MarineMax Cuts 2017 EPS Outlook

(RTTNews) - MarineMax Inc. (HZO) updated its annual guidance expectations for fully taxed earnings per share to be in the range of $0.97 to $1.02 for fiscal 2017, from $1.14 to $1.24. Analysts polled by Thomson Reuters expect the company to report earnings of $1.22 per share for fiscal year 2017. Analysts' estimates typically exclude special items.

The Company's net income was $14.2 million, or $0.57 per share for the third-quarter ended June 30, 2017, compared to net income of $13.8 million, or $0.56 per share for the comparable quarter last year.

Revenue was $329.8 million for the quarter ended June 30, 2017, compared with $345.6 million for the comparable quarter last year. Same-store sales decreased 10% following a robust 44% growth comparison in the same period a year ago.

Analysts expected the company to report earnings of $0.68 per share and revenues of $382.44 million for the third-quarter. Analysts' estimates typically exclude special items.

Due primarily to the strength of product margins and a rise in the Company's traditionally higher margin businesses, gross margin increased 290 basis points in the quarter ended June 30, 2017 over the prior year.