Gross profit for OneWater Marine totalled $84.1 million for the quarter ended December 31 2024, down $7.4 million from $91.4 million for the previous quarter.
Net loss for the quarter was $(13.6) million, compared to a net loss of $(8) million in the prior year.
Revenue for the quarter was $375.8 million, an increase of 3.2% compared to $364 million in fiscal first quarter 2024.
Same-store sales increased 4.2% with new boat revenue up 2.9%, driven by an increase in units sold.
Pre-owned boat revenue increased 6.6%, driven by an increase in units sold and average price per unit.
First quarter results exceeded expectations driven by higher unit sales.
Austin Singleton
Finance and insurance income increased as a percentage of total boat sales, while service, parts and other sales were down 1.1% compared to the prior year quarter.
Distribution segment service, parts, and other sales were lower due to reduced production by boat manufacturers.
“First quarter results exceeded expectations driven by higher unit sales in both new and preowned categories,” said Austin Singleton, OneWater CEO.
“Our strategic inventory management and operational execution drove outperformance against the industry, and our team did a great job working down inventory.
Although these efforts pressured margins in the quarter, higher finance and insurance penetration helped offset the impact, reinforcing the durability of our business model.”
He added: “We remain cautiously optimistic, supported by a healthy inventory position that enables us to effectively meet customer demand.
“As the year progresses, we expect further benefit from our ongoing cost reduction initiatives, which continue to strengthen our financial profile.”
The company is maintaining its previously issued fiscal full year 2025 outlook with revenue expected to be between $1.7 billion to $1.85 billion and dealership same-store sales to be up low single digits.
