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OneWater Marine Inc. (ONEW-1.86%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing reports total revenues of $1,772.6 million, a decrease of 8.5% from $1,936.3 million in the previous year. This decline was attributed to softer demand in the recreational marine market and the impact of Hurricane Helene.
New boat sales accounted for $1,118.3 million of the total revenue, down 8.6% from the previous year. Pre-owned boat sales also decreased by 6.7% to $312.2 million.
Finance and insurance income fell by 8.6% to $51.5 million, reflecting the reduction in boat sales.
Service, parts, and other sales were $290.7 million, a decline of 9.7% from the previous year, primarily due to reduced parts and accessories sales to OEMs.
The company reported a gross profit of $435.1 million, a decrease of 18.7% from the prior year, with overall gross margins declining by 310 basis points to 24.5%.
Selling, general, and administrative expenses decreased by 3.7% to $332.7 million, reflecting cost savings from restructuring activities.
Interest expense on floor plan financing increased by 35.9% to $34.1 million, due to higher interest rates and inventory levels.
OneWater Marine reported a net loss of $6.2 million for the year, a significant improvement from the net loss of $39.1 million in the previous year.
The company completed one acquisition during the year, acquiring Garden State Yacht Sales in New Jersey.
OneWater Marine continues to focus on expanding its dealership network and enhancing its customer experience despite the challenging market conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OneWater Marine Inc. annual 10-K report dated December 10, 2024. To report an error, please email earnings@qz.com.