OneWater Marine reported increased fiscal 2023 revenues of $1.94 billion, an increase of 11% compared with the previous year. Same-store sales were up 3%, gross profit margin was 27.6%, and adjusted EBITDA was $167 million.
“Our team delivered record revenue, solid gross margins and strong cash generation in fiscal 2023, despite a dynamic operating environment,” CEO Austin Singleton said in a statement. “Healthy demand and effective execution drove a double-digit revenue increase and a 3% increase in same-store sales for the year. Our gross profit margin continues to stabilize, bolstered by a 26% increase in our higher-margin service, parts and other sales, which helped offset the expected decline in product margins as the industry returns to historical seasonality and more normalized pricing.”
Revenue for the fourth quarter was $451 million, an increase of 13.4% compared with $397.5 million in the prior-year quarter. The growth was attributable to strong preowned-boat sales and double-digit growth in new-boat revenue. Same-store sales increased 14.6%.
New-boat revenue was up 11.9%, driven by an increase in average unit price and partially offset by a slight reduction in units sold. Finance and insurance income increased 2.3% compared with the prior year quarter. Preowned boat revenue increased 36.4%; service, parts and other sales were up 0.7%.
Gross profit totaled $119 million for fourth quarter, down $7.2 million from $126.2 million for the same quarter in 2022. Gross profit margin of 26.4% was a decrease of 570 basis points, driven by the normalization of new and preowned-boat pricing.
Selling, general and administrative expenses totaled $84.7 million, or 18.8% of revenue, compared with $79.7 million, or 20% of revenue, in the fourth quarter of 2022.
