IMAGE COURTESY ONEWATER

OneWater Marine yesterday released results of its fiscal first quarter of 2024.

Revenue for quarter was $364 million, a decrease of 0.7% compared with $366.7 million in the year-prior quarter. Same-store sales increased 2%.

New-boat revenue increased 3.7%, driven by an increase in average price per unit, partially offset by a slight decrease in units sold. Preowned-boat revenue decreased 4.5%, driven by a drop in brokerage and consignment sales, partially offset by the increase in preowned sales from trade-ins.

Gross profit totaled $91.4 million for first quarter, down $18.6 million from $110 million year-over-year. Gross profit margin of 25.1% decreased 490 basis points compared with the prior-year period, driven by the seasonal shift in volume, mix and size of boats sold, as well as lower revenue from higher-margin businesses.

OneWater said in a statement that it anticipates same-store sales to be up low to-mid-single digits. Adjusted EBITDA2 is expected to be in the range of $130 million to $155 million, and earnings per diluted share is expected to be in the range of $3.25 to $3.75.