Boat retailer MarineMax reported sharply stronger quarterly earnings Tuesday, reinforcing the economic rebound by the Clearwater company now that more people are starting to buy recreational boats again.
Same-store sales grew more than 16 percent in the first three months of this year, on top of 27 percent growth in the same period a year ago. That growth, said company CEO Bill McGill, "provides additional evidence that the pace of the boating recovery is continuing to build, especially for MarineMax."
In the quarter, MarineMax revenue grew 16 percent to $199.6 million, up from $172.1 million for the comparable quarter last year. Net income in the latest quarter jumped to $2.4 million from $390,000 in the same period last year. The company operates 52 retail locations in 15 states.
McGill predicted MarineMax will continue to gain in market share and improve its earnings performance. He cited the company's backlog of orders, a strong inventory mix and a broader geographic reach with the recent purchase of Russo Marine, the largest privately owned boat dealer in the Northeast.
Last fall, MarineMax launched a new website, www.marinemaxyachts.com, aimed at what the company says is an underserved customer segment: yachting enthusiasts. The site features MarineMax brands and models that are 50 feet or longer.