MarineMax revenue up 7 percent for year

The nation’s largest boat retailer continues to report improving results as MarineMax released its 4th quarter and 2014 fiscal year results Tuesday.

The company saw a 7 percent increase in revenue for the fiscal year, climbing from $584.5 million to $624.7 million. Same-store sales were up 6 percent. Revenue and same-store sales were up 10 percent for the quarter.

“The primary driver of growth was new boat sales,” said CEO Bill McGill. “Our pricing strategy led to sales growth … and market share gains.”

New products from the company’s major suppliers, especially Sea Ray, were important to growing sales. Sea Ray’s “reinvigorated” product line for 2015 should continue to help grow sales, McGill said.

“Any product that is fairly new and priced right is selling well with good margins,” he said.

That includes sterndrive product, where MarineMax also saw significant growth this year. The new Mercury sterndrive engine, introduced this year, is helping that category.

“The biggest problem with sterndrives is no new and innovative products. Now we’re getting it,” McGill said.

While most markets were healthy for MarineMax, Florida and New Jersey were particularly strong for the company, said CFO Mike McLamb.

Florida, which represents about 50 percent of MarineMax’s business, continues to rebound from the recession, and New Jersey locations are recovering well from Sandy and capitalizing on demand there.

Although sales were affected by poor weather in the northern part of the country earlier this year, McGill said there should be some pent-up demand there that could help sales for 2015.

“There are a lot of deferred deals that will get pushed to next year if we don’t get clobbered by the weather,” he said.

View the full earnings release at the MarineMax website.