MarineMax reports record quarter

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MarineMax represents Azimut along with other global yachting brands

MarineMax, the world’s largest recreational boat and yacht retailer, announced a 35 per cent year-on-year revenue increase to US$411.5 million for the quarter ended December 31, 2020. The figure represents over US$107 million more than the US$304.2 million generated in the last quarter of 2019.

Same-store sales grew over 20 per cent in the quarter, driven by even greater growth in comparable new units sold of over 35 per cent. The 20 per cent same-store sales growth was on top of 24 per cent growth in the comparable quarter in 2019, as demand for boating remains strong relative to prior years.

Net income and earnings per diluted share more than doubled to US$23.6 million and US$1.04, respectively. This compares to net income of US$9.1 million and earnings per diluted share of US$0.41 in the fourth quarter of 2019.

W. Brett McGill, CEO and President of MarineMax, stated: “We delivered record sales and earnings growth in the quarter on top of very strong performance a year ago as we continue to outperform by effectively executing on our balanced growth strategy. We are realising meaningful benefit from the foundational shift of new customers embracing and enjoying the boating lifestyle.

“This shift positions us to build on our growth for years to come, as many existing and new customers should upgrade to larger boats and take advantage of our multitude of product and service offerings. With the largest selling season ahead, we expect to build on the strong start to our fiscal year.”

MarineMax sells new and used recreational boats, yachts and related marine products and services, and provides yacht brokerage and charter services. As of December 31, 2020, the company’s financial capacity, consisting of cash and cash equivalents, along with available borrowings under its credit facilities, exceeded US$254 million.