Business
OneWater Marine Inc. Announces Fiscal Third Quarter 2024 Results
Significantly Outperformed Industry, Notwithstanding a Severe Weather Impact in Texas Continued to Manage the Cost Structure, Lowering SG&A on a Dollar Basis
About this update from Onewater Marine Inc.
[{"type":"text","content":"Significantly Outperformed Industry, Notwithstanding a Severe Weather Impact in Texas Continued to Manage the Cost Structure, Lowering SG&A on a Dollar Basis During the Quarter Clean and Optimized Inventory Position Ahead of Fiscal Year 2025 Fiscal Third Quarter 2024 Highlights Revenue decreased 9% to $542 millionSame-store sales decreased 8% for the quarterGross profit margin of 24.4%GAAP net income of $17 million, or $0.99 per diluted share and adjusted diluted earnings per share1 of $1.05Adjusted EBITDA1 was $39 million BUFORD, Ga., July 30, 2024 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal third quarter ended June 30, 2024. “In the third quarter, our strategic inventory management and operational execution drove outperformance against the industry. However, our performance for the quarter was below our expectations due to a progressively weaker market environment and a negative impact from weather in Texas,” commented Austin Singleton, Chief Executive Officer at OneWater. “As we look to the balance of the fiscal year, we remain cautiously optimistic. We are focused on proactively managing inventory and expenses, which should provide some tailwinds as we navigate into fiscal 2025.” For the Three Months Ended June 30 2024 2023 $ Change % ChangeRevenues (unaudited, $ in thousands) New boat $333,162 $371,645 $(38,483) (10.4)%Pre-owned boat 106,889 111,469 (4,580) (4.1)%Finance & insurance income 17,932 19,028 (1,096) (5.8)%Service, parts & other 84,458 92,197 (7,739) (8.4)%Total revenues $542,441 $594,339 $(51,898) (8.7)% Fiscal Third Quarter 2024 Results Revenue for fiscal third quarter 2024 was $542.4 million, a decrease of 8.7% compared to $594.3 million in fiscal third quarter 2023. Same-store sales decreased 8%. New boat revenue decreased 10.4% and pre-owned boat revenue decreased 4.1%, driven by a decrease in units sold and average price per new unit. Excluding our Texas locations which were impacted by adverse weather, same-store unit sales were only down 1.9% for the fiscal third quarter. Finance & insurance income increased slightly as a percentage of total boat sales. Service, parts & other sales were down 8.4% compared to the prior year quarter. Excluding the impact from the dispositions that occurred in the fourth quarter of 2023, dealers...