Q2 2025 OneWater Marine Inc Earnings Call Transcript
Key Points
- OneWater Marine Inc (ONEW) outperformed the industry with a 2% decline in same-store sales compared to an industry decline of over 10%.
- The company successfully reduced inventory by 12% year-over-year and 5% sequentially, improving working capital and long-term positioning.
- Pre-owned boat sales increased by 14%, supported by higher trade-ins and trade-ups, indicating strong demand in this segment.
- Financing and insurance revenue showed strength, with penetration up slightly, highlighting the effectiveness of in-store financing programs.
- The company is on track to exceed its initial full-year goal of a 10% reduction in inventory, now expecting a 10-15% reduction, which will lead to a more productive lineup of brands.
- Gross margins remain challenged due to a competitive promotional environment, impacting profitability.
- Higher costs associated with boat shows and inflationary pressures led to increased selling, general, and administrative expenses.
- Revenue decreased by 1% to $484 million, with new boat sales down 5%, reflecting challenges in the new boat segment.
- The company reported a net loss of $375,000 for the fiscal second quarter, although this was an improvement from the prior year's loss.
- The macroeconomic environment remains uncertain, with potential impacts from tariffs and increased costs affecting the business outlook.
Good morning, My name is Ina, and I will be your conference operator today. At this time, I would like to welcome everyone to the OneWater Marine Inc fiscal 2nd quarter 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. Should you wish to ask questions at the time, please press star one on your telephone keypad. Thank you. I would like to turn the conference over to Jack Ezzell, Chief Financial Officer. Please go ahead.
Good morning and welcome to OneWater Marine's fiscal 2nd quarter 2025 earnings conference call. I'm joining 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 conference call regarding OneWater Marine and its operations may be considered forward-looking statements under securities law and
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