OneWater Marine Q1 net income $11.4M ($0.61 EPS) down 51% YoY; lowers FY guidance

OneWater Marine Inc.

Revenue $366.7M (+9% YoY record Q1); service/parts/other up 86% to $70M.
Net income $11.4M ($0.61 diluted EPS) vs $23.5M ($1.45) prior year; Adjusted EBITDA $27.9M down 32%.
Same-store sales declined 14% as seasonality returns; inventory $527M vs $248M year ago.
Lowered FY2023 outlook: same-store sales flat to up mid-single digits; Adj. EBITDA $200-225M; EPS $7.50-8.00.
Completed two strategic dealership acquisitions; total liquidity >$100M; long-term debt $463.9M.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OneWater Marine Inc. reported fiscal first quarter 2023 results: revenue $367 million, net income $11 million, EPS $0.61 per diluted share. Guidance lowered.

Period: fiscal first quarter 2023
Revenue: $367 million
Net income: $11 million
EPS: $0.61 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

Fiscal First Quarter 2023 Highlights • Revenue increased 9% to $367 million, a new fiscal first quarter record • Service, parts & other revenue surged 86% to $70 million • Same-store sales decreased 14% as seasonality returns • Gross profit margin of 30%, remains strong as expected • Net income was $11 million in the quarter or $0.61 per diluted share • Adjusted EBITDA 1 of $28 million • Completed two strategic dealership acquisitions

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Source: SEC EDGAR

accession 0001140361-23-004012

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