MarineMax (NYSE: HZO) reported Q1 EPS of $1.04, $0.48 better than the analyst estimate of $0.56. Revenue for the quarter came in at $411.52 million versus the consensus estimate of $372.76 million.

• Record December Quarter Revenue Grows 35% to over $411 Million
• Same-Store Sales Growth Exceeds 20% Driven By 35% Comparable New Unit Growth
• Gross Margin Expands to a Record 30% in the Quarter
• Record December Quarter Net Income Increases to $23.6 Million
• Diluted EPS More Than Doubles to $1.04
• Raises Fiscal Year 2021 Guidance

W. Brett McGill, Chief Executive Officer and President, stated, “We delivered record sales and earnings growth in the quarter on top of very strong performance a year ago as we continue to outperform by effectively executing on our balanced growth strategy. We grew market share as we drove 20% same-store-sales growth that was fueled by greater overall unit growth. Our entire team contributed to these impressive results, supported by our global market presence, premium brands, exceptional customer service and ongoing investments in technology. The meaningful margin expansion in the quarter was bolstered by growth in product margins, storage and service, Fraser Yachts and Northrop & Johnson, our global super yacht services businesses and our finance and insurance businesses. Our focus on driving margins and improving our cost structure continues to produce significant leverage in our operating model.”

Mr. McGill continued, “Our ongoing accretive acquisitions are all successfully integrated and contributing to our performance. We will continue to pursue complementary opportunities with a disciplined approach to expand our business as we remain committed to creating long-term value for our shareholders. Furthermore, we are realizing meaningful benefit from the foundational shift of new customers embracing and enjoying the boating lifestyle. This shift positions us to build on our growth for years to come, as many existing and new customers should upgrade to larger boats and take advantage of our multitude of product and service offerings. With the largest selling season ahead, we expect to build on the strong start to our fiscal year.”

GUIDANCE:

MarineMax sees FY2021 EPS of $4.00-$4.20, versus the consensus of $3.92.

Based on current business conditions, retail trends and other factors, the Company is raising its fiscal year 2021 guidance for earnings per diluted share to be in the range of $4.00 to $4.20, which is increased from its previously provided guidance of $3.70 to $3.90 per diluted share. This compares to a non-GAAP adjusted, but fully taxed, earnings per diluted share of $3.42 in fiscal 2020. (Please see the Company’s fiscal 2020 earnings release dated October 28, 2020 for a reconciliation of this non-GAAP figure to the applicable GAAP figure) These expectations do not consider, or give effect for, material acquisitions that may be completed by the Company during fiscal 2021 or other unforeseen events, including changes in global economic conditions.

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