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MarineMax sales up, profit down

October 29, 2019 - MarineMax Inc. (NYSE: HZO), a Clearwater recreational boat and yacht retailer, reported $40 million in net income, or $1.57 a share, on revenue of $1.24 billion for the fiscal year ended Sept. 30. Revenue was up 5 percent but net income fell 8.5 percent compared to the prior fiscal year. Costs related to the company's store optimization plan and Hurricane Dorian cut into profit, but were partially offset by a final payment with the Deepwater Horizon settlement program, a news release said. Although the boating industry is "challenged," the company benefitted from the acquisition early in the fourth quarter of Fraser Yachts, a brokerage and service business, said Brett McGill, CEO. He said MarineMax would use the upcoming boat show season to bring inventory into line with industry trends.

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