PHOTO COURTESY LEGENDARY MARINEOneWater Marine posted a record third quarter, with revenue increasing 4% to $594 million compared with the year-ago quarter. Service, parts and other revenue grew 23% to $92 million, and a gross profit margin of 27% was supported by higher-margin businesses.
“In a deteriorating selling environment, our team did a great job, driving a 4% increase in sales, maintaining flat dealership, same-store sales and aggressively managing overall boat inventory,” CEO Austin Singleton said in a statement. “The marine industry continues to transition back to historical norms and moderated pricing. However, the pace of this transition accelerated ahead of expectations, which pressured margins in the third quarter. We remain intently focused on strategic inventory management, cost optimization, and generating free cash flow to end the year in a position of strength.”
New-boat revenues for the three months ending June 30 were $371,645, a 1.4% decrease compared with the same period in 2022. Preowned boats checked in at $111,469 compared with $98,181 a year ago, a 13.5% increase driven by higher unit prices.
Gross profit totaled $159.4 million, which was down $24.5 million from last year’s $183.9 million. Gross profit margin of 26.8% decreased 550 basis points, driven by the accelerated normalization of new and preowned boat pricing.
