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OneWater Marine Inc. (Symbol: ONEW) is a prominent recreational boat retailer based in the United States. Established in 2014 and headquartered in Buford, Georgia, the company has rapidly expanded to operate 61 stores across 21 dealer groups in 10 states, including Texas, Florida, Alabama, North Carolina, South Carolina, and Georgia.
OneWater Marine specializes in both new and pre-owned recreational boats and yachts. Their extensive product portfolio also includes a wide range of related marine products, such as parts and accessories. Additionally, they offer comprehensive boat repair and maintenance services, making them a one-stop shop for boating enthusiasts.
The company also provides various ancillary services, including boat financing and insurance, indoor and outdoor storage, marina services, and the rental of boats and personal watercraft. These diverse offerings help enhance the overall customer experience and foster long-term customer relationships.
OneWater Marine operates under two primary segments: Dealerships and Distribution. Their dealer groups are strategically located throughout the Southeast, Gulf Coast, Mid-Atlantic, and Northeast regions, contributing to a robust revenue profile. The majority of their revenue is derived from new boat sales, followed by pre-owned boat sales, finance and insurance products, repair and maintenance services, and parts and accessories.
Despite the challenges faced by the marine industry, OneWater Marine has shown resilience and strategic prowess. The company has been executing its strategic priorities to maintain a strong competitive position. Recent achievements include outperforming the industry and gaining market share in a competitive sales environment. Furthermore, OneWater Marine continues to focus on its strategic growth objectives, and its management team is committed to driving enhanced value for shareholders.
Financially, as of December 31, 2023, the company reported total long-term debt of $439.8 million, with adjusted long-term net debt (net of $44.6 million cash) at 2.6 times trailing twelve-month Adjusted EBITDA. The company's non-GAAP financial measures, including Adjusted EBITDA, are crucial for understanding its operating performance and making meaningful comparisons of past and present results.
In addition to financial performance, OneWater Marine is actively expanding its market presence through strategic acquisitions, such as strengthening its foothold in the Mid-Atlantic U.S. The company remains optimistic about its fiscal outlook for 2024, maintaining its previously issued guidance.
OneWater Marine Inc. (NASDAQ: ONEW) has completed the acquisition of American Yacht Group, expanding its presence in the Southeastern U.S. The acquisition includes two retail locations in Fort Lauderdale and Jupiter, Florida, and exclusive dealership rights for HCB Yachts in Alabama, Florida, New York, and North Carolina.
American Yacht Group, which generated approximately $75 million in sales in 2024, is the premier destination for HCB Yachts in South Florida. The strategic transaction enhances OneWater's premium yacht offerings and strengthens its position in the luxury marine market, while expanding its new and pre-owned boat sales, finance and insurance, and parts and services offerings.
OneWater Marine (NASDAQ: ONEW) reported fiscal Q1 2025 results with revenue increasing 3.2% to $375.8 million, driven by a 4.2% rise in same-store sales. New boat revenue grew 2.9% while pre-owned boat revenue increased 6.6%, both benefiting from higher unit sales. Finance & insurance income showed strong growth of 27.7%.
The company reported a net loss of $13.6 million, or $(0.81) per diluted share, compared to a loss of $(8.0) million in the prior year. Gross profit margin declined to 22.4%, down 270 basis points, impacted by boat pricing and exiting select brands. Total inventory decreased 9.9% to $636.7 million.
OneWater maintains its fiscal 2025 guidance with expected revenue between $1.7-1.85 billion, and Adjusted EBITDA of $80-110 million. The company's liquidity exceeds $40 million, with $22.7 million in cash and cash equivalents.
OneWater Marine Inc. (NASDAQ: ONEW) has announced it will release its fiscal first quarter 2025 financial results on Thursday, January 30th, 2025, before market opening. The company will host a conference call at 8:30 a.m. Eastern Time on the same day to discuss the results.
Participants can join the call via phone using (+1) 646 564 2877 or (+1) 800 549 8228 (North America Toll Free). A live webcast will be available through the Investor Relations section of OneWater's website and archived for one year. A replay will be accessible until February 6th, 2025, through multiple dial-in numbers with access code 94147#.
Island Capital Group has released its fourth letter to MarineMax (NYSE: HZO) shareholders, highlighting significant company shortcomings. The fiscal 2024 results showed a concerning 33% miss on Adjusted EBITDA guidance, delivering only $160 million versus the projected $238 million. The fiscal 2025 guidance of $150-180 million represents a mere 3% improvement.
The letter criticizes the IGY transaction's failure to improve earnings trajectory, pointing to declining Adjusted EBITDA from $240M (2023) to $160M (2024) and projected $165M (2025). Rising inventory levels and increased borrowing costs are further straining the company's performance. Island Capital suggests monetizing the YMRS Business at a double-digit EBITDA multiple to unlock shareholder value.
OneWater Marine (NASDAQ: ONEW) reported fiscal year 2024 results with revenue decreasing 8% to $1.78 billion, alongside a 7% decline in same-store sales. The company posted a GAAP net loss of $6 million, or $(0.39) per diluted share, with adjusted earnings of $0.98 per share. Fourth quarter performance was significantly impacted by Hurricane Helene, with revenue falling 16.2% to $377.9 million and same-store sales dropping 17%. The company maintains a cautiously optimistic outlook for fiscal 2025, projecting revenue between $1.7-1.85 billion and adjusted EBITDA of $80-110 million.
OneWater Marine (NASDAQ: ONEW) has scheduled its fiscal fourth quarter and full-year 2024 financial results release for Thursday, November 14th, 2024, before market opening. The company will host a conference call at 8:30 a.m. Eastern Time to discuss the results. Investors can access the call via phone at 1-833-630-0581 (US) or 1-412-317-1814 (International). A live webcast will be available through the company's Investor Relations website, with a replay accessible until November 28th, 2024.
OneWater Marine Inc. (NASDAQ: ONEW) has announced that Hurricane Helene will directly impact its Gulf Coast operations. The company has initiated preparedness procedures at 26 Gulf Coast locations, with an additional 21 locations in Alabama, Georgia, and South Carolina expecting significant weather and flooding. As a result, September sales will be lower than anticipated, and the company expects full-year results to be at the bottom or slightly below previously issued guidance.
CEO Austin Singleton stated that the company has implemented its Hurricane Disaster Plan and safety protocols to mitigate losses and protect assets. Insurance carriers have placed moratoriums on writing new policies in certain areas, preventing customers from binding insurance on boats they want to purchase. While these measures are temporary, fourth-quarter sales will be negatively impacted. OneWater expects to recover affected sales outside the direct path of the storm in the first part of fiscal year 2025.
OneWater Marine Inc. (NASDAQ: ONEW) reported its fiscal third quarter 2024 results, showing a 9% decrease in revenue to $542 million. The company experienced an 8% decline in same-store sales and a gross profit margin of 24.4%. GAAP net income was $17 million, or $0.99 per diluted share, while adjusted diluted earnings per share reached $1.05. Adjusted EBITDA stood at $39 million.
Despite outperforming the industry, OneWater faced challenges due to a weaker market environment and adverse weather in Texas. The company is focusing on proactive inventory and expense management as it approaches fiscal 2025. For the full fiscal year 2024, OneWater anticipates dealership same-store sales to be down mid-single digits, with Adjusted EBITDA expected between $90 million to $100 million and adjusted earnings per diluted share projected at $1.50 to $2.00.
OneWater Marine Inc. (NASDAQ: ONEW) has announced the release date for its fiscal third quarter 2024 financial results. The company will disclose the results on Tuesday, July 30th, 2024, before the market opens. Following the release, OneWater's management team will host a conference call at 8:30 a.m. Eastern Time to discuss the results.
Investors and interested parties can access the conference call via phone using the dial-in numbers 1-833-630-0581 (US) or 1-412-317-1814 (International). Additionally, a live webcast of the call will be available on the company's Investor Relations website. For those unable to attend, a telephonic replay will be accessible through August 13th, 2024, using specific dial-in numbers and the access code 1155553.
OneWater Marine (NASDAQ: ONEW) issued a statement addressing recent market rumors and news reports. The company emphasized its policy of not commenting on speculation but highlighted its achievements since 2014.
OneWater has completed over 30 acquisitions in the fragmented boating industry, significantly boosting shareholder value and expanding EBITDA through successful synergy realization. The company maintains a strong balance sheet and prudent capital allocation strategies, ensuring its short-term, medium-term, and long-term business viability. Insiders hold a 17% stake, aligning their interests with shareholders.
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