For the second consecutive quarter and fiscal year, MarineMax reported the best numbers in company history.
For its fourth quarter, MarineMax reported a 16 percent increase in revenue to $462.3 million, up from $399 million a year prior. Net income was $32.8 million — $1.45 per diluted share — compared with $25.6 million, or $1.13 per diluted share, in the fourth quarter of 2020.
The company said growth was primarily driven by acquisitions. In May, MarineMax acquired Cruisers Yachts for $63 million. It also added Nisswa Marine and Intrepid Yachts.
MarineMax reported a 7 percent decline in same-store sales for the fourth quarter, which it attributed to lack of inventory.
For its fiscal year ending Sept. 30, MarineMax reported a 37 percent increase in revenue to $2.06 billion, up from $1.51 billion the prior year. Net income was $155 million ($6.78 per diluted share) compared with $74.6 million ($3.37 per diluted share) for fiscal year 2020. Same-store sales saw a 13 percent increase.
“The MarineMax team’s commitment and extraordinary efforts generated record revenue of more than $2 billion, our highest gross margin since inception and a near doubling of earnings per share,” president and CEO Brett McGill in a said in a statement.
McGill said the company is well-capitalized and will continue to make investments in technology, as well as higher-margin businesses by acquisitions.
“This financial flexibility allows us to continue to pursue strategic accretive acquisitions, which will further diversify our business and support sustainable future earnings and cash flow growth,” McGill said. “We have increased confidence that the market will begin to recognize the significant value that we have created and that we expect to build upon in the future.”
