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Sep 30, 2021
OneWater Marine Q4 2021 Earnings Report
Achieved significant top- and bottom-line growth due to record demand and strong execution.
Key Takeaways
OneWater Marine Inc. reported a 3.4% increase in revenue for the fiscal fourth quarter 2021, reaching $280.3 million, and a net income of $22.5 million, compared to $6.0 million in the same quarter of the previous year. The company's finance & insurance income and service, parts, and other sales saw significant increases, while same-store sales decreased by 8% due to industry-wide inventory shortages. For the full fiscal year, revenue increased by 20.1% to $1,228.2 million, and net income increased by 140.0% to $116.4 million.
Revenue for the fiscal fourth quarter 2021 increased by 3.4% to $280.3 million.
Finance & insurance income was up 25.0% compared to the prior year.
Service, parts and other sales increased by 33.3% year-over-year.
Net income for the fiscal fourth quarter of 2021 totaled $22.5 million, compared to $6.0 million in the fiscal fourth quarter of 2020.
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
For fiscal full year 2022, OneWater anticipates same store sales to be up high-single digits, despite an expected challenging inventory environment. Adjusted EBITDA is expected to be in the range of $170 million to $175 million and earnings per diluted share to be in the range of $7.20 to $7.50, both of which exclude the previously announced T-H Marine and Norfolk Marine acquisitions and others that may be completed during the year.
Positive Outlook
- Same store sales to be up high-single digits
- Adjusted EBITDA expected to be in the range of $170 million to $175 million
- Earnings per diluted share to be in the range of $7.20 to $7.50
- Continued customer demand at historic levels with no signs of slowing
- Attractive M&A pipeline
Challenges Ahead
- Expected challenging inventory environment
- Industry-wide supply chain challenges
- Variable personnel costs
- Increased costs given the current personnel and supply chain environment
- Exclusion of T-H Marine and Norfolk Marine acquisitions from guidance
Revenue & Expenses
Visualization of income flow from segment revenue to net income