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Marinemax Reports record fiscal 2021 third quarter results

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MarineMax 2021
Marinemax 2021

Clearwater, Fla.-(Business Wire)- MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced results for its third quarter ended June 30, 2021.

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Revenue grew 34%, or over $168 million, to $666.3 million for the quarter ended June 30, 2021 from $498.3 million in the comparable period last year. Same-store sales grew 6% on top of a 37% increase in the comparable quarter last year. The overall revenue growth was driven by meaningful contributions from its recent strategic acquisitions as well as the ongoing robust demand for boating. The Company’s significant geographic and product diversification and the effective utilization of its digital platform have contributed to the sustained growth. These factors resulted in net income and earnings per diluted share rising over 70% and 64% to $59.6 million and $2.59, respectively. This compares to net income of $34.9 million and earnings per diluted share of $1.58 in the comparable period last year.

For the nine months ended June 30, 2021, revenue was up over 44% to $1.6 billion compared with $1.1 billion for the same period last year. Same-store sales increased approximately 21%, on top of 22% growth for the same period last year. Net income for the nine months ended June 30, 2021, rose over 149% to $122.2 million, or $5.33 per diluted share, compared with $49.1 million, or $2.23 per diluted share for the comparable period last year.

W. Brett McGill, Chief Executive Officer and President, stated, “We once again delivered record sales and earnings growth in the quarter, as demand for the boating lifestyle remained strong and our team continued to execute on our strategy of driving our higher margin businesses, resulting in our strongest quarterly operating margin to date. We are proud of our ongoing market share gains as we benefit from our diversified portfolio, premium brands, exceptional customer service, investments in technology, global market presence and our enthusiastic customer base that wants to enjoy active boating experiences with family and friends.”

Mr. McGill continued, “Our deep manufacturer relationships, industry leading inventory management and valuable real estate locations position us well to continue to gain share, as evidenced by our ability to continue to generate strong same-store-sales in a lean inventory environment. With one of the strongest balance sheets in the industry, we remain well capitalized to continue to make strategic accretive acquisitions to further enhance our geographic presence, to add to our marina, storage and service offerings and to further grow our higher margin businesses. Recently, we were pleased to add Cruiser Yachts and Nisswa Marine to our portfolio, illustrating our focus on accretive, higher margin businesses with strong operating teams. Based on orders and inventory, our pricing model and our team’s commitment to executing on our strategic initiatives, we will capture additional growth in the years ahead, as the world’s preferred boating and yacht retailer.”

At June 30, 2021, the Company’s financial capacity, consisting of cash and cash equivalents, along with available borrowings under its credit facilities, exceeded $329 million.

Updated 2021 Guidance

Based on current business conditions, retail trends and other factors, the Company is raising its fiscal year 2021 guidance for earnings per diluted share to the range of $6.40 to $6.55 from $5.50 to $5.65, which was previously increased from original guidance of $4.00 to $4.20 per diluted share. This compares to a non-GAAP adjusted, but fully taxed, earnings per diluted share of $3.42 in fiscal 2020. (Please see the Company’s fiscal 2020 earnings release dated October 28, 2020 for a reconciliation of this non-GAAP figure to the applicable GAAP figure) These expectations do not consider, or give effect for, material acquisitions that may be completed by the Company during fiscal 2021 or other unforeseen events, including changes in global economic conditions.

Reportable Segments

Effective May 2021, the Company’s reportable segments changed as a result of our acquisition of Cruisers Yachts, a manufacturer of yachts. Whereas we previously had only one segment, we now report our operations through two new reportable segments: Retail Operations and Product Manufacturing. The elimination of intersegment revenue and income is due to sales of Cruisers Yachts through our select retail dealership locations. The financial performance of our reportable segments will now be disclosed quarterly beginning with this quarter ended June 30, 2021.

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