MarineMax (HZO) Tops Q3 EPS by 88c, Revenues Beat

MarineMax (NYSE: HZO) reported Q3 EPS of $1.58, $0.88 better than the analyst estimate of $0.70. Revenue for the quarter came in at $498.3 million versus the consensus estimate of $409.36 million.

W. Brett McGill, Chief Executive Officer and President stated, “Generating same-store sales growth of 37% driven by unit growth, clearly demonstrates the strength and flexibility of our business model and the MarineMax Team. Our team worked hard to overcome unprecedented uncertainty in the quarter, while generating record results, as we accomplished our goal of uniting our customers and their families on the water, safely. Our digital investments further enhanced our lead visibility and created significant efficiencies in our sales efforts, while increasing our on-line presence. Overall, we added new customers to boating and to our data base, adding a layer of future growth potential that should benefit us long-term.”

Mr. McGill continued, “With one of the strongest balance sheets in the industry, we remain well capitalized to make strategic accretive acquisitions to further enhance our geographic presence, to add to our marina strategy and to further grow our higher margin businesses. To that point, we were pleased to recently add super yacht powerhouse Northrop & Johnson. Together with Fraser Yachts, this unified combination provides us unrivaled global scale, while further diversifying MarineMax into higher margin, digitally focused businesses. Although the entire industry is lean on inventory due to the strong demand for the boating lifestyle, our deep manufacturer relationships, flexible inventory management and valuable real estate locations positions us well to continue to take share. I am proud of our ability to be nimble and disciplined, creating exceptional customer experiences while driving record results in our traditionally largest quarter.”

GUIDANCE:

As previously disclosed, the Company withdrew its prior 2020 guidance given the continued significant uncertainties related to COVID-19.

For earnings history and earnings-related data on MarineMax (HZO) click here.

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