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Jun 30, 2021
OneWater Marine Q3 2021 Earnings Report
Reported strong third quarter results with significant margin expansion and earnings growth despite industry-wide inventory challenges.
Key Takeaways
OneWater Marine Inc. reported a slight decrease in revenue but a significant increase in net income for the fiscal third quarter 2021. Revenue was $404.2 million, a 1.0% decrease compared to the previous year, while net income increased by 27% to $51.6 million. The company's gross profit margin expanded by more than 800 basis points to 31%, driven by a focus on higher margin service, parts, and other sales.
Revenue reached $404.2 million despite industry-wide inventory challenges.
Gross profit margin expanded more than 800 basis points to 31%.
Net income increased 27% to $51.6 million, or $3.04 per diluted share.
Adjusted EBITDA increased 33% to $65.5 million.
OneWater Marine
OneWater Marine
OneWater Marine Revenue by Segment
Revenue by Segment
Finance & Insurance Income Revenue
CapyFin.comService, Parts & Other Sales Revenue
CapyFin.com Forward Guidance
The Company is raising its fiscal full year 2021 outlook for Adjusted EBITDA to be in the range of $150 million to $155 million and diluted earnings per share to be in the range of $6.60 to $6.80, excluding any acquisitions that may be completed later in the year.
Positive Outlook
- Adjusted EBITDA to be in the range of $150 million to $155 million.
- Diluted earnings per share to be in the range of $6.60 to $6.80.
- Same store sales to increase approximately 10%.
- Manufacturers can maintain production at the current pace.
- Deliver presold units and build inventory.
Challenges Ahead
- Excluding any acquisitions that may be completed later in the year.
- Based on continued broad-based inventory challenges in the industry near-term.
- Assumes OneWater’s manufacturers can maintain production at the current pace.
- Industry-wide supply chain constraints.
- Inventory challenges
Revenue & Expenses
Visualization of income flow from segment revenue to net income