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Dec 31, 2020
Marinemax Q1 2021 Earnings Report
MarineMax's first quarter of fiscal year 2021 resulted in record revenue and earnings, driven by strong same-store sales growth and margin expansion.
Key Takeaways
MarineMax reported a record first quarter for fiscal year 2021, with revenue increasing by 35% to over $411 million. Same-store sales grew by over 20%, and net income and diluted EPS more than doubled. The company also raised its fiscal year 2021 guidance.
Revenue increased 35% to $411.5 million compared to the same period last year.
Same-store sales grew over 20%, driven by comparable new unit growth of over 35%.
Net income more than doubled to $23.6 million, compared to $9.1 million in the prior year.
Diluted EPS more than doubled to $1.04, compared to $0.41 in the prior year.
Marinemax
Marinemax
Forward Guidance
MarineMax is raising its fiscal year 2021 guidance for earnings per diluted share to be in the range of $4.00 to $4.20, increased from its previously provided guidance of $3.70 to $3.90 per diluted share.
Positive Outlook
- Raising fiscal year 2021 guidance for earnings per diluted share to $4.00 - $4.20.
- Strong start to the fiscal year.
- Significant geographic and product diversification growth.
- Increased demand for boating.
- Accretive acquisitions are successfully integrated and contributing to performance.
Challenges Ahead
- Expectations do not consider material acquisitions that may be completed during fiscal 2021.
- Expectations do not give effect for other unforeseen events, including changes in global economic conditions.
- Potential impacts of COVID-19 on the Company’s business.
- General economic conditions.
- Level of consumer spending.