OneWater Marine shares quarterly finance report
OneWater Marine Inc. announced results for its fiscal third quarter ended June 30, 2025.
“The quarter highlighted our ability to outperform broader industry trends, despite macroeconomic uncertainty,” said Austin Singleton, chief executive officer at OneWater. “As expected, a highly competitive environment and significant promotional activity across the industry continues to pressure margins.”
Revenue for fiscal Q3 2025 was $552.9 million, an increase of 1.9% compared to $542.4 million year-over-year. Same-store sales increased 2% and new boat revenue decreased 2.1%. The decline in new boat revenue was driven by a decrease in units sold, partially offset by an increase in average price per unit. Pre-owned boat revenue increased 17.8%, driven by the increase in units sold and average price per unit.
Finance and insurance income remained flat as a percentage of total boat sales, and service, parts and other sales were down 1.7% compared to the prior year quarter. Dealership service, parts, and other sales increased in the quarter, while distribution segment sales were lower due to reduced production by boat manufacturers.
Gross profit totaled $128.7 million, down $3.9 million from $132.6 million. Gross profit margin of 23.3% decreased 110 basis points compared to the prior year period, driven by new boat model mix and pricing on continuing brands, and the impact of select brands the company is exiting.
Selling, general and administrative expenses totaled $92.1 million, or 16.7% of revenue, compared to $87.1 million, or 16% of revenue. This increase was driven by increased expenses to drive same-store sales results and inflationary costs related to administrative and fixed expenses.
Net income totaled $10.7 million, compared to net income of $16.7 million in fiscal Q3 2024. The company reported net income per diluted share of $0.65 compared $0.99 in 2024. Adjusted diluted earnings per share was $0.79 compared to $1.05 in 2024.
Adjusted EBITDA decreased to $32.8 million compared to $39.2 million for fiscal Q3 2024.
Fiscal year 2025 guidance
The company is updating its previously issued full-year fiscal 2025 outlook. OneWater anticipates revenue to be in the range of $1.80 billion to $1.85 billion and dealership same-store sales to be up low single digits. Adjusted EBITDA is expected to be in the range of $65 million to $80 million and Adjusted Diluted Earnings Per Share is expected to be in the range of $0.50 to $0.75.
“Our focus on serving our customers, executing our strategy, and taking market share remains unwavering,” said Singleton. “We continue to position the business for long-term success through a disciplined and thoughtful approach to inventory management, which includes strategic brand exits that are progressing as planned. By staying focused on factors within our control, we remain well-equipped to navigate this dynamic environment and drive results.”
