MarineMax revenues up for quarter, year
Despite early-year challenges from a late spring and Hurricane Sandy, MarineMax reported solid growth for 2013 in its earnings call Tuesday.
Revenue at the nation’s largest boat dealer was up more than 11 percent to $584.5 million for its 2013 fiscal year, which ended September 30. Revenue increased 9 percent for the quarter.
The second half of the year was stronger for MarineMax due to a number of factors, most notably infrastructure and store damage from Sandy last fall and the long winter that affected many northern locations, said CFO Mike McLamb.
“This second-half trend provides us with increased confidence as we head into fiscal 2014,” McLamb said.
Same-store sales were up 7 percent from 2012. It was the eighth consecutive quarter of year-over-year same-store sales growth, said Bill McGill, MarineMax chairman, president and CEO.
The company saw growth across all segments, but especially across larger products. MarineMax’s new one-price pricing policy, rolled out earlier this year, has also improved margins and been greeted with enthusiasm by buyers, McGill said.
Net income for FY2013 was $15 million, although $11.7 million of that was recovery from the Deepwater Horizon Settlement Program from the 2010 BP oil spill. The remaining $3.3 million still beat 2012’s $1.1 million net income.
October results are ahead of last year, McLamb said, and the company is optimistic coming out of last week’s Fort Lauderdale International Boat Show.
“Crowd sizes and sales were encouraging,” McGill said. “The industry recovery is holding and gaining momentum.”
New products that were particularly popular for MarineMax included the Sea Ray 350 SLX and the new Scarab jet boats, McGill said.