~Record June Quarter Revenue Grows to Over
$688 Million~ ~Gross Margins Continue to Expand~ ~Record Third
Quarter Earnings Per Share of $3.17~ ~Raises Fiscal Year 2022
Guidance~
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational
boat and yacht retailer, today announced results for its third
quarter ended June 30, 2022.
Revenue increased 3% to a record $688.5 million for the quarter
ended June 30, 2022, from $666.3 million in the comparable period
last year. Revenue growth benefitted from contributions of recent
strategic acquisitions, as same-store sales declined 5% versus an
increase of 6% a year ago and a 43% increase over the prior
two-comparable periods. New unit sales grew year-over-year
notwithstanding low inventory and supply chain challenges. The
change in same store sales was primarily related to the on-going
industry shortage of inventory, specifically larger product. The
Company’s significant geographic and product diversification, in
combination with accretive acquisitions, resulted in net income
growing to $70.2 million and a 22% increase in earnings per diluted
share to $3.17. This compares to earnings per diluted share of
$2.59 in the comparable period last year.
For the nine-months ended June 30, 2022, revenue grew 11% to
$1.77 billion compared with $1.60 billion for the same period last
year. Same-store sales increased approximately 3%, on top of 21%
growth for the same period last year. Net income for the nine
months ended June 30, 2022, rose to $159.6 million, with earnings
per diluted share rising over 33% to $7.11, compared with $122.2
million, or $5.33 per diluted share for the comparable period last
year.
W. Brett McGill, Chief Executive Officer and President, stated,
“I am extremely proud of our team for continuing to execute, as we
extend our long record of accelerating profitability and operating
leverage expansion. We are building on our previously communicated
strategic vision that we began deploying in 2019, to transform
MarineMax into a more diversified business model that would create
greater resilience across ever changing economic cycles. This
strategy produced another quarter of record gross margins and
profits, driving sustained profitability by focusing on higher
margin businesses.”
Mr. McGill continued, “Business accelerated as we moved through
the quarter, supported by unit growth year-over-year as we
effectively worked to overcome ongoing supply chain challenges and
the weather-related delay to the start of the Midwest boating
season. In fact, excluding our Midwest markets, we saw over 8% new
unit growth on a same-store basis in the quarter. We continue to
gain market share, as the industry did not experience that same
level of growth. As the world’s preferred boating and yacht
retailer, we remain well capitalized to continue to enhance
shareholder value through our wide-ranging geographic presence,
broad product diversification, digital platform, strong balance
sheet and a cycle tested management team.”
Updated 2022 Guidance Based on current business
conditions, retail trends and other factors, as well as
contributions from acquisitions closed in 2022, the Company is
raising its fiscal year 2022 guidance for earnings per diluted
share to a range of $8.05 to $8.45, which is increased from its
previously provided guidance of $7.90 to $8.30 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 33 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 June 30, 2022; our
ability to make strategic long-term accretive acquisitions; our
enhancement of 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 obtain and manage 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 June
30,
Nine Months Ended June
30,
2022
2021
2022
2021
Revenue
$
688,537
$
666,328
$
1,771,334
$
1,600,947
Cost of sales
452,064
461,654
1,162,347
1,116,066
Gross profit
236,473
204,674
608,987
484,881
Selling, general, and administrative
expenses
141,173
123,766
394,702
319,120
Income from operations
95,300
80,908
214,285
165,761
Interest expense
1,008
639
2,299
2,999
Income before income tax provision
94,292
80,269
211,986
162,762
Income tax provision
24,113
20,651
52,357
40,609
Net income
$
70,179
$
59,618
$
159,629
$
122,153
Basic net income per common share
$
3.26
$
2.69
$
7.34
$
5.53
Diluted net income per common share
$
3.17
$
2.59
$
7.11
$
5.33
Weighted average number of common shares
used in computing net income per common share:
Basic
21,524,315
22,132,915
21,761,811
22,100,190
Diluted
22,173,273
23,037,679
22,455,828
22,922,526
MarineMax, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(Amounts in thousands)
(Unaudited)
June 30,
2022
June 30,
2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
281,351
$
200,121
Accounts receivable, net
61,863
60,195
Inventories, net
374,217
209,418
Prepaid expenses and other current
assets
18,566
18,316
Total current assets
735,997
488,050
Property and equipment, net
226,647
166,058
Operating lease right-of-use assets,
net
100,127
104,641
Goodwill and other intangible assets,
net
248,194
186,691
Other long-term assets
9,104
10,650
Total assets
$
1,320,069
$
956,090
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
56,533
$
28,741
Contract liabilities (customer
deposits)
138,375
86,704
Accrued expenses
97,088
89,696
Short-term borrowings
107,222
2,861
Current maturities on long-term debt
3,028
3,293
Current operating lease liabilities
10,323
10,275
Total current liabilities
412,569
221,570
Long-term debt, net of current
maturities
45,834
48,374
Noncurrent operating lease liabilities
92,774
96,830
Deferred tax liabilities, net
17,805
8,419
Other long-term liabilities
8,347
8,126
Total liabilities
577,329
383,319
STOCKHOLDERS' EQUITY:
Preferred stock
--
--
Common stock
29
28
Additional paid-in capital
300,411
288,923
Accumulated other comprehensive income
(loss)
(1,351
)
1,264
Retained earnings
592,307
399,852
Treasury stock
(148,656
)
(117,296
)
Total stockholders’ equity
742,740
572,771
Total liabilities and stockholders’
equity
$
1,320,069
$
956,090
MarineMax, Inc. and
Subsidiaries
Segment Financial
Information
(Amounts in thousands)
(Unaudited)
Three Months Ended June
30,
Nine Months Ended June
30,
2022
2021
2022
2021
Revenue:
Retail Operations
$
657,930
$
656,826
$
1,690,172
$
1,591,445
Product Manufacturing
48,802
20,417
129,804
20,417
Elimination of intersegment revenue
(18,195
)
(10,915
)
(48,642
)
(10,915
)
Revenue
$
688,537
$
666,328
$
1,771,334
$
1,600,947
Income from operations:
Retail Operations
$
90,655
$
79,988
$
204,124
$
164,841
Product Manufacturing
5,903
3,521
13,733
3,521
Elimination of intersegment income
(1,258
)
(2,601
)
(3,572
)
(2,601
)
Income from operations
$
95,300
$
80,908
$
214,285
$
165,761
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220728005088/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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