OneWater Marine Inc. recently announced results for its fiscal first quarter ended December 31, 2021.
"The OneWater team once again delivered an exceptional quarter in the face of ongoing supply chain challenges. Our same store sales increased 28%, compared to a tremendous quarter last year, highlighting the strength of our team and effective use of our advanced inventory management tools which are enabling us to outperform the industry,” commented Austin Singleton, Chief Executive Officer at OneWater.
Revenue for fiscal first quarter 2022 was $336.3 million, an increase of 57.1% compared to $214.1 million in fiscal first quarter 2021 due primarily to an increase in same-store sales and revenue from acquired businesses. During fiscal first quarter 2022 same-store sales increased 28%, following a 38% increase in first quarter 2021, as a result of the strong demand environment. New and pre-owned boat revenue increased 55.6% and 38.5%, respectively, due to the acquired businesses and a significant increase in average unit price of new and pre-owned boats and a modest increase in units sold. Finance & insurance income was up 56.1% compared to the prior year and service, parts and other sales was up 110.7% as a result of the Company’s strategic focus on expanding the high margin, less cyclical service, parts & other revenues.
“In the first quarter, we completed acquisitions of Naples Boat Mart, T-H Marine, Norfolk Marine, and acquired a controlling interest in Quality Boats, all of which will be immediately accretive to OneWater and we believe positions us for continued accelerated growth. Looking to the remainder of the year, we remain focused on executing our long-term growth strategy, continuing to expand our earnings potential and realizing the power of our acquisition strategy on the future of OneWater, all of which is expected to increase value for shareholders,” Singleton said.
Gross profit totaled $101.0 million for fiscal first quarter 2022, up $48.5 million from $52.4 million for fiscal first quarter 2021. Gross profit margin of 30.0% increased 550 basis points compared to the prior year driven by the shift in the mix and size of boats sold, dynamic pricing, and the sharp increase in high margin service, parts and other sales during the quarter.
Fiscal first quarter 2022 selling, general and administrative expenses totaled $59.1 million, or 17.6% of revenue, compared to $34.9 million, or 16.3% of revenue, in fiscal first quarter 2021. The increase in selling, general and administrative expenses as a percentage of revenue was due mainly to higher variable personnel costs driven by the increased level of profitability.
Net income for fiscal first quarter 2022 totaled $23.5 million, compared to $11.8 million in fiscal first quarter 2021. The significant increase was primarily due to the heightened level of gross profit for the period and significant increase in service, parts, and other income.
Earnings per diluted share for fiscal first quarter 2022 was $1.45 per diluted share, compared to $0.71 per diluted share in 2021. For both periods, charges related to transaction costs and contingent consideration adversely impacted diluted earnings per share. These amounts, tax effected at 25%, were $0.41 per share in first fiscal quarter 2022 and $0.03 per share in first fiscal quarter 2021.
The full Q1 FY22 results for OneWater can be found here.