Loading...
•
Sep 30, 2023
OneWater Marine Q4 2023 Earnings Report
Announced fiscal fourth quarter and full-year 2023 results, demonstrating strong competitive positioning despite a challenging year in the marine industry.
Key Takeaways
OneWater Marine Inc. reported a revenue increase of 13.4% to $451.0 million for fiscal fourth quarter 2023 compared to the prior year. Same-store sales increased by 14.6%. However, the company recorded a net loss of $(110.9) million due to a non-cash impairment charge of $147.4 million related to certain goodwill and identifiable intangible assets.
Revenue for fiscal fourth quarter 2023 was $451.0 million, an increase of 13.4% compared to fiscal fourth quarter 2022.
Dealership same-store sales increased 14.6% driven by increases in both units sold and average price per unit.
Net loss for fiscal fourth quarter 2023 totaled $(110.9) million, compared to net income of $22.3 million for the same period last year, due to a non-cash impairment charge.
Adjusted earnings per diluted share for fiscal fourth quarter 2023 was $0.42, compared to $1.68 in 2022.
OneWater Marine
OneWater Marine
OneWater Marine Revenue by Segment
Revenue by Segment
Finance & Insurance Income Revenue
CapyFin.com Forward Guidance
For fiscal full year 2024, OneWater anticipates dealership same-store sales to be up low to mid-single digits. Adjusted EBITDA is expected to be in the range of $130 million to $155 million and earnings per diluted share is expected to be in the range of $3.25 to $3.75.
Positive Outlook
- Dealership same-store sales are expected to increase in the low to mid-single digits.
- Adjusted EBITDA is projected to be between $130 million and $155 million.
- Earnings per diluted share are anticipated to be in the range of $3.25 to $3.75.
- Guidance does not anticipate a major economic downturn or recovery.
- Proactive and aggressive approach to inventory management positions the company well as it enters the seasonally slower winter months.
Challenges Ahead
- Challenging macroeconomic environment is expected.
- Forward-looking Adjusted EBITDA reconciliations are not available without unreasonable effort.
- Change in fair value of contingent consideration and transaction costs are difficult to predict.
- The boat industry is subject to seasonality and volatility.
- Effects of industry wide supply chain challenges including a heightened inflationary environment and our ability to maintain adequate inventory.