~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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220428005160/en/
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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