MarineMax posts record Q4 results

Recreational boat and yacht retailer MarineMax has announced record results for its fourth quarter and full fiscal year ending 30 September 2022.

Revenue grew over 16 per cent to a record US$536.8 million for Q4 2022, from US$462.3 million for the comparable quarter last year.

Same-store sales grew over 11 per cent. In a statement released on Thursday (27 October 2022), MarineMax says this growth was despite the difficulties presented by Hurricane Ian, which impacted the company’s largest market, Florida.

The firm says revenue growth overall was driven by continued strong demand for boating and its selective acquisitions.

“As with any natural disaster such as Hurricane Ian, MarineMax is committed to supporting the impacted families and communities,” says W. Brett McGill, chief executive officer and president of MarineMax.

“Our team’s training, past experiences, and proactive efforts were instrumental in not only preparing our operations for the storm but also providing on-the-ground assistance in the impacted areas.”

Net income for the quarter that ended 30 September 2022, was US$38.4 million, or US$1.73 per diluted share, compared to US$32.8 million, or US$1.45 per diluted share in the comparable prior year period. Included in the quarter that ended 30 September 2022, is US$4.8 million of expenses, or US$0.17 per diluted share, net of tax, associated with Hurricane Ian related expenses.

Excluding Hurricane Ian related expenses, net income rose 28 per cent to US$42 million or US$1.90 per diluted share for Q4 2022.

For the 2022 fiscal year, revenue increased 12 per cent to US$2.31 billion compared with US$2.06 billion for the previous fiscal year. MarineMax says the revenue increase was driven primarily by successful strategic acquisitions completed during 2022 and by strong same-store sales growth of 5 per cent, which was on top of a 13 per cent increase last year.

Net income for fiscal year 2022 was US$198 million, or US$8.84 per diluted share, compared to net income of US$155 million, or US$6.78 per diluted share in the prior year.

Excluding expenses related to Hurricane Ian, net income rose 30 per cent to US$201.6 million or US$9 per diluted share.

In July, MarineMax also announced record results for its third quarter, with a jump in both earnings and revenue.