MarineMax Q2 results up; “partially impacted” by coronavirus

MarineMax St Petersburg

The largest national retailer of boats and yachts in the US is reporting slightly improved fiscal second quarter results while bracing for the full impact of the coronavirus pandemic. Nonetheles, MarineMax said it has seen strong online interest and even an uptick in sales for April.

MarineMax reports that the quarter ended 31 March 2020 saw a 2% increase in revenue to US$308.5m compared to the same period last year. Same store sales increased a modest 1% compared to 2019, while net income was US$5.1m or $0.23 per diluted share, equaling the diluted share income figure from last year.

For the six months ended 31 March 2020, revenue increased over 12% to US$612.6m compared to the same period last year. Same-store sales were up near 12% in the first half of the fiscal year, pre-tax income rose 39% to US$19m for the six months ended 31 March 2020 compared to the same period last year. Net income for the period grew 38% to US$14.1m, with earnings per diluted share rising 46% to $0.64 per diluted share.

CEO and president Brett McGill provided further commentary on the company’s results during a call with investors, discussing current trends in the market and notable differents in the current crisis compared to past industry downturns…

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