Onewater Marine Inc. has released its fiscal third quarter 2024 results, showing a 9% decrease in revenue to $542 million compared to the same period in 2023. Same-store sales decreased 8% for the quarter, with new boat revenue dropping by 10.4% and pre-owned boat revenue by 4.1%.
Gross profit totaled $132.6 million for the quarter, down from $159.4 million in the same period last year, with a gross profit margin of 24.4%. Selling, general and administrative expenses decreased on a dollar basis by 6.2% due to cost reduction actions, ongoing expense management, and lower personnel costs.
Net income for the quarter was $16.7 million, down from $33.3 million in the same period last year, resulting in a net income per diluted share of $0.99 compared to $1.95 in 2023. Adjusted diluted earnings per share for the quarter was $1.05, down from $2.15 in 2023. Adjusted EBITDA decreased by 36.6% to $39.2 million compared to $61.9 million for the same period in 2023.
As of June 30, 2024, the company’s cash and cash equivalents balance was $41.0 million, and total liquidity, including cash and availability under credit facilities, was over $60.0 million. Total inventory decreased to $598.6 million, compared to $687.5 million on March 31, 2024, despite lower-than-expected revenues.
The company also updated its fiscal full year 2024 outlook, anticipating dealership same-store sales to be down mid-single digits, with adjusted EBITDA expected to be in the range of $90 million to $100 million and adjusted earnings per diluted share in the range of $1.50 to $2.00.
Onewater Marine Inc. is one of the largest premium marine retailers in the United States, operating 98 retail locations, 10 distribution centers / warehouses, and multiple online marketplaces in 18 different states. The market has reacted to these announcements by moving the company's shares 0.2% to a price of $30.46. Check out the company's full 8-K submission here.
