Q1 2025 OneWater Marine Inc Earnings Call Transcript
Key Points
- OneWater Marine Inc (ONEW) reported a 3% increase in revenue to $376 million for the first quarter, driven by a 3% rise in new boat sales and a 7% increase in pre-owned boat sales.
- The company successfully reduced inventory by 10% year-over-year, which is expected to lead to lower carrying costs and improved operational efficiency.
- Finance and insurance revenue grew by 28% to $9 million, highlighting the effectiveness of the company's diverse business model.
- Same-store sales increased by 4%, outperforming the industry unit sales, which were down approximately 14% in the categories OneWater Marine Inc (ONEW) participates in.
- The company is maintaining its fiscal 2025 guidance, anticipating total sales in the range of $1.7 billion to $1.85 billion, with same-store sales expected to rise in the low single digits.
- Gross profit decreased by 8% to $84 million, impacted by lower margins on brands being exited and pricing pressures on new and pre-owned boats.
- The company reported a net loss of $14 million for the first quarter, compared to a net loss of $8 million in the prior year.
- The industry continues to face uncertainty, with no significant market changes expected to alter the company's outlook for the year.
- Interest rates are not expected to decrease as much as previously anticipated, potentially impacting financial relief in the latter half of the year.
- The pre-owned market remains constrained by limited inventory, which continues to be a challenge for OneWater Marine Inc (ONEW).
Good morning. My name is Chloe, and I will be your conference operator today. (Operator Instructions)
I would now like to turn the conference over to Jack as well. Chief Financial Officer. Please go ahead.
Good morning, and welcome to OneWater Marine's Fiscal First Quarter 2025 Earnings Conference Call. I'm joined on the call today by Austin Singleton, Chief Executive Officer; and Anthony Aisquith, President and Chief Operating Officer. Before we begin, I'd like to remind you that certain statements made by management in this morning's call regarding OneWater Marine and its operations may be considered forward-looking statements under the securities laws 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 those described in the forward-looking statements. Factors that might affect future results
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