RTTNews | Apr 22, 2021 10:41AM EDT

10:41 Thursday, April 22, 2021 (RTTNews.com) - Shares of recreational boat and yacht retailer, MarineMax, Inc. (HZO) are rising more than 10% Thursday morning on robust second-quarter results. The company also raised its full-year earnings outlook.

Net income in the second quarter increased more than seven fold to $38.9 million and $1.69 per share from $5.1 million or $0.23 per share in the comparable period last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share for the quarter.

Revenue in the quarter increased 70% year-over-year to $523.1 million, driven by an increase in comparable new units sold on the strong demand for boating. The consensus estimate stands at $445 million.

MarineMax reported same store sales growth of 45% in the second quarter.

The company raised its full-year earnings per share outlook to the range of $5.50 to $5.65 from its previous guidance of $4.00 to $4.20. Analysts have a consensus estimate of $4.35 per share.

HZO, currently at $51.73, has traded in the range of $11.43- $63.99 in the last one year.

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