~Record March Quarter Revenue Grows 17% to Over $610 Million~ ~Same-Store Sales Growth of 7% on Top of 45% a Year Ago~ ~Gross Margin Expands to 34%~ ~Record Second Quarter Earnings Per Share of $2.37~ ~Raises Fiscal Year 2022 Guidance~

MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced record results for its second quarter ended March 31, 2022.

Revenue increased 17% to a record $610.1 million for the quarter ended March 31, 2022 from $523.1 million in the comparable period last year. The revenue growth was due to contributions from solid same-store sales growth of 7% on top of a 45% increase in the comparable quarter last year and recent strategic acquisitions. The improvement was driven by strong overall demand for boating despite the lean inventories. The Company’s significant geographic and product diversification, in combination with accretive acquisitions, and growth in gross profit, drove more than a 37% increase in net income to $53.5 million and a 40% increase in earnings per diluted share to $2.37. This compares to earnings per diluted share of $1.69 in the comparable period last year.

For the six months ended March 31, 2022, revenue grew 16% to $1.083 billion compared with $934.6 million for the same period last year. Same-store sales increased approximately 8% in the first half of fiscal year 2022 on top of 33% growth during the same period last year. Net income increased 43% to $89.5 million and earnings per diluted share increased 45% to $3.96 for the six months ended March 31, 2022. This compares to net income of $62.5 million, or $2.73 per diluted share, in the same period last year.

W. Brett McGill, Chief Executive Officer and President, stated, “We once again delivered record sales, earnings growth and cash flow in the quarter, driven by strong same-store sales growth up against a very tough comparison of 45% a year ago. Our market share is expanding as we introduce new customers to MarineMax and the boating lifestyle. Our exceptional customer service, affirmed by our record Net Promotor customer satisfaction levels, has resulted in many of our existing customers upgrading to larger and newer boats. I am extremely proud of our team’s execution as we extend our long record of producing meaningful same-store sales growth, even on top of significant compares, while executing on our balanced growth strategy.”

Mr. McGill continued, “As we enter our most active season, our demand and backlog provides us with continued confidence for the balance of fiscal 2022 and beyond. We anticipated two years ago that boating would be one of the beneficiaries of a changed world. This quarter is evidence of the sustainability of that trend and MarineMax’s ability to leverage our scale, global presence, product diversification, technology advancements, strong balance sheet and cycle tested team. Our record March quarter margins reflects the success of our ongoing focus of growing our higher margin and recurring revenue. The combination of robust operating leverage, significant cash flow and strong consumer demand will support sustainable internal and acquisition growth as we continue to enhance long-term shareholder value.”

Updated 2022 Guidance Based on current business conditions, retail trends and other factors, the Company is raising its fiscal year 2022 guidance for earnings per diluted share to a range of $7.90 to $8.30, which is increased from its previously provided guidance of $7.60 to $8.00 per diluted share. This compares to earnings per diluted share of $6.78 in fiscal 2021. These expectations do not consider, or give effect for, material acquisitions that may be completed by the Company during fiscal 2022 or other unforeseen events, including changes in global economic conditions.

About MarineMax MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 79 retail dealership locations, which includes 31 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, the Company also is the largest superyacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. Intrepid Powerboats, a MarineMax company, manufactures powerboats and sells through a direct-to-consumer model. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE: HZO). For more information, please visit www.marinemax.com.

Forward Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company’s anticipated financial results for the second quarter ended March 31, 2022; the Company's confidence for the balance of fiscal 2022 and beyond; the sustainability of the trend that boating would be one of the beneficiaries of a changed world; the Company's ability to leverage its scale, global presence, product diversification, digital platform, strong balance sheet and cycle tested team; the Company's expectation that the combination of robust operating leverage, significant cash flow and strong consumer demand will support sustainable growth; the Company's enhancement of long-term shareholder value; and the Company's fiscal 2022 guidance. These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance of the recently-acquired businesses, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within the Company's industry, the level of consumer spending, potential supply chain constraints and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2021 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

MarineMax, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended March 31,

 

Six Months Ended March 31,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Revenue

$

610,106

 

$

523,095

 

$

1,082,797

 

$

934,618

Cost of sales

 

404,791

 

 

366,289

 

 

710,283

 

 

654,411

Gross profit

 

205,315

 

 

156,806

 

 

372,514

 

 

280,207

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

133,532

 

 

103,936

 

 

253,529

 

 

195,354

Income from operations

 

71,783

 

 

52,870

 

 

118,985

 

 

84,853

 

 

 

 

 

 

 

 

Interest expense

 

654

 

 

1,092

 

 

1,291

 

 

2,360

Income before income tax provision

 

71,129

 

 

51,778

 

 

117,694

 

 

82,493

 

 

 

 

 

 

 

 

Income tax provision

 

17,622

 

 

12,843

 

 

28,244

 

 

19,958

Net income

$

53,507

 

$

38,935

 

$

89,450

 

$

62,535

 

 

 

 

 

 

 

 

Basic net income per common share

$

2.45

 

$

1.76

 

$

4.09

 

$

2.83

 

 

 

 

 

 

 

 

Diluted net income per common share

$

2.37

 

$

1.69

 

$

3.96

 

$

2.73

 

 

 

 

 

 

 

 

Weighted average number of common shares used in computing net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

21,861,438

 

 

22,143,043

 

 

21,880,558

 

 

22,083,827

Diluted

 

22,530,102

 

 

22,986,061

 

 

22,597,105

 

 

22,864,950

MarineMax, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

 

 

March 31,

2022

 

March 31,

2021

ASSETS

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

219,400

 

$

142,888

Accounts receivable, net

 

62,276

 

 

54,489

Inventories, net

 

329,731

 

 

302,979

Prepaid expenses and other current assets

 

17,596

 

 

14,698

Total current assets

 

629,003

 

 

515,054

 

 

 

 

Property and equipment, net

 

220,569

 

 

151,254

Operating lease right-of-use assets, net

 

100,818

 

 

106,348

Goodwill and other intangible assets, net

 

246,265

 

 

142,152

Other long-term assets

 

9,069

 

 

10,318

Total assets

$

1,205,724

 

$

925,126

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

37,856

 

$

23,280

Contract liabilities (customer deposits)

 

164,068

 

 

83,357

Accrued expenses

 

95,750

 

 

84,536

Short-term borrowings

 

58,858

 

 

35,762

Current maturities on long-term debt

 

3,587

 

 

2,802

Current operating lease liabilities

 

9,774

 

 

10,439

Total current liabilities

 

369,893

 

 

240,176

 

 

 

 

Long-term debt, net of current maturities

 

45,747

 

 

49,440

Noncurrent operating lease liabilities

 

93,885

 

 

98,276

Deferred tax liabilities, net

 

14,646

 

 

6,501

Other long-term liabilities

 

7,293

 

 

7,429

Total liabilities

 

531,464

 

 

401,822

 

 

 

 

SHAREHOLDERS' EQUITY:

 

 

 

Preferred stock

 

 

 

Common stock

 

29

 

 

28

Additional paid-in capital

 

295,589

 

 

285,532

Accumulated other comprehensive income

 

147

 

 

1,105

Retained earnings

 

522,128

 

 

340,234

Treasury stock

 

(143,633)

 

 

(103,595)

Total shareholders’ equity

 

674,260

 

 

523,304

Total liabilities and shareholders’ equity

$

1,205,724

 

$

925,126

MarineMax, Inc. and Subsidiaries

Segment Financial Information

(Amounts in thousands)

(Unaudited)

 

 

Three Months Ended March 31,

 

Six Months Ended March 31,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

Retail Operations

$

577,624

 

$

523,095

 

$

1,032,242

 

$

934,618

Product Manufacturing

 

46,758

 

 

 

 

81,002

 

 

Elimination of intersegment revenue

 

(14,276)

 

 

 

 

(30,447)

 

 

Revenue

$

610,106

 

$

523,095

 

$

1,082,797

 

$

934,618

 

 

 

 

 

 

 

 

Income from operations:

 

 

 

 

 

 

 

Retail Operations

$

68,346

 

$

52,870

 

$

113,469

 

$

84,853

Product Manufacturing

 

4,387

 

 

 

 

7,830

 

 

Elimination of intersegment income

 

(950)

 

 

 

 

(2,314)

 

 

Income from operations

$

71,783

 

$

52,870

 

$

118,985

 

$

84,853

 

Michael H. McLamb Chief Financial Officer Abbey Heimensen Public Relations MarineMax, Inc. 727.531.1700

Brad Cohen or Dawn Francfort ICR, LLC. investorrelations@marinemax.com

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