OneWater Marine Inc. Announces Fiscal Second Quarter 2023 Results

Strong execution drives record revenue as seasonality of boat sales continues to make a return.

Fiscal Second Quarter 2023 Highlights

  • Revenue increased 19% to $524 million, a new fiscal second quarter record
  • Service, parts & other revenue grew 28% to $78 million
  • Same-store sales increased 11%
  • Gross profit margin of 28% remains strong
  • Net income was $27 million in the quarter or $1.56 per diluted share
  • Adjusted EBITDA1 of $52 million

BUFORD, Ga., May 04, 2023 (GLOBE NEWSWIRE) — OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal second quarter ended March 31, 2023.

“Our team once again showcased its ability to execute in a dynamic environment, delivering a 19% growth in sales during the quarter, on top of a 34% increase in the prior year period. Same store sales grew 11% year-over-year driven by a balance of unit and price increases. Additionally, our higher margin service, parts and other sales grew 28% in the quarter, bolstered by revenue from strategic acquisitions and organic growth,” commented Austin Singleton, Chief Executive Officer at OneWater. “As the industry continues to return to historical seasonal cycles with more normalized pricing and inventory levels, we will utilize our robust sales platform and inventory management tools to continue to outperform the industry, gain market share and create value for our shareholders,” concluded Mr. Singleton.

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About OneWater Marine Inc.

OneWater Marine Inc. is one of the largest and fastest-growing premium marine retailers in the United States. OneWater operates a total of 100 retail locations, 12 distribution centers / warehouses and multiple online marketplaces in 20 different states, several of which are in the top twenty states for marine retail expenditures. OneWater offers a broad range of products and services and has diversified revenue streams, which include the sale of new and pre-owned boats, finance and insurance products, parts and accessories, maintenance, repair and other services.