Business
OneWater Marine Inc. Announces Fiscal First Quarter 2023 Results
Revenues from acquisitions bolstered sales and margins as boat sales return to more normalized seasonal sales patterns Fiscal First Quarter 2023 Highlights
About this update from Onewater Marine Inc.
[{"type":"text","content":"Revenues from acquisitions bolstered sales and margins as boat sales return to more normalized seasonal sales patterns\nFiscal First Quarter 2023 Highlights Revenue increased 9% to $367 million, a new fiscal first quarter recordService, parts & other revenue surged 86% to $70 millionSame-store sales decreased 14% as seasonality returnsGross profit margin of 30%, remains strong as expectedNet income was $11 million in the quarter or $0.61 per diluted shareAdjusted EBITDA1 of $28 millionCompleted two strategic dealership acquisitions BUFORD, Ga., Feb. 02, 2023 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal first quarter ended December 31, 2022. “Our first quarter results came in largely as we anticipated as the industry experienced a return to more normalized seasonality, with revenue growing high-single digits, on top of a 57% increase in the prior year. Notably, our high margin service, parts and other sales grew 86%, driven by strategic acquisitions over the last 18-months, strengthening our overall gross margins as expected,” commented Austin Singleton, Chief Executive Officer at OneWater. “Signs are pointing to a strong selling season, with positive boat show activity and healthy demand levels, but given the considerable amount of unknowns driven by a cloudy macro-economic environment, we are lowering our full-year outlook.” “Over the past two years, OneWater has successfully executed on our growth and diversification strategy, adding 38 dealership locations and building out our parts and service platform. As the industry returns to historical seasonal cycles, we believe our flexible and diversified operating model positions us to continue to outperform the market and return value to our shareholders.” For the Three Months Ended December 31 2022 2021 $ Change % ChangeRevenues (unaudited, $ in thousands)New boat $232,405 $236,198 $(3,793) (1.6%)Pre-owned boat 55,778 53,449 2,329 4.4%Finance & insurance income 8,934 9,307 (373) (4.0)%Service, parts & other 69,542 37,318 32,224 86.3%Total revenues $366,659 $336,272 $30,387 9.0% Fiscal First Quarter 2023 Results Revenue for fiscal first quarter 2023 was $366.7 million, an increase of 9.0% compared to $336.3 million in fiscal first quarter 2022. The growth was primarily attributable to strong service, pa...