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MarineMax reports record quarter with 35% growth to over $411 million

by MarineMax 29 Jan 06:58 PST
2016 Azimut Esposizione © MarineMax

MarineMax, Inc. (NYSE: HZO), the world's largest recreational boat and yacht retailer, today announced results for its first quarter ended December 31, 2020.

Revenue increased 35%, or over $107 million, to $411.5 million for the quarter ended December 31, 2020 from $304.2 million in the comparable period last year. Same-store sales grew over 20% in the quarter, driven by even greater growth in comparable new units sold of over 35%. The 20% same-store sales growth was on top of 24% growth in the comparable quarter last year, as demand for boating remains strong relative to prior years. Given the Company's significant geographic and product diversification growth over the past several years, along with increased demand, net income and earnings per diluted share more than doubled to $23.6 million and $1.04, respectively. This compares to net income of $9.1 million and earnings per diluted share of $0.41 in the comparable period last year.

W. Brett McGill, Chief Executive Officer and President, stated, "We delivered record sales and earnings growth in the quarter on top of very strong performance a year ago as we continue to outperform by effectively executing on our balanced growth strategy. We grew market share as we drove 20% same-store-sales growth that was fueled by greater overall unit growth. Our entire team contributed to these impressive results, supported by our global market presence, premium brands, exceptional customer service and ongoing investments in technology. The meaningful margin expansion in the quarter was bolstered by growth in product margins, storage and service, Fraser Yachts and Northrop & Johnson, our global super yacht services businesses and our finance and insurance businesses. Our focus on driving margins and improving our cost structure continues to produce significant leverage in our operating model."

Mr. McGill continued, "Our ongoing accretive acquisitions are all successfully integrated and contributing to our performance. We will continue to pursue complementary opportunities with a disciplined approach to expand our business as we remain committed to creating long-term value for our shareholders. Furthermore, we are realizing meaningful benefit from the foundational shift of new customers embracing and enjoying the boating lifestyle. This shift positions us to build on our growth for years to come, as many existing and new customers should upgrade to larger boats and take advantage of our multitude of product and service offerings. With the largest selling season ahead, we expect to build on the strong start to our fiscal year."

At December 31, 2020, the Company's financial capacity, consisting of cash and cash equivalents, along with available borrowings under its credit facilities, exceeded $254 million.

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