MarineMax, Inc. announced results for its first quarter ended Dec. 31, 2019.
Revenue increased 26%, or over $62.2 million, to $304.2 for the quarter ended December 31, 2019 from $241.9 million in the comparable period last year. Same-store sales were up over 24%, in the quarter, supported almost entirely by similar growth in units sold. For the sixth consecutive year, the Company produced a profitable December quarter as net income nearly doubled to $9.1 million with earnings per diluted share reaching $0.41, compared to net income of $4.9 million and earnings per diluted share of $0.21 in the comparable period last year.
W. Brett McGill, MarineMax’s Chief Executive Officer and President stated, “We are excited to be delivering industry leading results driven by our team‘s focused execution that is supported by the technology investments we have made over the last few years. Furthermore, we benefitted from a resurgence in consumer confidence and the relatively stable economic environment. As a result of these factors, combined with our customer centric approach and optimal product mix, we drove a meaningful increase in sales and profitability. Relative to our historical expectations for our December quarter, we again outperformed as we overcame margin pressure while making significant progress to better align our inventory. Additionally, we produced very meaningful unit growth in the quarter, far exceeding that of the industry.”
Mr. McGill continued, “We were also pleased to see positive results from our September 2019 store optimization effort, as evidenced by the strong sales growth in the quarter and reduced costs. Finally, our focus on improving costs, combined with our strong sales, resulted in attractive cash flow growth, allowing us to bolster our balance sheet. With the largest two selling seasons ahead of us, we expect to build on the strong start to our fiscal year and leverage the excitement in the industry with a robust slate of upcoming boat shows. Furthermore, we will continue to pursue complementary opportunities to expand our business, as we remain committed to creating long term value for our shareholders.”