OneWater Marine Inc
NASDAQ:ONEW
OneWater Marine Inc
OneWater Marine, Inc. is a recreational boat retailer in the United States. The company is headquartered in Buford, Georgia and currently employs 1,785 full-time employees. The company went IPO on 2019-10-25. The firm is a marine retailer, which operates in the United States with approximately 70 stores comprising 25 dealer groups in 11 states. Its dealer groups are located throughout the Southeast; Gulf Coast; Mid-Atlantic; and Northeast, including Texas, Florida, Alabama, North Carolina, South Carolina, Georgia, Ohio and New Jersey. The company offers new and pre-owned recreational boats; yachts; and related marine products, including parts and accessories. The company also provides boat repair and maintenance services; arrange boat financing and insurance; and offers other ancillary services, including indoor and outdoor storage, marina services, and rentals of boats and personal watercraft. The Company’s products and services includes New and Pre-Owned Boat Sales; F&I Products; and Service, Parts & Other.
OneWater Marine, Inc. is a recreational boat retailer in the United States. The company is headquartered in Buford, Georgia and currently employs 1,785 full-time employees. The company went IPO on 2019-10-25. The firm is a marine retailer, which operates in the United States with approximately 70 stores comprising 25 dealer groups in 11 states. Its dealer groups are located throughout the Southeast; Gulf Coast; Mid-Atlantic; and Northeast, including Texas, Florida, Alabama, North Carolina, South Carolina, Georgia, Ohio and New Jersey. The company offers new and pre-owned recreational boats; yachts; and related marine products, including parts and accessories. The company also provides boat repair and maintenance services; arrange boat financing and insurance; and offers other ancillary services, including indoor and outdoor storage, marina services, and rentals of boats and personal watercraft. The Company’s products and services includes New and Pre-Owned Boat Sales; F&I Products; and Service, Parts & Other.
In-line Quarter: OneWater Marine reported a solid first quarter that was in line with expectations despite industry headwinds.
Revenue Growth: Revenue rose slightly by 1% year-over-year to $381 million, mainly driven by strong Pre-Owned Boat sales.
Profit Improvement: Gross profit and margins improved, with gross margin expanding by 110 basis points to 23.5%.
Inventory & Leverage: Inventory levels and mix are healthy, and the company expects leverage to fall under 4x by year-end with asset sales.
Guidance Maintained: Management kept full-year guidance unchanged, expecting total sales between $1.83–$1.93 billion and adjusted EBITDA of $65–$85 million.
Portfolio Optimization: The company is selling certain non-core distribution assets to simplify the business and strengthen its balance sheet.
Pre-Owned Strength: Pre-Owned Boat sales outperformed due to better trade-in availability, not a shift to lower-priced units.
Margin Outlook: New Boat margins are expected to improve by 100 basis points for the year, though management expects some quarter-to-quarter variability.
