News Details

~Fourth Quarter Revenue Grew Over 10% to $251 Million~

~GAAP Fourth Quarter EPS of $0.17; Adjusted Fourth Quarter EPS of $0.22~

~Fiscal 2017 Revenue Grows 12% - Approaching $1.1 Billion~

~GAAP Fiscal 2017 EPS of $0.95; Adjusted Fiscal 2017 EPS of $1.00~

~Company Provides Annual Guidance for Fiscal 2018~

CLEARWATER, Fla.--(BUSINESS WIRE)-- MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat and yacht retailer, today announced results for its fourth quarter and fiscal year ended September 30, 2017.

For the quarter ended September 30, 2017, revenue grew more than 10% to $250.6 million from $227.4 million for the comparable quarter last year. Same-store sales for the quarter increased 5%, on top of 12% growth for the comparable period last year. Net income for the quarter ended September 30, 2017, was $3.9 million, or $0.17 per diluted share, compared to $5.6 million, or $0.22 per diluted share in the comparable period last year. Included in the quarter ended September 30, 2017, is $2.9 million of unusual expenses associated with Hurricane Irma. Excluding the Irma related expenses, pretax earnings rose 38% to $8.6 million for the quarter ended September 30, 2017, from $6.3 million in the comparable period last year. Additionally, included in the quarter ended September 30, 2017, are unusual tax related items that reduced the Company’s tax provision by $401,000 net, or $0.02 per diluted share. Included in the quarter ended September 30, 2016, is a deferred tax asset valuation allowance reversal of $1.1 million net, or $0.04 per diluted share.

Excluding the unusual costs associated with Hurricane Irma and the tax related items in both periods, and applying a pro forma tax provision to both quarters, the Company’s comparable non-GAAP diluted earnings per share rose more than 22% to $0.22 per diluted share in the quarter ended September 30, 2017, from $0.18 per diluted share in the comparable period last year.

For the fiscal year ended September 30, 2017, the Company produced revenue growth of 12% to approximately $1.1 billion compared to $942.1 million in fiscal 2016. Same-store sales for the year increased over 5% on top of 22% growth for the prior two consecutive fiscal years. Net income for the fiscal year ended September 30, 2017, was $23.5 million, or $0.95 per diluted share, compared to $22.6 million, or $0.91 per diluted share in the prior year. Included in fiscal 2017, are $2.9 million of unusual expenses associated with Hurricane Irma. Excluding the Irma related expenses, pretax earnings rose 17% to $40.7 million for the year ended September 30, 2017, from $34.8 million in the prior year. Additionally, included in fiscal 2017, are unusual tax-related items that reduced the Company’s tax provision by $522,000 net, or $0.02 per diluted share. Included in fiscal 2016 is a deferred tax asset valuation allowance reversal of $1.1 million net, or $0.04 per diluted share.

Excluding the unusual costs associated with Hurricane Irma and the tax related items in both periods, and applying a pro forma tax provision to both periods, the Company’s comparable non-GAAP diluted earnings per share rose 15% to $1.00 per diluted share in the fiscal year ended September 30, 2017, from $0.87 per diluted share last year.

William H. McGill, Jr., Chairman and Chief Executive Officer, stated, “The MarineMax Team delivered a strong close to the fiscal year as we did our best to overcome the challenges brought on by Hurricanes Irma and Harvey. Our results in the fourth quarter, considering the impact to the State of Florida, our largest market, is a testament to our customers’ desire for the boating lifestyle, our team’s passion for MarineMax and the strategies that have led to our industry leading results. In the fourth quarter and fiscal year, we were able to grow sales and expand gross margins, driven by improving product margins and meaningful contributions from our higher margin businesses.”

Mr. McGill continued, “While current trends in the industry remain positive, choppiness has continued in the large boat segment. We are working closely with our manufacturing partners to ensure inventory is aligned with retail trends. Fortunately, each of our manufacturers has done a good job launching new models in the last few years, leaving our inventory about as fresh as it has ever been. We have also added initiatives to better align expenses with the current environment. Having said this, we remain enthusiastic about the long-term strength of the industry and the business given the ongoing activity with our customers. As we look ahead, we remain committed to improving our earnings as the MarineMax team continues to execute on our customer centric approach in order to build upon our industry leading market share gains and efforts to build additional shareholder value.”

During the quarter, the Company repurchased approximately 2.4 million shares of its common stock. As of September 30, 2017, the Company had approximately 387,000 shares remaining under its August 2, 2017 share repurchase plan.

2018 Guidance

Based on current business conditions, retail trends and other factors, the Company currently expects fully taxed earnings per diluted share to be in the range of $1.10 to $1.20 for fiscal 2018. This compares to a non-GAAP adjusted, but fully taxed, diluted earnings per share of $1.00 in fiscal 2017 and $0.87 in fiscal 2016. The adjustments to fiscal 2017 are the removal of Hurricane Irma expenses and tax related items. The adjustments to fiscal 2016 are the removal of the deferred tax asset valuation allowance reversal noted above and a pro forma income tax provision being provided. These expectations do not take into account, or give effect for, material acquisitions that may be completed by the Company during the fiscal year or other unforeseen events.

About MarineMax

Headquartered in Clearwater, Florida, MarineMax is the nation’s largest recreational boat and yacht retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Hatteras, Azimut Yachts, Ocean Alexander, Galeon, Grady-White, Harris, Bennington, Crest, Scout, Sailfish, Sea Pro, Sportsman, Scarab Jet Boats, Yamaha Jet Boats, Aquila, and Nautique, MarineMax sells new and used recreational boats and related marine products and services as well as provides yacht brokerage and charter services. MarineMax currently has 60 retail locations in Alabama, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina and Texas and operates MarineMax Vacations in Tortola, British Virgin Islands. MarineMax is a New York Stock Exchange-listed company. 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 full year ended September 30, 2017; the current trends in the industry, including the choppiness in the large boat segment; the long-term strength of the industry and the business given the ongoing activity with the Company’s customers; the execution on the Company’s customer centric approach; and the Company’s efforts to build upon its industry leading market share gains and to build additional shareholder value. 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, general economic conditions, as well as those within our industry, the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations, the continued recovery of the industry, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2016 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.

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Source: MarineMax, Inc.