OneWater Marine Inc. yesterday reported record revenue for its 2022 fiscal fourth quarter and fiscal year. The company also raised its full-year guidance for 2013.
Revenue for the 2022 fiscal fourth quarter was $397.5 million, an increase of 41.8% compared to $280.3 million in the 2021 year-ago quarter. OneWater said the growth was primarily attributable to both sales of acquired businesses and an increase in same-store sales. During the year’s final quarter, same-store sales increased 4% over 2021. In addition, the company reported that Hurricane Ian negatively impacted sales by approximately $25 million.
Fiscal year 2022 highlights include record revenue of $1.74 billion, a 42% increase from the previous fiscal year. Gross profit margin expanded 260 basis points to 31.7%. Additional data from the fiscal year that ended Sept. 30 showed same-store sales increasing by 12% and net income being boosted by a record 31% to $153 million. Net income per diluted share attributable to OneWater increased 31% to $9.13.
“We closed out another successful year, with fiscal 2022 revenues growing 42% and adjusted EBITDA growing 59%,” Austin Singleton, chief executive officer at OneWater, said in a statement. “Our robust acquisition cadence, coupled with our focus on diversifying our business to expand our finance and insurance, and parts and service revenue, has established a proven model.”
For fiscal year 2023, OneWater expects same-store sales to grow by low- to mid-single digits, despite a forecasted challenging macroeconomic environment. The company is predicting adjusted EBITDA to be in the range of $250 million to $260 million and earnings per diluted share to be in the range of $9.25 to $9.75. Both include the previously announced Taylor Marine Centers acquisition, which closed on Oct. 1, but excludes the recent Harbor View Marine acquisition, which has yet to close, as well as others that may be completed during the fiscal year 2023.
