OneWater Marine this morning announced the results of its fiscal second quarter.
The retailer reported that revenue increased year-over-year in the quarter by 34 percent to $442 million, while net income increased 38 percent to $42 million. Net income per diluted share increased 39 percent to $2.54. Gross profit increased 530 basis points to 32.2 percent.
“We had another exceptional quarter, delivering 34 percent revenue growth, expanding gross margins by 530 basis points and driving earnings per share up 39 percent year-over-year,” OneWater CEO Austin Singleton said in a statement. “We also completed the acquisitions of JIF Marine and YakGear, accelerating our parts-and-services revenue that saw a 178 percent increase, while at the same time further diversifying our business. Cycling an incredible quarter last year, we also saw an increase of 8 percent in same-store sales, demonstrating the strength of our team, platform and inventory-management tools.”
The company also announced a share buyback program. “During the quarter, we announced our inaugural share repurchase program, highlighting the board’s conviction of our strategy and long-term value creation opportunity,” Singleton added. “Combining a strong foundation with our multipronged, tried-and-true acquisition playbook, we continue to work toward driving returns for our shareholders for many years to come.”
The full financial disclosure is available here.