Q2 2024 OneWater Marine Inc Earnings Call Transcript
Key Points
- OneWater Marine Inc (ONEW) outperformed the industry with a smaller decline in same-store sales compared to the broader market.
- The company successfully closed the acquisition of Garden State Yacht Sales, enhancing its presence in the mid-Atlantic U.S.
- Despite a decrease in new boat sales, pre-owned boat sales increased by 4%, showing strength in this segment.
- OneWater Marine Inc (ONEW) maintained solid finance and insurance penetration, with rates still tracking above their target of 60% for new boat customers.
- The company has maintained its fiscal 2024 guidance, reflecting management's confidence in the business's stability and ongoing strategies.
- Same-store sales were down 5.1%, reflecting a more normalized demand environment and the return of seasonality.
- Revenue for the fiscal second quarter decreased by 7% year-over-year, with new boat sales down 8%.
- Gross profit decreased by 18% in the second quarter compared to the previous year, driven by normalization of gross margins.
- The distribution segment continues to face challenges due to reduced production from boat manufacturers, which is expected to pressure results for the remainder of the year.
- Net loss for the fiscal second quarter totaled $5 million, a significant drop from net income of $27 million in the prior year quarter.
Good day and welcome to the OneWater Marine Incorporated Second Quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Mr. Jack as its Chief Financial Officer. Thank you, and over to you.
Good morning, and welcome to WorldWater Marine's Fiscal Second Quarter 2024 earnings conference call. I am joined on the call today by Austin Singleton, Chief Executive Officer, and Anthony Asquith, President and Chief Operating Officer.
Before we begin, I would like to remind you that certain statements made by management in this morning's conference call regarding OneWater Marine and its operations may be considered forward-looking statements under securities law and involve a number of risks and uncertainties. As a result, the company cautions you that there are a number of factors, many of which are beyond the company's control, which could cause actual results and events to differ materially from
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