Please select your home edition
Edition
Cyclops Marine 2023 November - LEADERBOARD

MarineMax reports record Fiscal third quarter results

by MarineMax 29 Jul 2022 16:43 PDT
MarineMax © MarineMax

MarineMax, Inc. (NYSE: HZO), the world's largest recreational boat and yacht retailer, today announced results for its third quarter ended June 30, 2022.

Revenue increased 3% to a record $688.5 million for the quarter ended June 30, 2022, from $666.3 million in the comparable period last year. Revenue growth benefitted from contributions of recent strategic acquisitions, as same-store sales declined 5% versus an increase of 6% a year ago and a 43% increase over the prior two-comparable periods. New unit sales grew year-over-year notwithstanding low inventory and supply chain challenges. The change in same store sales was primarily related to the on-going industry shortage of inventory, specifically larger product. The Company's significant geographic and product diversification, in combination with accretive acquisitions, resulted in net income growing to $70.2 million and a 22% increase in earnings per diluted share to $3.17. This compares to earnings per diluted share of $2.59 in the comparable period last year.

For the nine-months ended June 30, 2022, revenue grew 11% to $1.77 billion compared with $1.60 billion for the same period last year. Same-store sales increased approximately 3%, on top of 21% growth for the same period last year. Net income for the nine months ended June 30, 2022, rose to $159.6 million, with earnings per diluted share rising over 33% to $7.11, compared with $122.2 million, or $5.33 per diluted share for the comparable period last year.

W. Brett McGill, Chief Executive Officer and President, stated, "I am extremely proud of our team for continuing to execute, as we extend our long record of accelerating profitability and operating leverage expansion. We are building on our previously communicated strategic vision that we began deploying in 2019, to transform MarineMax into a more diversified business model that would create greater resilience across ever changing economic cycles. This strategy produced another quarter of record gross margins and profits, driving sustained profitability by focusing on higher margin businesses."

Mr. McGill continued, "Business accelerated as we moved through the quarter, supported by unit growth year-over-year as we effectively worked to overcome ongoing supply chain challenges and the weather-related delay to the start of the Midwest boating season. In fact, excluding our Midwest markets, we saw over 8% new unit growth on a same-store basis in the quarter. We continue to gain market share, as the industry did not experience that same level of growth. As the world's preferred boating and yacht retailer, we remain well capitalized to continue to enhance shareholder value through our wide-ranging geographic presence, broad product diversification, digital platform, strong balance sheet and a cycle tested management team."

For more information, please visit www.marinemax.com.

Related Articles

MarineMax expands operations at Treasure Island
Enhancing service and support for Bay County MarineMax Panama City Beach is excited to announce the strengthening of its long-term partnership with Treasure Island Marina. This cherished family-owned business has served Bay County for nearly 50 years. Posted on 11 Jan
MarineMax reports fiscal 2024 Q3 results
Gross margin of 32.0% highlights successful strategy of expansion into higher-margin businesses MarineMax, Inc. (NYSE: HZO) ("MarineMax" or the "Company"), the world's largest recreational boat, yacht and superyacht services company, today announced results for its fiscal 2024 third quarter ended June 30, 2024. Posted on 26 Jul 2024
MarineMax announces VP of Brand Marketings
Patrick Coote brings valuable expertise for new superyachts division MarineMax is proud to announce the appointment of Patrick Coote as Vice President of Brand Marketing for its prestigious Superyacht Division. Posted on 24 Jul 2024
Dawn Hunt recognized by boating industry
MarineMax Director of Human Resources has played a pivotal role in shaping the work environment Dawn Hunt, MarineMax Director of Human Resources, was recently named to Boating Industry's 2024 Women Making Waves in their June issue. Posted on 24 Jun 2024
MarineMax launches Superyacht Division (SYD)
An important change within the MarineMax Group of companies MarineMax (HZO) is delighted to announce an important change within the MarineMax Group of companies. Posted on 7 Jun 2024
MarineMax Cocoa welcomes new General Manager
Doug Cline, a proud Brevard County native, brings a wealth of experience Doug, a proud Brevard County native, brings a wealth of experience from his career with automotive and power sports manufacturers across the southern U.S. Posted on 17 May 2024
MarineMax dedicates 7th habitat for humanity home
Partnering with Habitat for Humanity of Pinellas and West Pasco for the seventh straight year MarineMax is dedicated to making a difference on and off the water. For the seventh straight year, MarineMax has partnered with Habitat for Humanity of Pinellas and West Pasco to sponsor a home for a deserving family. Posted on 11 May 2024
MarineMax expands in the Lone Star State
MarineMax is thrilled to announce its expansion to Rowlett, Texas MarineMax is thrilled to announce its expansion to Rowlett, Texas, with the grand opening of its newest location, MarineMax Lake Ray Hubbard. This exciting addition will be situated at Sapphire Bay Marina. Posted on 23 Apr 2024
MarineMax earns Great Place to Work Certification™
Prestigious award based entirely on what current employees say about their experience MarineMax is proud to be Certified™ by Great Place To Work®. The prestigious award is based entirely on what current employees say about their experience working at MarineMax. Posted on 19 Apr 2024
Ocean Alexander 2023 Annual Sales Awards
MarineMax Yacht Brokers announced as winners Ocean Alexander, a leader in luxury yacht manufacturing, is proud to announce the recipients of its highly anticipated 2023 Sales Awards. Posted on 11 Apr 2024
Cyclops Marine 2023 November - FOOTERNorth Sails Loft 57 PodcastJ Composites J/45