MarineMax reports record first quarter results

MarineMax’s revenue increased 15 per cent to a record US$472.7 million for its first quarter ending 31 December 2021, up from US$411.5 million in the same period last year.

The Florida-based company is the world’s largest boat dealer. MarineMax says revenue growth was due to contributions from recent acquisitions and strong same-store sales growth of 9 per cent, driven by increased unit sales.

The 9 per cent same-store sales growth was on top of over 20 per cent growth in the same quarter last year. Net income increased 52 per cent to US$35.9 million and earnings per diluted share grew 53 per cent to US$1.59. This compares to earnings per diluted share of US$1.04 in the comparable period last year.

W. Brett McGill, MarineMax CEO and president, says: “We delivered record revenue, cash flow and earnings growth in the quarter. This was on top of very strong performance a year ago, as we have continued to outperform by effectively executing on our growth strategy. Our 9 per cent same-store sales growth was driven primarily by unit sales growth, which is notable given the continued industry-wide supply chain challenges. We delivered world-class customer service as we executed on our customer-centric strategy, supported by our global market presence, premium brands, deep manufacturing relationships and ongoing investments in technology. The meaningful margin expansion in the quarter was bolstered by increased product margins and growth in our higher-margin businesses that drove significant operating leverage in the quarter.”

McGill continues: “Additionally, the foundational shift of consumers’ renewed desire for the boating lifestyle continues to build, as both demand and backlog remain very robust. With the peak selling season ahead, we expect to build on the strong start to our fiscal year and we remain confident that our growth strategy will continue to enhance long term shareholder value.”