US recreational yacht retailer MarineMax announced record results for the fourth quarter and full fiscal year ended September 30, 2022.
Revenue grew by more than 16% in the fourth quarter of 2022, from US$462.3 million in the same period last year to a record US$536.8 million.
same-store sales increased by more than 11%. In a statement released Thursday (October 27, 2022), MarineMax said the growth was achieved under the difficulties brought by Hurricane "Ian", which affected the company's largest market, Florida .
The company said overall revenue growth was driven by continued strong demand for yachts and selective acquisitions. “Just like any natural disaster like Hurricane Ian, MarineMax is committed to supporting affected families and communities,” said W. Brett McGill, CEO and President of MarineMax. “History, past experience and active efforts have not only prepared our actions, but also provided field assistance to affected areas.”
Net income for the quarter ended September 30, 2022 was $38.4 million, compared with $32.8 million in the same period last year, or $1.45 per diluted share. For the quarter ended September 30, 2022, the expenses related to Hurricane Ian were $4.8 million.
Deducting Hurricane Ian-related expenses, net profit in the fourth quarter of 2022 increased by 28% to $42 million.
revenue grew 12% to US$2.31 billion in fiscal year 2022, compared with US$2.06 billion in the previous fiscal year. MarineMax said revenue growth was driven mainly by successful strategic acquisitions during 2022 and strong growth in same-store sales of 5%, compared with 's year-on-year growth of at 13%.
Net income for fiscal year 2022 was US$198 million, compared with net income of US$155 million last year.
does not include fees related to Hurricane Ian, and net profit rose 30% to $206 million.
In July this year, MarineMax also announced record third-quarter results, with profit and revenue both showing significant growth.
