Business
OneWater Marine Inc. Announces Record Fiscal Fourth Quarter and Full-Year 2022 Results
Robust demand and improved diversification deliver another outstanding fiscal year Fiscal Year 2022 Highlights Record revenue increased 42% to $1.74
About this update from Onewater Marine Inc.
[{"type":"text","content":"Robust demand and improved diversification deliver another outstanding fiscal year\nFiscal Year 2022 Highlights Record revenue increased 42% to $1.74 billionSame-store sales increased 12%Gross profit margin expanded 260 basis points to 31.7%Record Net income increased 31% to $153 millionNet income per diluted share attributable to OneWater increased 31% to $9.13Record Adjusted EBITDA1 increased 59% to $248 millionCompleted eight strategic acquisitions and announced two acquisitions that are expected to close in the first quarter of fiscal 2023 BUFORD, Ga., Nov. 15, 2022 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal fourth quarter and year ended September 30, 2022. “We closed out another successful year, with fiscal 2022 revenues growing 42% and Adjusted EBITDA1 growing 59%. Our team executed flawlessly despite challenges spurred on by a constrained supply chain and strong consumer demand throughout the year,” commented Austin Singleton, Chief Executive Officer at OneWater. “Our robust acquisition cadence, coupled with our focus on diversifying our business to expand our finance and insurance, and parts and service revenue, has established a proven model that continues to outperform the industry.” “Recently, we have seen a strong start to the boat show season, reinforcing the healthy demand environment. As we look to fiscal year 2023, we are confident that our strategy will propel us forward to deliver long-term value for all our stakeholders,” concluded Mr. Singleton. For the Three Months Ended September 30 2022 2021 $ Change % Change (unaudited, $ in thousands)Revenues New boat $236,227 $192,976 $43,251 22.4%Pre-owned boat 67,348 50,638 16,710 33.0%Finance & insurance income 12,743 9,678 3,065 31.7%Service, parts & other 81,205 27,013 54,192 200.6%Total revenues $397,523 $280,305 $117,218 41.8% Fiscal Fourth Quarter 2022 Results Revenue for fiscal fourth quarter 2022 was $397.5 million, an increase of 41.8% compared to $280.3 million in fiscal fourth quarter 2021. The growth was primarily attributable to both sales of acquired businesses, with strong contribution from acquired revenues related to service, parts and other sales, as well as an increase in same-store sales. During fiscal fourth quarter 2022 same-store sales increased 4% compared to fisc...