reduced expenses. Included in the quarter ended September 30, 2017, was $2.9 million of unusual expenses associated with Hurricane Irma.
Net income for the quarter ended Sept. 30, 2018, was $11.5 million, compared to net income of $3.9 million, in the comparable period last year.
For the fiscal year ended Sept 30, 2018, the company’s revenue grew 12 percent to approximately $1.2 billion compared to $1.1 billion in FY 2017. Same-store sales for the year improved 10 percent on top of 5 percent growth for the prior fiscal year.
Net income for the fiscal year was $39.3 million, compared to net income of $23.5 million, in the prior year. Excluding the unusual items in both periods, adjusted net income rose 58 percent to $39.1 million.
“The MarineMax team delivered a very strong fourth quarter, with same-store sales growth of 22 percent, capping an already strong fiscal 2018,” said Chief Executive Officer and President W. Brett McGill. “The effectiveness of our customer centric approach, combined with the great benefits of the boating lifestyle, and our team’s passion, drove our strong performance."
Considering that the mix of sales in the quarter was skewed toward larger yachts, the company delivered consolidated gross margins that were above expectations, McGill said.
MarineMax’s strong 2018 results reduced inventory levels as the company planned and added meaningful strength to its already formidable balance sheet, McGill added.
“We are well positioned to take advantage of opportunities as they arise,” he said. “Looking ahead, we will work to build on the achievements of this past fiscal year. Our focus will remain on growing our higher margin businesses, as we take advantage of new innovative products we are receiving to drive sales, margin and earnings growth while we build additional shareholder value.”
Based on current business conditions, retail trends and other factors, the company currently expects fully taxed earnings per diluted share to be in the range of $1.85 to $1.95 for fiscal 2019. This compares to a non-GAAP adjusted, but fully taxed, diluted earnings per share of $1.70 in fiscal 2018.
The adjustments to fiscal 2018 include the adjustments for the gain associated with contingent consideration as well as the non-recurring unusual costs. These expectations do not take into account, or give effect for, material acquisitions that may be completed by the Company during fiscal 2019 or other unforeseen events.
MarineMax, Inc. will hold a webcast to review its fourth quarter of FY 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.