MarineMax Drops In Pre-market On Earnings Miss, Outlook

(RTTNews) - Shares of MarineMax, Inc. (HZO), a recreational boat, yacht and superyacht services company, were down more than 13 percent in pre-market on Thursday to $23.88 after reporting second-quarter results below analyst' view. The company also cut its full-year outlook.

For the second quarter, net income declined significantly to $1.6 million, or $0.07 per share, from $30.0 million, or $1.35 per share, in the same period last year.

Excluding one-time items, earnings were $4.1 million, or $0.18 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $0.66 per share.

Revenue for the quarter, however, increased 2 percent to $582.9 million from $570.3 million in the comparable period last year, but missed the consensus estimate of $590.19 million.

Fore the full year, MarineMax now expects earnings per share to be in the range of $2.20 to $3.20, compared with the previous guidance of from $3.20 to $3.70. Analysts expect the company to report earnings of $3.35 per share for the year.

MarineMax shares had closed at $27.18, down 2.72 percent. The stock has been trading in the range of $25.60 - $42.88 in the last 1 year.