OneWater Marine reported a 39 percent increase in revenue for its first quarter, to $214.1 million, primarily attributed to a sizable rise in new-boat sales and a higher average price of new and used models.
Same-store sales increased 38 percent, with gross profit totaling $52.4 million, up from $32.2 million compared with same quarter a year prior.
Net income for the quarter increased sharply to $11.8 million, compared with a net loss of $1.1 million in the previous year.
OneWater CEO Austin Singleton said he was pleased with the group’s results in a quarter that’s typically the slowest of its fiscal year.
“Our VIP and other in-house marketing events were well-attended and highly successful, absent select organized boat shows, increasing sales nearly 40 percent year over year as boaters secured new boats in preparation for the upcoming boating season,” Singleton said in a statement. “With tight inventory across the industry, we worked to ensure customers had access to our nationwide inventory.”
Singleton added that OneWater’s recent acquisitions of Roscioli Yachting Center, Walker Marine Group and Tom George Yacht Group will contribute significantly to the bottom line.
“We’ve had an eventful start to fiscal 2021, including closing on three of the largest acquisitions in OneWater history,” he said. “These acquisitions historically generated in excess of $125 million in revenue on an annual basis, and we are focused on integrating these businesses into the OneWater family. … We remain committed to executing our multitiered growth strategy through acquisitions and the expansion of our high-margin business, further driving long-term shareholder value.”