The following is a summary of the OneWater Marine Inc. (ONEW) Q1 2024 Earnings Call Transcript:
Financial Performance:
OneWater Marine reported a 1% decline in Q1 revenue to $364 million compared to the previous year.
Gross profit decreased to $91 million from $110 million in the prior year.
Operating income and adjusted EBITDA also fell significantly to $6 million and $7 million, respectively.
Net loss for the quarter was $8 million, while total liquidity stood over $65 million, including $45 million of cash.
Long-term debt was reported at $440 million with a net debt to adjusted EBITDA ratio of 2.6 times.
Business Progress:
Sales of new boats increased by 4% due to a preference for larger models, despite a 4% decline in used boat sales.
The company plans to focus on delivering organic growth and expanding its market share through strategic mergers and acquisitions.
It remains confident in executing its growth strategy, despite an unpredictable macro environment and industry-wide inventory challenges.
The company expects a performance similar to the 2018-2019 period and plans to leverage its free cash flows strategically while preparing for a possible margin decline.
The company achieved its target of 60% new boat customers financing a portion of their purchases directly with OneWater Marine.
More details: OneWater Marine IR
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