Business
OneWater Marine Inc. Announces Fiscal Fourth Quarter and Full-Year 2024 Results
Optimizing Costs and Inventory, Well-positioned Entering Fiscal Year 2025 Fiscal Year 2024 Highlights Revenue decreased 8% to $1.78 billionSame-store sales
About this update from Onewater Marine Inc.
[{"type":"text","content":"Optimizing Costs and Inventory, Well-positioned Entering Fiscal Year 2025\nFiscal Year 2024 Highlights Revenue decreased 8% to $1.78 billionSame-store sales decreased 7%Gross profit margin of 24.5%GAAP net loss of $6 million, or $(0.39) per diluted share and adjusted diluted earnings per share1 of $0.98Adjusted EBITDA1 was $82 million BUFORD, Ga., Nov. 14, 2024 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal fourth quarter and year ended September 30, 2024. “Our team demonstrated remarkable resilience and execution amidst a challenging retail environment as consumer behavior and industry inventory reset in fiscal 2024. Our revenue and brand diversification, coupled with our geographic reach, helped mitigate the impact of macroeconomic uncertainty and severe weather, underscoring the strength of our business model,” commented Austin Singleton, Chief Executive Officer at OneWater. “As we closed out the fiscal year, Hurricane Helene struck the West Coast of Florida, causing extensive damage. Our thoughts remain with those affected, and we are actively supporting local recovery efforts. In preparation for the storm we temporarily closed several stores, and insurance companies halted writing new policies, disrupting sales during the last 10 days of the month and significantly impacting our fourth quarter results. Currently, all retail locations are operational, and we are ready to assist customers as they resume their boat buying journey.” “Looking to fiscal 2025, we expect a slower start to the year given the ongoing impacts from Hurricanes Helene and Milton; however, we are cautiously optimistic in our full year outlook. Customers are active, our inventory positioning remains healthy, and we expect our recent cost actions to continue to benefit us as we move through the year.” For the Three Months Ended September 30 2024 2023 $ Change % ChangeRevenues (unaudited, $ in thousands)New boat $216,740 $264,357 $(47,617) (18.0)%Pre-owned boat 73,373 91,836 (18,463) (20.1)%Finance & insurance income 11,472 13,039 (1,567) (12.0)%Service, parts & other 76,270 81,749 (5,479) (6.7)%Total revenues $377,855 $450,981 $(73,126) (16.2)% Fiscal Fourth Quarter 2024 Results Revenue for fiscal fourth quarter 2024 was $377.9 million, a decrease of 16.2% compared to $451.0 milli...