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OneWater Marine Inc. Announces Fiscal First Quarter Results
ONEWOneWater(ONEW) GlobeNewswire·2025-01-30 12:00

Core Insights - OneWater Marine Inc. reported fiscal first quarter 2025 results with revenues of 375.8million,a3.2375.8 million, a 3.2% increase from 364.0 million in the same quarter of 2024, driven by higher unit sales in both new and pre-owned boat categories [4][10] - The company experienced a net loss of (13.6)millionforthequarter,comparedtoanetlossof(13.6) million for the quarter, compared to a net loss of (8.0) million in the prior year, with adjusted diluted loss per share of (0.54)[7][21]−Grossprofitdecreasedto(0.54) [7][21] - Gross profit decreased to 84.1 million, down from 91.4millionyear−over−year,resultinginagrossprofitmarginof22.491.4 million year-over-year, resulting in a gross profit margin of 22.4%, a decline of 270 basis points [5][8] Revenue Breakdown - New boat revenue reached 248.0 million, up 2.9% from 241.1million,whilepre−ownedboatrevenueincreasedby6.6241.1 million, while pre-owned boat revenue increased by 6.6% to 56.8 million [4][13] - Finance and insurance income rose significantly by 27.7% to 9.4million,contributingpositivelytooverallrevenuedespiteaslightdeclineinservice,parts,andothersales[4][8]−Same−storesalesincreasedby4.29.4 million, contributing positively to overall revenue despite a slight decline in service, parts, and other sales [4][8] - Same-store sales increased by 4.2%, indicating organic growth within the dealership segment [4][10] Cost Management and Expenses - Selling, general, and administrative expenses totaled 79.1 million, representing 21.0% of revenue, a decrease from 21.9% in the previous year, attributed to cost reduction initiatives [6][8] - The company is focused on ongoing cost reduction efforts to enhance its financial profile as it navigates inventory management challenges [3][10] Financial Position - As of December 31, 2024, OneWater's cash and cash equivalents stood at 22.7million,withtotalliquidityexceeding22.7 million, with total liquidity exceeding 40.0 million [8][9] - Total inventory decreased by 9.9% to 636.7millioncomparedto636.7 million compared to 706.8 million a year earlier, reflecting effective inventory management [9][10] - Long-term debt was reported at 428.3million,withanadjustedlong−termnetdebtleverageratioof5.2timestrailingtwelve−monthAdjustedEBITDA[9][10]FutureOutlook−Thecompanymaintainsitsfiscalfullyear2025guidance,projectingrevenuesbetween428.3 million, with an adjusted long-term net debt leverage ratio of 5.2 times trailing twelve-month Adjusted EBITDA [9][10] Future Outlook - The company maintains its fiscal full year 2025 guidance, projecting revenues between 1.7 billion and 1.85billion,withdealershipsame−storesalesexpectedtoincreaseinlowsingledigits[10][11]−AdjustedEBITDAisanticipatedtorangefrom1.85 billion, with dealership same-store sales expected to increase in low single digits [10][11] - Adjusted EBITDA is anticipated to range from 80 million to $110 million for the fiscal year [10][11]