OneWater Marine Inc. Reports 2024 Earnings

Onewater Marine Inc ( (ONEW) ) has released its Q4 earnings. Here is a breakdown of the information Onewater Marine Inc presented to its investors.

OneWater Marine Inc., a leading premium marine retailer in the United States, operates a network of retail locations and distribution centers, offering a wide array of marine products and services. In its fiscal fourth quarter and full-year 2024 earnings report, OneWater Marine Inc. shared that it faced significant challenges, including a revenue decline of 8% for the year, attributed to macroeconomic uncertainties and severe weather impacts such as Hurricane Helene. Despite these obstacles, the company reported a gross profit margin of 24.5% and adjusted EBITDA of $82 million for the fiscal year.

The company experienced a 16.2% decline in fourth-quarter revenue compared to the previous year, with new and pre-owned boat sales decreasing by 18% and 20.1%, respectively. However, OneWater Marine managed to reduce its net loss significantly compared to the prior year, which was influenced by a substantial non-cash impairment charge. The company’s strategic cost-reduction efforts were reflected in a 6.1% decrease in selling, general, and administrative expenses.

For the full fiscal year, OneWater Marine’s total revenue dropped to $1.78 billion, impacted by a decrease in both new and pre-owned boat sales and a 9.7% decrease in service, parts, and other sales. The company maintained a healthy inventory position and ended the year with a reduced inventory level, aligning with market demand. OneWater Marine’s adjusted diluted earnings per share were reported at $0.98, a decline from the previous year, and adjusted EBITDA showed a decrease of 53.2%.

Looking ahead to fiscal 2025, OneWater Marine Inc. anticipates a cautious start due to the ongoing effects of recent hurricanes but remains optimistic about its full-year outlook. The company expects its strategic cost actions to provide benefits and forecasts revenue between $1.7 billion and $1.85 billion, with adjusted EBITDA projected to range from $80 million to $110 million.