MarineMax reports record $2.3bn in sales for 2022
MarineMax has reported record sales of $2.3bn for 2022 in its fourth quarter and final report for the fiscal year ending September 30th 2022. This follows record fourth quarter revenue, increasing by 16% to about $537m.
The boat and superyacht retailer’s official figures for the quarter ended September 30th 2022, stand at $536.8m compared with $462.3m last year.
In terms of profit, MarineMax reported $198m in net income for the fiscal year, compared with $155m last year.
W Brett McGill, CEO and president, MarineMax said: “The extraordinary efforts of MarineMax’s team members, coupled with the ongoing execution of our strategic initiatives, generated record fiscal year revenue of more than $2.bn, our highest yearly gross margin since inception, and record adjusted earnings per share of $9.”
For the fiscal year ended September 30th 2022, revenue increased 12% to $2.3bn compared with $2bn for the 2021 fiscal year. The increase was driven by acquisitions completed during the fiscal year and by same-store sales growth of 5%, according to the company.
Through brokerages Fraser Yachts and Northrop & Johnson, MarineMax is one of the largest superyacht service providers. It also owns shipyards Cruisers Yachts and Intrepid Powerboats.
One of the company’s primary acquisitions this year was the takeover of Island Global Yachting (IGY Marinas), which owns 23 marinas worldwide, for $480m. Collectively, with the IGY acquisition, MarineMax owns or operates 57 marinas worldwide.
“The recent completion of the IGY Marina’s acquisition further strengthens our higher margin platform and resilient revenue streams for the future,” said McGill.
To complete the acquisition, MarineMax used $400m of the $1.35bn loan it secured this year to finance the takeover.
The $1.35bn debt has a five-year term that will conclude in August 2027. A $100m loan is a revolving credit facility and a further $100m is a delayed draw mortgage facility.
McGill continued to say he was pleased with the results, especially despite the challenges the company faced over the year and the natural disasters that affected many on the east coast.
“As with any natural disaster such as Hurricane Ian, MarineMax is committed to supporting the impacted families and communities,” he said. “Our team’s training, past experiences, and proactive efforts were instrumental in not only preparing our operations for the storm but also providing on-the-ground assistance in the impacted areas.”
There were $4.8m of expenses related to damage caused by Hurricane Ian to MarineMax inventory. Excluding Hurricane Ian-related expenses, profits rose 28% to $42m for the quarter.
McGill said that he remained confident that the progress and purchases made this year would allow for continued growth, despite the global economic downturn.
“This financial flexibility allows us to selectively acquire and strategically grow our business while expanding company-wide margins,” he said.
“While certain segments of our industry may begin to feel the effects of economic tightening, the premium segments which we operate within, historically have been far more resilient.”
