MarineMax Rises 7% Despite Lower Quarterly Profit And Revenue

(RTTNews) - Shares of MarineMax, Inc. (HZO), a recreational boat and yacht retailer, are rising more than 7% Thursday morning despite reporting lower profit as well as revenue in the second quarter.

The company reported earnings of $30.04 million, or $1.35 per share for the second quarter, lower than $53.51 million, or $2.37 per share, in last year's second quarter.

Excluding items, MarineMax reported adjusted earnings of $27.4 million or $1.23 per share for the period.

Analysts on average had expected the company to earn $1.75 per share, according to figures compiled by Thomson Reuters.

The company's revenue for the quarter fell 6.5% to $570.34 million from $610.11 million last year. The consensus estimate stood at $610.26.

HZO is at $28.63 currently. It has traded in the range of $25.60-$45.84 in the last 1 year.