MarineMax Ranks No. 3 on list of 100 High Performance Small Cap Stocks
Original article published by Forbes, December 4, 2020.
Clearwater, Florida’s MarineMax is another pandemic opportunist. Annual boat sales are expected to end 2020 on a 13-year high, according to the National Marine Manufacturers Association. Think of MarineMax as Carmax for boats. It today operates 77 dealerships primarily along the eastern seaboard that cater to a wealthier crowd: the average vessel sells for $200,000, with some running more than a million bucks. In the quarter ended September 30, MarineMax revenues shot up 29% to nearly $400 million, and $1.5 billion for the fiscal year. MarineMax’s market cap has doubled since January.
“There was a lot of money that wasn't being spent on European travel, and that was money that they could spend on something else,” says CEO Brett McGill. “So many new people have come into boating this summer... It's a numbers game and it's infectious. It's very rare you see people get in and out for one year.”
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