OneWater Marine Inc. reported a slight decline in revenue for the second quarter of fiscal 2025, with total revenues reaching $483.5 million, down 1.0% from $488.3 million in the same period last year. The decrease was primarily driven by a $17.8 million drop in new boat sales, which totaled $309.5 million, a 5.4% decline year-over-year. However, pre-owned boat sales saw an increase of 14.1%, contributing $89.7 million to the revenue. The company also experienced a modest rise in finance and insurance income, which increased by 1.9% to $15.0 million, and service, parts, and other sales, which rose by 2.4% to $69.3 million.
In terms of profitability, OneWater Marine reported a net loss of $0.4 million for the quarter, a significant improvement compared to a net loss of $4.5 million in the prior year. This improvement was attributed to a 17.4% increase in income from operations, which rose to $16.3 million, driven by a reduction in restructuring and impairment charges. Selling, general, and administrative expenses increased slightly by 1.5% to $87.8 million, reflecting inflationary pressures and increased costs associated with boat shows.
Operationally, OneWater Marine continues to expand its footprint, operating 98 retail locations across 19 states as of March 31, 2025. The company has also made strategic acquisitions, including the recent purchase of American Yacht Group, which is expected to enhance its market presence. The company’s distribution segment, which includes operations from T-H Marine and Ocean Bio-Chem, accounted for 8% of total revenues, emphasizing its diversified revenue streams.
Looking ahead, OneWater Marine remains focused on growth through acquisitions and enhancing customer experience. The company is optimistic about its ability to navigate economic challenges, including rising interest rates and inflation, which could impact consumer spending. Management believes that its scale and operational efficiencies will allow it to capitalize on growth opportunities, despite potential market fluctuations. The company is committed to maintaining compliance with its financial covenants and managing its capital resources effectively to support ongoing operations and strategic initiatives.
About OneWater Marine Inc.
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