Business
OneWater Marine Inc. Announces Fiscal Second Quarter 2023 Results
Strong execution drives record revenue as seasonality of boat sales continues to make a return Fiscal Second Quarter 2023 Highlights Revenue increased 19% to
About this update from Onewater Marine Inc.
[{"type":"text","content":"Strong execution drives record revenue as seasonality of boat sales continues to make a return\nFiscal Second Quarter 2023 Highlights Revenue increased 19% to $524 million, a new fiscal second quarter recordService, parts & other revenue grew 28% to $78 millionSame-store sales increased 11%Gross profit margin of 28% remains strongNet income was $27 million in the quarter or $1.56 per diluted shareAdjusted EBITDA1 of $52 million BUFORD, Ga., May 04, 2023 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal second quarter ended March 31, 2023. “Our team once again showcased its ability to execute in a dynamic environment, delivering a 19% growth in sales during the quarter, on top of a 34% increase in the prior year period. Same store sales grew 11% year-over-year driven by a balance of unit and price increases. Additionally, our higher margin service, parts and other sales grew 28% in the quarter, bolstered by revenue from strategic acquisitions and organic growth,” commented Austin Singleton, Chief Executive Officer at OneWater. “As the industry continues to return to historical seasonal cycles with more normalized pricing and inventory levels, we will utilize our robust sales platform and inventory management tools to continue to outperform the industry, gain market share and create value for our shareholders,” concluded Mr. Singleton. For the Three Months Ended March 31 2023 2022 $ Change % ChangeRevenues (unaudited, $ in thousands)New boat $355,284 $290,020 $65,264 22.5%Pre-owned boat 75,394 75,854 (460) (0.6)%Finance & insurance income 15,324 14,948 376 2.5%Service, parts & other 78,329 61,305 17,024 27.8%Total revenues 524,331 442,127 82,204 18.6% Fiscal Second Quarter 2023 Results Revenue for fiscal second quarter 2023 was $524.3 million, an increase of 18.6% compared to $442.1 million in fiscal second quarter 2022. The growth was primarily attributable to strong new boat sales and service, parts and other sales from acquired businesses. During fiscal second quarter 2023, same-store sales increased 11%, driven by increases in both units sold and average price per unit. New boat revenue increased 22.5%, driven by an increase in unit sales and average unit price. Finance & insurance income increased 2.5% compared to the prior year quarter. Pre-owned boat...