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Clearwater’s MarineMax posts soaring revenues following acquisitions

The company’s aggressive growth in the Midwest has contributed to $1.6 billion in revenue so far this fiscal year.
MarineMax CEO and president Brett McGill stands on a 2021 32-foot Aviara luxury boat on Nov. 11, 2020. The Clearwater boat retailer has posted record revenues quarter after quarter throughout the coronavirus pandemic.
MarineMax CEO and president Brett McGill stands on a 2021 32-foot Aviara luxury boat on Nov. 11, 2020. The Clearwater boat retailer has posted record revenues quarter after quarter throughout the coronavirus pandemic. [ DOUGLAS R. CLIFFORD | Times ]
Published Jul. 22
Updated Jul. 22

Clearwater’s MarineMax, the world’s largest boat and yacht company, posted record revenues for its third fiscal quarter on Thursday, boosting sales 34 percent from what was already a booming 2020.

The $666.3 million in revenues — up from $498.3 million during the same quarter last year — was accompanied by an even bigger leap in net income. Quarterly income rose 70 percent from $34.9 million to $59.6 million.

MarineMax also posted robust numbers for the first nine months of the fiscal year. Revenues during that span rose to $1.6 billion, which surpasses last year’s record annual total of $1.5 billion. Net income for the first nine months rose from $49 million to $122.2 million — a year-over-year increase of nearly 150 percent.

“I’m extremely excited about our results in the quarter, with both sales and earnings exceeding expectations,” CEO and president Brett McGill said on a call with investors Thursday morning. “Given our scale and global position, we are benefitting from our growing share of the market, and based on available industry data, we believe we continue to gain market share.”

Related: As coronavirus rages, Tampa Bay's high-end real estate, boat, RV sales are booming

The record revenues came in the wake of several high-profile acquisitions over the last couple of years.

Earlier this month, MarineMax announced it was expanding its Midwest operations by purchasing Minnesota boat dealer Nisswa Marine. In May, the company finalized a deal to acquire Wisconsin’s Cruisers Yachts for $63 million.

Related: Clearwater's MarineMax buys Wisconsin yacht builder for $63 million

In 2020, MarineMax added 20 dealerships to its portfolio through the purchase of Illinois dealer and marina company SkipperBud’s, and expanded its global reach through the purchase of superyacht brokerage and services firm Northrop and Johnson.

As a result of MarineMax’s plans for future growth, the company last week increased its credit facility by $500 million.