MarineMax revenue, comp sales sink in Q3
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Softness in larger product categories and unseasonal weather in the Northeast dampened MarineMax’s third quarter earnings.
For the third quarter ended June 30, MarineMax’s revenues declined to $329.8 million from $345.6 million for the same period last year. This missed Wall Street’s expectations of $383.01 million.
The nation’s largest recreational boat and yacht retailer’s net income was $14.2 million, or $0.57 per diluted share for the quarter, compared to $13.8 million, or $0.56 per diluted share for the same quarter last year. This also missed analyst expectations of $0.68 per share. Same-store sales decreased 10% after 44% growth last year.
“Reports of industry softness in larger product categories, combined with delayed sales due to unseasonal Northeast weather, dampened our overall revenue, and therefore earnings in the quarter,” said William McGill, Jr., the company’s chairman, president, and CEO.
Based on these factors, the company lowered its full-year earnings per share guidance to between $0.97 and $1.02, down from $1.14 to $1.24. Third quarter results also took a toll on MarineMax’s stock, which opened sharply lower and has dropped to $14.90 — a new low for the year, according to Nasdaq.