OneWater Marine Q3 net income halved to $33.3M; lowers FY2023 Adjusted EBITDA guidance

OneWater Marine Inc.

Revenue $594.3M (+4.5% YoY), but net income fell to $33.3M from $64.5M; diluted EPS $1.95 vs $3.86.
Gross profit margin dropped 550 bps to 26.8% due to accelerated pricing normalization; service/parts/other revenue grew 23% to $92.2M.
Adjusted EBITDA of $59.8M, down 37% from $95.1M; existing boat inventory surged to $572.9M vs $269.4M a year earlier.
FY2023 guidance: same-store sales flat, Adjusted EBITDA $160-170M (down from prior? not disclosed but implied lower) and diluted EPS $4.45-4.70.
CEO cites 'deteriorating selling environment' and faster-than-expected industry normalization pressuring margins.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

OneWater Marine Inc. reported quarter ended June 30, 2023 results: revenue $594,339, net income $33,300, EPS $1.95.

Period: quarter ended June 30, 2023
Revenue: $594,339
Net income: $33,300
EPS: $1.95
Result: reported results

Exact text from the filing

(5,241) (1.4) % Pre-owned boat 111,469 98,181 13,288 13.5 % Finance & insurance income 19,028 18,979 49 0.3 % Service, parts & other 92,197 74,854 17,343 23.2 % Total revenues $ 594,339 $ 568,900 $ 25,439 4.5 % Fiscal Third Quarter 2023 Results Revenue for fiscal third quarter 2023 was $594.3 million, an increase of 4.5% compared to $568.9 million in fiscal third

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

OneWater Marine Inc. reported quarter ended June 30, 2022 results: revenue $568,900, net income $64,500, EPS $3.86.

Period: quarter ended June 30, 2022
Revenue: $568,900
Net income: $64,500
EPS: $3.86
Result: reported results

Exact text from the filing

% Pre-owned boat 111,469 98,181 13,288 13.5 % Finance & insurance income 19,028 18,979 49 0.3 % Service, parts & other 92,197 74,854 17,343 23.2 % Total revenues $ 594,339 $ 568,900 $ 25,439 4.5 % Fiscal Third Quarter 2023 Results Revenue for fiscal third quarter 2023 was $594.3 million, an increase of 4.5% compared to $568.9 million in fiscal third quarter

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Source: SEC EDGAR

accession 0001772921-23-000034

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