Business
OneWater Marine Inc. Announces Fiscal Fourth Quarter and Full-Year 2021 Results
Significant top- and bottom-line growth fueled by record demand and strong execution Fiscal Year 2021 Highlights Record revenue of $1.23 billion increased
About this update from Onewater Marine Inc.
[{"type":"text","content":"Significant top- and bottom-line growth fueled by record demand and strong execution\nFiscal Year 2021 Highlights Record revenue of $1.23 billion increased 20%Gross profit margin expanded 610 basis points to 29%Net income increased 140% to $116 millionNet income per diluted share attributable to OneWater was $6.96Adjusted EBITDA1 increased 88% to $156 millionCompleted 5 strategic acquisitions with 3 additional expected to close in the first quarter 2022 BUFORD, Ga., Nov. 18, 2021 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal fourth quarter and year ended September 30, 2021. “The OneWater team delivered record revenue and earnings in fiscal year 2021 despite a challenging supply chain environment that limited production at OEMs. In fact, customer demand has continued at historic levels with no signs of slowing, which we expect will support further growth well into the coming year,” commented Austin Singleton, Chief Executive Officer at OneWater. “At the same time, we are realizing tremendous growth in our higher-margin areas of the business and our acquisition strategy has maintained an accelerated pace including the notable addition of PartsVu, as well as the pending acquisition of T-H Marine. Based on our attractive M&A pipeline, we expect 2022 to be another robust deal year. We have clearly hit our stride, which is reflected in the dedication and commitment across the team and will continue to position OneWater to outperform the market.” For the Three Months Ended September 30 2021 2020 $ Change % Change (unaudited, $ in thousands)Revenues New boat $192,976 $186,844 $6,132 3.3%Pre-owned boat 50,638 56,180 (5,542) (9.9%)Finance & insurance income 9,678 7,745 1,933 25.0%Service, parts & other sales 27,013 20,267 6,746 33.3%Total revenues $280,305 $271,036 $9,269 3.4% Fiscal Fourth Quarter 2021 Results Revenue for the fiscal fourth quarter 2021 was $280.3 million, an increase of 3.4% compared to $271.0 million in fiscal fourth quarter 2020. Industry-wide supply chain challenges slowed sales of new and pre-owned boats in the fiscal fourth quarter 2021, compared to the prior year. Finance & insurance income was up 25.0% compared to the prior year and service, parts and other sales was up 33.3% as a result of the Company’s strategic focus on expanding the...