Business
OneWater Marine Inc. Announces Fiscal Third Quarter 2023 Results
Strategic focus on inventory management drives results as industry normalization accelerates Fiscal Third Quarter 2023 Highlights Revenue increased 4% to $594
About this update from Onewater Marine Inc.
[{"type":"text","content":"Strategic focus on inventory management drives results as industry normalization accelerates\nFiscal Third Quarter 2023 Highlights Revenue increased 4% to $594 million, a new fiscal third quarter recordService, parts & other revenue grew 23% to $92 millionDealership same-store sales were flat versus prior year periodGross profit margin of 27%, supported by higher margin businessesNet income was $33 million in the quarter or $1.95 per diluted shareAdjusted EBITDA¹ of $60 million BUFORD, Ga., Aug. 03, 2023 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal third quarter ended June 30, 2023. “In a deteriorating selling environment, our team did a great job driving a 4% increase in sales, maintaining flat dealership same-store sales and aggressively managing overall boat inventory. The marine industry continues to transition back to historical norms and moderated pricing. However, the pace of this transition accelerated ahead of expectations, which pressured margins in the third quarter,” commented Austin Singleton, Chief Executive Officer at OneWater. “We remain intently focused on strategic inventory management, cost optimization, and generating free cash flow to end the year in a position of strength.” For the Three Months Ended June 30 2023 2022 $ Change % ChangeRevenues (unaudited, $ in thousands)New boat $371,645 $376,886 $(5,241) (1.4)%Pre-owned boat 111,469 98,181 13,288 13.5%Finance & insurance income 19,028 18,979 49 0.3%Service, parts & other 92,197 74,854 17,343 23.2%Total revenues $594,339 $568,900 $25,439 4.5% Fiscal Third Quarter 2023 Results Revenue for fiscal third quarter 2023 was $594.3 million, an increase of 4.5% compared to $568.9 million in fiscal third quarter 2022. The growth was primarily attributable to strong pre-owned boat sales and service, parts and other sales from acquired businesses. During fiscal third quarter 2023, dealership same-store sales were flat. New boat revenue decreased by 1.4%, driven by a decrease in units sold, partially offset by an increase in average unit price. Finance & insurance income was flat compared to the prior year quarter. Pre-owned boat revenue increased 13.5%, driven by an increase in both unit sales and average price per unit. Service, parts and other sales were up 23.2% compared to the prior yea...