IMAGE COURTESY ONEWATER

OneWater Marine today reported results for its fiscal fourth quarter, with revenues of $377.9 million, down 16.2% compared with $451 million year-over-year. Same-store sales decreased 17%, and new-boat revenue decreased 18%. Preowned-boat revenue declined 20.1%.

Net loss for the quarter was $10.4 million, compared with net loss of $110.9 million a year ago. The net loss in the prior year period was driven by a $147.4 million non-cash impairment charge related to certain intangible assets, the company said in a statement.

“Our team demonstrated remarkable resilience and execution amidst a challenging retail environment as consumer behavior and industry inventory reset in fiscal 2024,” CEO Austin Singleton said in the statement. “Our revenue and brand diversification, coupled with our geographic reach, helped mitigate the impact of macroeconomic uncertainty and severe weather, underscoring the strength of our business model.”

Revenue for the fiscal year ended Sept. 30 decreased 8.5% to $1.772 billion, compared with $1.936 billion for the previous fiscal year, driven by a drop in new and preowned unit sales and a 9.7% decrease in service, parts and other sales. Same-store sales decreased 7% year-over-year.

Gross profit totaled $435.1 million for the year, compared with $535.1 million in 2023. Gross profit margin of 24.5% decreased 310 basis points compared with the prior year, primarily due to moderated boat pricing following the Covid-era environment.

As of Sept. 30, cash and cash equivalents were $16.8 million, and total liquidity, including cash and availability under credit facilities, was approximately $30 million.

“Looking to fiscal 2025, we expect a slower start to the year given the ongoing impacts from hurricanes Helene and Milton; however, we are cautiously optimistic in our full-year outlook,” Singleton said.

For fiscal 2025, OneWater anticipates revenue in the range of $1.7 billion to $1.85 billion and dealership same-store sales to be up low single digits. Adjusted EBITDA is expected to be in the range of $80 million to $110 million, and adjusted diluted earnings per share is expected to be in the range of $1 to $2.