Business
OneWater Marine Inc. Announces Fiscal Fourth Quarter and Record Full-Year 2020 Results
Strong top- and bottom-line growth driven by solid execution and an industry-leading digital platform Fiscal Year 2020 Highlights Record revenue of $1.0
About this update from Onewater Marine Inc.
[{"type":"text","content":"Strong top- and bottom-line growth driven by solid execution and an industry-leading digital platform\n Fiscal Year 2020 Highlights Record revenue of $1.0 billion increased 33%Same-store sales increased 24%Net income increased 30% to $48.5 millionAdjusted EBITDA1 rose 80% to $83.3 million BUFORD, Ga., Nov. 19, 2020 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal fourth quarter and full-year ended September 30, 2020. “The OneWater team delivered exceptional results in our first year as a publicly traded company, including record full year revenues and profitability. Our performance highlighted the strength of our team and its execution, as well as our industry-leading market position. Our investments in innovative technology continue to set us apart, as we captured the surge of new customers to the marine industry in 2020. Further, our custom CRM, inventory management tools and operational dashboards have enabled us to remain agile and outperform the industry,” commented Austin Singleton, Chief Executive Officer at OneWater. “During the fourth quarter, retail demand remained elevated, resulting in substantial growth across our core business segments, including new and pre-owned boat sales, which grew by 29% and 47%, respectively. I am really proud of the entire OneWater team for their commitment to the Company and their relentless focus on our customers.” “Looking ahead, we expect strong retail demand to continue into the 2021 boating season. Our M&A pipeline remains robust and is a cornerstone to our long-term growth strategy, and we anticipate returning to the cadence of transactions that we routinely completed prior to our IPO. We remain focused on executing our growth strategy and driving long-term shareholder value,” Mr. Singleton concluded. For the Three Months Ended September 30 2020 2019 $ Change % Change (unaudited, $ in thousands)Revenues New boat sales $186,844 $144,436 $42,408 29.4%Pre-owned boat sales 56,180 38,145 18,035 47.3%Finance & insurance income 7,745 7,626 119 1.6%Service, parts & other sales 20,267 18,545 1,722 9.3%Total revenues $271,036 $208,752 $62,284 29.8% Fiscal Fourth Quarter 2020 Results Revenue for the fiscal fourth quarter 2020 was $271.0 million, an increase of 29.8% compared to $208.8 million in fiscal fourth quarter 20...