CLEARWATER, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat and yacht retailer, today announced record results for its fourth quarter and full year ended September 30, 2020.
Revenue grew over 29% to $398.8 million for the quarter ended September 30, 2020, from $308.1 million for the comparable quarter last year. The increase was driven by strong same-store sales growth of 33%. Included in the quarters ended September 30, 2020 and September 30, 2019, were net charges of $1.5 million or $0.06 per diluted share and $1.6 million, or $0.07 per diluted share, respectively. The charges primarily related to costs associated with the Company’s store optimization plan which resulted in the closure of one store in the current quarter and eight in the comparable quarter last year.
Net income for the quarter ended September 30, 2020, more than tripled to $25.6 million, or $1.13 per diluted share, compared to net income of $6.7 million, or $0.31 per diluted share in the comparable quarter last year. Excluding the charges in both periods, net income for the quarter ended September 30, 2020, grew to $27.1 million, with earnings per diluted share more than tripling to $1.19, as compared to $8.3 million or $0.38 per diluted share in the same period last year.
For the fiscal year ended September 30, 2020, revenue increased 22% to $1.51 billion compared with $1.24 billion for the same period last year. The growth was driven by strong same-store sales growth of 25%. Included in the years ended September 30, 2020 and September 30, 2019, were net charges of $1.3 million, or $0.05 per diluted share and $1.4 million, or $0.06 per diluted share, respectively. The charges primarily related to costs associated with the Company’s store optimization plan.
Net income for the fiscal year ended September 30, 2020, more than doubled to $74.6 million, or $3.37 per diluted share, compared to net income of $36.0 million, or $1.57 per diluted share in the prior year. Excluding the charges in both periods, net income for the year ended September 30, 2020, grew to $75.9 million, with earnings per diluted share more than doubling to $3.42, as compared to $37.3 million or $1.63 per diluted share in the same period last year.
W. Brett McGill, Chief Executive Officer and President stated, “The MarineMax Team generated a record $1.5 billion of revenue and more than doubled our earnings per share while overcoming these extremely uncertain times. We believe this demonstrates the strength and flexibility of our business model. I could not be prouder of the entire Team for their focus, hard work and passion for MarineMax. We also believe that the industry experienced a foundational shift in 2020, and specifically for MarineMax, it resulted in a greatly expanded customer base that is embracing and enjoying the boating lifestyle. We continue to add new customers at a seasonally accelerated pace. This foundational layer should provide sustainable growth for years to come, as many existing and new customers will upgrade to larger boats and need additional services.”
Mr. McGill continued, “Our deep manufacturer relationships and brand strategy provide us with a competitive advantage by supporting our ability to move inventory between stores to help satisfy the growing demand. Looking ahead, our business outlook remains promising as more people are realizing that boating is a safe way for families to spend time together enjoying the boating lifestyle. Our balance sheet is very well capitalized, allowing us to continue to pursue strategic accretive acquisitions, to strengthen and enhance our digital strategy, to expand with marinas and to further grow our higher margin businesses. We are happy that many people have rediscovered the benefits of the boating lifestyle, which gives us increased confidence for the future.”
At September 30, 2020, the Company’s liquidity exceeded $237 million, consisting of cash and cash equivalents along with availability under its credit facility.
Fiscal 2021 Guidance
Based on current business conditions, retail trends and other factors, the Company currently expects earnings per diluted share to be in the range of $3.70 to $3.90 for fiscal 2021. This includes earnings contributed by SkipperBud’s, which the Company acquired on October 1, 2020. This compares to a non-GAAP adjusted, but fully taxed, diluted earnings per share of $3.42 in fiscal 2020.
About MarineMax
Headquartered in Clearwater, Florida, MarineMax is the nation’s largest recreational boat and yacht retailer. Focused on premium brands such as Sea Ray, Boston Whaler, Hatteras, Azimut Yachts, Benetti, Ocean Alexander, Galeon, Grady-White, Harris, Bennington, Crest, MasterCraft, MJM Yachts, NauticStar, Scout, Sailfish, Tige, Yamaha Jet Boats, Aquila, Aviara, and Nautique. MarineMax sells new and used recreational boats and related marine products and services, as well as provides yacht brokerage and charter services. MarineMax currently has 77 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington and Wisconsin. MarineMax also owns Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies with operations in multiple countries. The Company also owns and operates MarineMax Vacations in Tortola, British Virgin Islands. MarineMax is a New York Stock Exchange-listed company. For more information, please visit www.marinemax.com.
