OneWater Marine has topped its historic earnings in 2020, reporting record revenue of $1.23 billion in fiscal 2021, a 20 percent increase over the year prior and a 10 percent increase in same-store sales.
Net income skyrocketed 140 percent to $116.4 million, and adjusted EBITDA rose 88 percent to $155.8 million, compared to $83 million a year prior. Gross profit was up 52 percent to $357.5 million for its FY2021.
According to OneWater, the surge in revenue can be attributed to increases in the average unit price of new and pre-owned boats, as well as a 52 percent jump in its service, parts and other sales categories.
“The OneWater team delivered record revenue and earnings in fiscal year 2021 despite a challenging supply chain environment that limited production at OEMs. In fact, customer demand has continued at historic levels with no signs of slowing, which we expect will support further growth well into the coming year,” said CEO Austin Singleton in a statement.
The company expects significant contributions to come from acquisitions made late in its fiscal year, which ended on Sept. 30.
“We are realizing tremendous growth in our higher-margin areas of the business and our acquisition strategy has maintained an accelerated pace including the notable addition of PartsVu, as well as the pending acquisition of T-H Marine. Based on our attractive M&A pipeline, we expect 2022 to be another robust deal year,” said Singleton.
For the fourth quarter, OneWater saw a 3.4 percent increase in revenue to $280 million and an 8-percent dip in same-store sales. The company said that industry-wide supply-chain issues and inventory shortages slowed sales for the quarter.
However, net income was up 73 percent to $22.5 million, compared to $6 million at the same time last year. And gross profit saw a 39 percent increase to $89.3 million, from $64.1 million for the fiscal fourth quarter 2020.
OneWater said the increases were driven by type and size of boats sold and sharp increases in high-margin service, parts and other sales during the quarter.