MarineMax (NYSE: HZO) reported Q1 EPS of $0.41, $0.34 better than the analyst estimate of $0.07. Revenue for the quarter came in at $304.2 million versus the consensus estimate of $260.33 million.

W. Brett McGill, MarineMax’s Chief Executive Officer and President stated, “We are excited to be delivering industry leading results driven by our team‘s focused execution that is supported by the technology investments we have made over the last few years. Furthermore, we benefitted from a resurgence in consumer confidence and the relatively stable economic environment. As a result of these factors, combined with our customer centric approach and optimal product mix, we drove a meaningful increase in sales and profitability. Relative to our historical expectations for our December quarter, we again outperformed as we overcame margin pressure while making significant progress to better align our inventory. Additionally, we produced very meaningful unit growth in the quarter, far exceeding that of the industry.”

Mr. McGill continued, “We were also pleased to see positive results from our September 2019 store optimization effort, as evidenced by the strong sales growth in the quarter and reduced costs. Finally, our focus on improving costs, combined with our strong sales, resulted in attractive cash flow growth, allowing us to bolster our balance sheet. With the largest two selling seasons ahead of us, we expect to build on the strong start to our fiscal year and leverage the excitement in the industry with a robust slate of upcoming boat shows. Furthermore, we will continue to pursue complementary opportunities to expand our business, as we remain committed to creating long term value for our shareholders.”

GUIDANCE:

MarineMax sees FY2020 EPS of $1.63-$1.68, versus the consensus of $1.63.

Based on current business conditions, retail trends and other factors, the Company is raising its fiscal year 2020 guidance for earnings per diluted share to be in the range of $1.82 to $1.92, which is increased from its previously provided guidance of $1.58 to $1.68. This compares to a GAAP earnings per diluted share of $1.57 and a non-GAAP adjusted, but fully taxed, diluted earnings per diluted share of $1.63 in fiscal 2019. These expectations do not take into account, or give effect for, material acquisitions that may be completed by the Company during fiscal 2020 or other unforeseen events, including changes in global economic conditions.

For earnings history and earnings-related data on MarineMax (HZO) click here.