~Record December
Quarter Revenue Grows 35% to over $411 Million~
~Same-Store Sales Growth Exceeds 20% Driven
By 35% Comparable New Unit Growth~
~Gross Margin Expands to a Record 30% in the
Quarter~
~Record December Quarter Net Income
Increases to $23.6 Million~
~Diluted EPS More Than Doubles to
$1.04~
~Raises Fiscal Year 2021 Guidance~
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational
boat and yacht retailer, today announced results for its first
quarter ended December 31, 2020.
Revenue increased 35%, or over $107 million, to $411.5 million
for the quarter ended December 31, 2020 from $304.2 million in the
comparable period last year. Same-store sales grew over 20% in the
quarter, driven by even greater growth in comparable new units sold
of over 35%. The 20% same-store sales growth was on top of 24%
growth in the comparable quarter last year, as demand for boating
remains strong relative to prior years. Given the Company’s
significant geographic and product diversification growth over the
past several years, along with increased demand, net income and
earnings per diluted share more than doubled to $23.6 million and
$1.04, respectively. This compares to net income of $9.1 million
and earnings per diluted share of $0.41 in the comparable period
last year.
W. Brett McGill, Chief Executive Officer and President, stated,
“We delivered record sales and earnings growth in the quarter on
top of very strong performance a year ago as we continue to
outperform by effectively executing on our balanced growth
strategy. We grew market share as we drove 20% same-store-sales
growth that was fueled by greater overall unit growth. Our entire
team contributed to these impressive results, supported by our
global market presence, premium brands, exceptional customer
service and ongoing investments in technology. The meaningful
margin expansion in the quarter was bolstered by growth in product
margins, storage and service, Fraser Yachts and Northrop &
Johnson, our global super yacht services businesses and our finance
and insurance businesses. Our focus on driving margins and
improving our cost structure continues to produce significant
leverage in our operating model.”
Mr. McGill continued, “Our ongoing accretive acquisitions are
all successfully integrated and contributing to our performance. We
will continue to pursue complementary opportunities with a
disciplined approach to expand our business as we remain committed
to creating long-term value for our shareholders. Furthermore, we
are realizing meaningful benefit from the foundational shift of new
customers embracing and enjoying the boating lifestyle. This shift
positions us to build on our growth for years to come, as many
existing and new customers should upgrade to larger boats and take
advantage of our multitude of product and service offerings. With
the largest selling season ahead, we expect to build on the strong
start to our fiscal year.”
At December 31, 2020, the Company’s financial capacity,
consisting of cash and cash equivalents, along with available
borrowings under its credit facilities, exceeded $254 million.
2021 Guidance
Based on current business conditions, retail trends and other
factors, the Company is raising its fiscal year 2021 guidance for
earnings per diluted share to be in the range of $4.00 to $4.20,
which is increased from its previously provided guidance of $3.70
to $3.90 per diluted share. This compares to a non-GAAP adjusted,
but fully taxed, earnings per diluted share of $3.42 in fiscal
2020. (Please see the Company’s fiscal 2020 earnings release dated
October 28, 2020 for a reconciliation of this non-GAAP figure to
the applicable GAAP figure) These expectations do not consider, or
give effect for, material acquisitions that may be completed by the
Company during fiscal 2021 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 77 retail dealership locations, including 30
marinas or storage operations. Through Fraser Yachts and Northrop
and Johnson, it is also the largest super-yacht services provider,
operating 27 locations across the globe. 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 fourth quarter and the fiscal year ended
December 31, 2020; the Company's pursuit of complementary
acquisitions and its approach in doing so; the foundational shift
of new customers embracing and enjoying the boating lifestyle; the
Company's positioning to build on its growth for years to come;
existing and new customers of the Company upgrading to larger boats
and taking advantage of the Company's product and services
offerings; the Company's expectation to build on the strong start
to its fiscal year; and the Company's fiscal 2021 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, and numerous other
factors identified in the Company’s Form 10-K for the fiscal year
ended September 30, 2020 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 December
31,
2020
2019
Revenue
$
411,524
$304,172
Cost of sales
288,123
224,154
Gross profit
123,401
80,018
Selling, general, and administrative
expenses
91,417
64,386
Income from operations
31,984
15,632
Interest expense
1,268
3,344
Income before income tax provision
30,716
12,288
Income tax provision
7,116
3,229
Net income
$
23,600
$9,059
Basic net income per common share
$
1.07
$0.42
Diluted net income per common share
$
1.04
$0.41
Weighted average number of common shares
used in computing net income per common share:
Basic
22,025,898
21,453,914
Diluted
22,745,125
21,890,065
MarineMax, Inc. and
Subsidiaries Condensed Consolidated Balance Sheets (Amounts in
thousands) (Unaudited)
December 31, 2020
December 31, 2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
120,939
$
35,985
Accounts receivable, net
44,001
36,118
Inventories, net
378,863
493,943
Prepaid expenses and other current
assets
14,583
11,009
Total current assets
558,386
577,055
Property and equipment, net
149,657
144,756
Operating lease right-of-use assets,
net
105,633
41,335
Goodwill and other intangible assets,
net
143,114
64,479
Other long-term assets
8,098
7,781
Total assets
$
964,888
$
835,406
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
22,379
$
18,159
Contract liabilities (customer
deposits)
55,389
20,198
Accrued expenses
67,457
35,436
Short-term borrowings
163,394
334,085
Current maturities on long-term debt
2,704
--
Current operating lease liabilities
9,861
6,898
Total current liabilities
321,184
414,776
Long-term debt, net of current
maturities
50,124
--
Noncurrent operating lease liabilities
98,220
36,325
Deferred tax liabilities, net
5,911
2,413
Other long-term liabilities
6,867
1,145
Total liabilities
482,306
454,659
STOCKHOLDERS' EQUITY:
Preferred stock
--
--
Common stock
28
28
Additional paid-in capital
283,101
271,622
Accumulated other comprehensive income
(loss)
1,749
(63
)
Retained earnings
301,299
212,124
Treasury stock
(103,595
)
(102,964
)
Total stockholders’ equity
482,582
380,747
Total liabilities and stockholders’
equity
$
964,888
$
835,406
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210128005164/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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