MarineMax’s stock soars after yacht seller beats earnings expectations by a wide margin

MarineMax’s stock soars after yacht seller beats earnings expectations by a wide margin

Shares of MarineMax Inc. powered up 27% toward a 13-month high in premarket trading Thursday, after the yacht and recreational boat seller reported fiscal first-quarter results that were well above expectations and raised its full-year outlook. Net income for the quarter to Dec. 31 rose to $9.06 million, or 41 cents a share, from $4.9 million, or 21 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 7 cents. Revenue increased 26% to $304.2 million, above the FactSet consensus of $260.3 million. For fiscal 2020, the company raised is EPS guidance range to $1.82 to $1.92 from $1.58 to $1.68. “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,” said Chief Executive Brett McGill. The stock has edged up 1.7% over the past three months through Wednesday, while the S&P 500 has gained 10.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Go to Source