For the six-months ended March 31, 2019, revenue increased approximately 8%
MarineMax is reporting fiscal 2019 second-quarter earnings of US$303.6 million, up over 12% from the previous year. Same store sales were also up 12%, following 8% growth last year.
For the six-months ended March 31, 2019, revenue increased approximately 8% to US$545.5 million compared with US$507.5 million for the same period last year. Same-store sales grew approximately 7% in the first half of fiscal 2019 on top of 4% last year.
Net income for the six-month reporting period was US$10.2 million, or 44-cents per diluted share, compared with net income of US$10.4 million, or 46-cents per diluted share, for the comparable period last year.
According to MarineMax, net income in the first half of 2018 benefitted from certain tax credits that represented approximately US$0.4 million, or 2-cents per diluted share and that this year’s Q2 results were “impacted by inclement weather in key markets that potentially delayed sales and additional expenses were incurred to drive the substantial sales growth, including growth in larger product. Furthermore, the mix of product and softer than anticipated unit sales affected profitability in the quarter.”
“Based on preliminary industry data, we believe our same store sales performance in the quarter drove continued market share gains. Our proactive decision to invest to capture additional sales impacted both our margins and profitability. As we enter our most active season, we have the right products in stock along with a large on-order backlog that provides us additional momentum moving into the June quarter, historically our largest quarter,” said W. Brett McGill, Chief Executive Officer and President, in a company statement.
MarineMax is updating its annual fiscal 2019 expectations for fully taxed earnings per diluted share to a range from $1.75 to $1.85 compared to its previous range of $1.85 to $1.95 based on business conditions, recent financial results and other factors.