Welcome to our dedicated page for OneWater Marine news (Ticker: ONEW), a resource for investors and traders seeking the latest updates and insights on OneWater Marine stock.
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 successfully acquired a majority interest in Quality Boats, a leading dealer in customer satisfaction on Florida's west coast. This strategic acquisition will bolster OneWater's offerings in new and pre-owned boats as well as parts and services, enhancing its presence in a lucrative boating market. CEO Austin Singleton expressed excitement over the partnership, anticipating significant growth opportunities through Quality Boats’ established customer base.
OneWater Marine Inc. (NASDAQ: ONEW) announced a donation exceeding $200,000 and the collection of over 6,800 toys for Toys for Tots in 2021. This initiative aimed to support local underprivileged youth amidst supply chain challenges and the impacts of COVID-19. OneWater's dealers conducted various toy collection drives at retailers and events, showcasing a strong community commitment. CEO Austin Singleton emphasized the collective effort of the OneWater team in bringing holiday cheer to children in need.
OneWater Marine Inc. has announced the extension of its inventory-based line of credit to $500 million, increased from $392.5 million. This financing facility with Wells Fargo will support the company's acquisition pipeline and growth strategy through December 1, 2023. The company anticipates that the funding will cater to its financial needs over the next two years, allowing it to capitalize on consumer demand and enhance its leadership in the marine industry. Specific covenants ensure a funded debt to EBITDA ratio not exceeding 2.00:1.00.
OneWater Marine Inc. announced the acquisition of a majority interest in Quality Boats, enhancing its presence on Florida's west coast, a key boating market. The acquisition is projected to contribute approximately $140 million in sales and $20 million in EBITDA for 2021. This move aligns with OneWater's growth strategy, providing opportunities to expand offerings to Quality Boats' substantial customer base. The deal is expected to be immediately accretive to OneWater's revenues and earnings per share, with closing anticipated within 90 days.
OneWater Marine Inc. (NASDAQ: ONEW) has successfully completed the acquisition of Norfolk Marine Inc., enhancing its presence in the Mid-Atlantic U.S. This acquisition increases OneWater's capabilities in new and pre-owned boat sales, finance, and service offerings. CEO Austin Singleton expressed enthusiasm for integrating Norfolk Marine into OneWater's operations, marking a significant milestone as their first dealer in Virginia. OneWater is recognized as a major player in the recreational boat retail market, operating 72 stores across 12 states.
OneWater Marine Inc. has successfully completed the acquisition of T-H Marine, significantly enhancing its presence in the marine parts and accessories sector. This acquisition is expected to more than double the annual revenue related to parts and accessories for OneWater. The integration of T-H Marine will allow OneWater to offer a more comprehensive product range, further diversifying its revenue streams. The deal aligns with OneWater’s strategic growth objectives and expands its addressable market, promising substantial growth opportunities moving forward.
OneWater Marine announced robust fiscal year 2021 results with record revenue of $1.23 billion, reflecting a 20% increase year-over-year. Gross profit margin surged by 610 basis points to 29%, with net income soaring 140% to $116 million, translating to earnings per diluted share of $6.96. Notably, the company completed five strategic acquisitions, further enhancing its market positioning. Despite industry-wide supply chain challenges, demand remains strong, with anticipated adjusted EBITDA for fiscal 2022 projected between $170 million and $175 million.
OneWater Marine Inc. (NASDAQ: ONEW) announced the acquisition of Norfolk Marine Inc. to enhance its presence in the Mid-Atlantic U.S. and expand offerings in new and pre-owned boat sales, finance, and services. The deal, expected to close in Q4 of 2021, marks OneWater’s first dealer in Virginia. Norfolk Marine, a family-owned business with over $20 million in sales, represents top boating brands and is noted for its award-winning service. CEO Austin Singleton expressed confidence in the acquisition's potential for growth and market expansion.
OneWater Marine Inc. (NASDAQ: ONEW) announced it will release its fiscal fourth quarter and full-year 2021 financial results on November 18, 2021, before the market opens. A conference call will follow at 8:30 a.m. ET, accessible via phone or webcast. OneWater operates 71 retail locations across ten states and is a leading vendor in the premium recreational boat market, offering a variety of products and services that include new and used boat sales, maintenance, and financial services.
OneWater Marine Inc. (NASDAQ: ONEW) announced a definitive agreement to acquire T-H Marine for approximately $185 million. This strategic acquisition is expected to more than double OneWater's service and parts sales, enhancing profitability through a complementary portfolio of marine parts and accessories. The deal is anticipated to close in the fourth quarter of 2021 and is projected to be immediately accretive to
top-line growth, operating margins, and earnings per share. Funding will come from a mix of cash and stock, supported by a $200 million term facility expansion from Truist Securities.
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