MarineMax reports record Q1 earnings

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MarineMax, the US-based dealer that represents Azimut, Benetti, Galeon and Aquila among other brands, has announced record results for its first financial quarter ending December 31, 2021. Revenue for the quarter increased 15 per cent to a record US$472.7 million from US$411.5 million in the comparable period (October-December) in 2020.

MarineMax, which also owns Fraser and Northrop & Johnson, said the revenue growth was due to contributions from recent strategic acquisitions and strong same-store sales growth of nine per cent, driven by increased unit sales. The same-store sales growth was on top of over 20 per cent growth compared to the same period in 2020.

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Net income increased 52 per cent to US$35.9 million and earnings per diluted share grew 53 per cent to US$1.59 from US$1.04 a year earlier, due to the company’s significant geographic and product diversification, plus accretive acquisitions.

Brett McGill, CEO and President of MarineMax, said: “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. Additionally, the 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.”

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A New York Stock Exchange-listed company, MarineMax has over 100 locations worldwide including 79 retail dealership locations that encompass 31 marinas or storage operations. As well as representing multiple yacht brands, MarineMax owns boat builders Cruisers Yachts and Intrepid Powerboats, provides finance and insurance services through wholly owned subsidiaries, and operates MarineMax Vacations in the British Virgin Islands as well as the Boatyard digital platform.