PHOTO COURTESY ONEWATEROneWater Marine posted record second-quarter revenues of $524 million, an 18.6% increase compared with $442.1 million in the -year-ago quarter. Service, parts and other revenue grew 28% to $78 million, and same-store sales increased 11%.
“Our team once again showcased its ability to execute in a dynamic environment, delivering a 19% growth in sales during the quarter, on top of a 34% increase in the prior year period,” CEO Austin Singleton said in a statement.
“As the industry continues to return to historical seasonal cycles with more normalized pricing and inventory levels, we will utilize our robust sales platform and inventory management tools to continue to outperform the industry, gain market share and create value for our shareholders,” he added.
For the three months ended March 31, new-boat revenues were $355.3 million, 22.5% increase from $290 million. Sales of preowned boats were $75.4 million, a 6% decline from $75.9 million previous-year quarter.
Gross profit totaled $146.7 million for the quarter, up $4.2 million from $142.5 million in 2022. Gross profit margin of 28% was a decrease of 420 basis points compared with the prior year, driven by the normalization of new and preowned-boat pricing, partially offset by contributions from higher margin, service, parts and other revenue.
Net income was $27 million compared with $42.4 million for the same period of 2022. Earnings per diluted share were $1.56 compared with $2.54.
Adjusted EBITDA decreased 21.7% to $51.8 million compared to $66.1 million in 2022. As of March 31, the cash and cash equivalents balance was $61 million. Total liquidity, including cash and availability under credit facilities, was in excess of $100 million. Total inventory increased to $593.3 million compared with $293.2 million in 2022, primarily driven by acquisitions and the return of traditional seasonal cycles.
