MarineMax, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2016; Revises Earnings Guidance for the Full Year of 2017
January 24, 2017 at 11:30 am
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MarineMax, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2016. For the quarter, revenue was $226,875,000 against $169,537,000 a year ago. Income from operations was $6,043,000 against $2,663,000 a year ago. Income before income tax provision was $4,474,000 against $1,436,000 a year ago. Net income was $2,643,000 against $688,000 a year ago. Diluted net income per common share was $0.11 against $0.03 a year ago.
The company is raising earnings per share guidance for fiscal 2017. It now expects to deliver same-store sales growth for the full fiscal year of approximately 10% to 11% with the potential to exceed that. This is up from the 10 plus or minus range it provided in prior earnings call. It now also expects fully taxed diluted earnings per share, including the impact from the Hall Marine acquisition, to range from $1.14 to $1.24 from previous guidance of $1.04 to $1.14. This compares to a non-GAAP adjusted but fully taxed diluted earnings per share of $0.87 in fiscal 2016 and $0.47 in fiscal 2015.
MarineMax, Inc. is a recreational boat, yacht, and superyacht services company. The Company offers new and used recreational boats and related marine products, including engines, trailers, parts, and accessories. It operates through two segments: Retail Operations and Product Manufacturing. The Retail Operations segment includes the sale of new and used recreational boats, including pleasure and fishing boats, with a focus on premium brands in each segment. The Product Manufacturing segment includes the activity of Cruisers Yachts and Intrepid Powerboats. The Company also assists in arranging related boat financing, insurance, and extended service contracts; provide boat maintenance and repair services; offer slip and storage accommodations; provide boat and yacht brokerage sales; and conduct a yacht charter business. The Company operates over 130 locations worldwide, including 82 dealerships and 66 marina and storage facilities. In addition, it operates MarineMax Vacations in Tortola.
MarineMax, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2016; Revises Earnings Guidance for the Full Year of 2017