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Fly News Breaks for June 25, 2018
Jun 25, 2018 | 14:29 EDT
As previously reported, Craig-Hallum analyst Steve Dyer downgraded MarineMax (HZO) to Hold from Buy, stating that Brunswick's (BC) failed attempt to sell its Sea Ray division and decision in the wake of that failure to discontinue Sea Ray's yacht and sport yacht business presents "risk and uncertainty" for MarineMax. The company was "by far" Sea Ray's largest dealer network and Dyer estimates that roughly 10-15% of MarineMax's new boat sales were of Sea Ray yacht and sport yachts. While some of that can be offset with other yacht lines, Dyer is also unsure of Brunswick's commitment to the remainder of the Sea Ray line, he tells investors. Given the Sea Ray uncertainty, Dyer lowered his price target on MarineMax shares to $22 from $27.
News For HZO;BC From the Last 2 Days
Jul 1, 2020 | 08:42 EDT
Consensus $396.76M. MarineMax said in a release, "The Company provided an update for its June quarter ended June 30, that revenue will exceed the same quarter in the prior year, as retail trends continue to be driven by very strong demand for the boating lifestyle. The Company's liquidity, consisting of cash on hand and availability under its credit facility, now exceeds $180 million before considering its sizable unleveraged real estate portfolio."
Jul 1, 2020 | 08:35 EDT
MarineMax announced that it has acquired Northrop & Johnson, one of the largest superyacht brokerage and services companies with offices across the globe. MarineMax said in a release, "The acquisition is expected to be accretive in its first full year. This transaction will be highly complementary to MarineMax's 2019 acquisition of Fraser Yachts, the largest global superyacht brokerage and luxury yacht services company. With the acquisition of Northrop & Johnson, MarineMax becomes the dominant leader in the superyacht services business. Its team is now comprised of a global staff that includes the industry's top yacht and charter brokers, as well as leading yacht and crew management professionals who are extremely knowledgeable and deeply committed to serving their clients. The entire MarineMax organization now has access to an even greater network of resources to support the potential for additional growth of its client base. Northrop & Johnson is strategically located in the most prominent yachting markets of the Americas, Europe, Asia and Australia. Northrop & Johnson excels in yacht brokerage, yacht chartering, charter management, crew placement, new build consultation and yacht insurance. Northrop & Johnson, with its leading digital marketing tools, is one of the most technologically advanced companies in the industry due to its content and state-of-the-art interface for users. With the acquisition, the overall customer experience will be enhanced through the ongoing development of the marketing capabilities which leverage the latest technology. This should further enhance client retention and further stimulate lead generation and client referrals. Both Northrop & Johnson's and Fraser Yachts' insight and relationships with buyers, sellers and charterers are underlined by the world's most comprehensive network of highly qualified individuals. Kevin Merrigan, CEO and Chairman, and the entire Northrop & Johnson team will continue to operate and manage its activities."