Business
OneWater Marine Inc. Announces Fiscal First Quarter 2024 Results
Outperforming industry and gaining market share in more competitive sales environment Fiscal First Quarter 2024 Highlights Revenue decreased 1% to $364
About this update from Onewater Marine Inc.
[{"type":"text","content":"Outperforming industry and gaining market share in more competitive sales environment\nFiscal First Quarter 2024 Highlights Revenue decreased 1% to $364 millionSame-store sales increased 2%Gross profit margin of 25.1%GAAP net loss of $(8) million, or $(0.49) per diluted share and adjusted diluted loss per share1 of $(0.38)Adjusted EBITDA1 was $7 million BUFORD, Ga., Feb. 01, 2024 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal first quarter ended December 31, 2023. “We delivered same store sales growth of 2% despite an increasingly competitive landscape with more moderated pricing. As expected, the return to traditional seasonal patterns and mix shift impacted results, with a preference towards our larger boat offerings during the historically slower winter months. While margins continue to stabilize, we are cautiously optimistic that we are nearing a new normal across the industry,” commented Austin Singleton, Chief Executive Officer at OneWater. “We have had a wild ride in our first four years as a public company. Through it all, our team adapted quickly, which enabled significant growth and expansion. As we move forward in this more normalized environment, we remain focused on executing on our strategic growth objectives, while continuing to outperform the industry and drive enhanced value for our shareholders.” For the Three Months Ended December 312023 2022 $ Change % ChangeRevenues(unaudited, $ in thousands)New boat$241,084 $232,405 $8,679 3.7%Pre-owned boat 53,283 55,778 (2,495) (4.5)%Finance & insurance income 7,360 8,934 (1,574) (17.6)%Service, parts & other 62,286 69,542 (7,256) (10.4)%Total revenues$364,013 $366,659 $(2,646) (0.7)% Fiscal First Quarter 2024 Results Revenue for fiscal first quarter 2024 was $364.0 million, a decrease of 0.7% compared to $366.7 million in fiscal first quarter 2023. Same-store sales increased 2%. New boat revenue increased 3.7%, driven by an increase in average price per unit, partially offset by a slight decrease in units sold. Finance & insurance income decreased 17.6% compared to the prior year quarter due to less favorable rates in the increasingly competitive environment, but supported by typical finance penetration. Pre-owned boat revenue decreased 4.5% driven by the decrease in brokerage and consignment s...