Business
OneWater Marine Inc. Announces Fiscal Second Quarter 2020 Results
Strong quarter despite volatile market conditions later in the quarter Fiscal Second Quarter 2020 Highlights: Revenue increased 5.1% to $190.0
About this update from Onewater Marine Inc.
[{"type":"text","content":"Strong quarter despite volatile market conditions later in the quarter\nFiscal Second Quarter 2020 Highlights: \n Revenue increased 5.1% to $190.0 millionSame-store sales declined 2.7%, driven by the effects of COVID-19 late in the quarterPre-owned boat sales increased 19.4% to $43.0 millionFinance & insurance income increased 27.2% to $8.1 millionNet income increased $5.9 million to $3.0 millionAdjusted EBITDA1 of $9.9 million, flat compared to prior year BUFORD, Ga., May 07, 2020 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal second quarter ended March 31, 2020. “Rising second quarter sales and a proven, adaptable business model contributed to a strong fiscal second quarter. Same-store sales through mid-March outpaced the prior year delivering approximately 10% growth year-over-year, but slowed significantly in the last two weeks of March as the COVID-19 pandemic spread across the U.S. Further, robust growth in finance & insurance income and pre-owned boat sales underscores the resiliency of our diversified portfolio,” commented Austin Singleton, Chief Executive Officer of OneWater. “Through the end of April, we have outperformed our expectations despite this unprecedented environment, as nearly all of our dealerships have remained open in some capacity. Our sales team quickly pivoted their selling strategies leveraging our proprietary technology tools, virtual walkthroughs and one-on-one appointments while adhering to social distancing guidelines, to deliver solid April boat sales, ahead of previous years.” Mr. Singleton continued, “Our top priority remains the health and safety of our team members and customers as we navigate through this difficult environment. We have taken decisive actions to align our cost structure and remain focused on adapting to our new normal to meet shifting consumer demand. We believe while some form of social distancing will be with us through the summer months, boating provides a wonderful opportunity for people to get outdoors with their families while staying safe, which we believe will support continued boat sales, whether new or pre-owned. We believe we are well-positioned to take advantage of new opportunities in our markets as they present themselves and emerge from this crisis stronger.” For the three months ende...