Stock Alert: MarineMax Shares Up On Higher Quarterly Earnings

(RTTNews) - Shares of recreational boat and yacht retailer MarineMax, Inc. (HZO) hit a new high of $22.32 following upbeat first-quarter results. The stock was up 24% yesterday and closed at $21.61.

The world's largest boat and yacht retailer is operating in 59 locations in 16 states, the Bahamas and the British Virgin Islands.

Revenue in the first quarter increased 26% year-on-year to $304.2 million. Net income nearly doubled to $9.1 million or $0.41 per share compared with $4.9 million or $0.21 per share in the comparable period last year. Analysts were expecting earnings of $0.07 per share on revenue of $260.33 million.

The company also revised up its earnings outlook for the fiscal year 2020 to $1.82-$1.92 per share from $1.58-$1.68. This compares with the Street estimate of $1.63.