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OneWater Marine Inc. (ONEW-3.02%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total revenues of $375.8 million, reflecting a 3.2% increase compared to the same quarter in the previous year. This increase is primarily attributed to growth in new and pre-owned boat sales.
New boat sales amounted to $248.0 million, a 2.9% increase from the prior year, driven by strategic inventory management. Pre-owned boat sales increased by 6.6% to $56.8 million.
Finance and insurance income rose by 27.7% to $9.4 million, benefiting from increased boat sales. Service, parts, and other sales slightly decreased by 1.1% to $61.6 million.
Total gross profit decreased by 8.1% to $84.1 million, with gross profit margins declining due to pricing adjustments in new and pre-owned boats.
Selling, general, and administrative expenses were reduced by 0.7% to $79.1 million, reflecting cost savings from restructuring activities.
The company reported a net loss of $13.6 million, compared to a net loss of $8.0 million in the previous year. The increase in net loss is primarily due to lower gross profit and higher depreciation and amortization expenses.
Operating cash flow improved significantly, with net cash used in operating activities decreasing to $37.4 million from $110.0 million in the prior year.
OneWater Marine Inc. continues to focus on strategic acquisitions and operational efficiency to drive future growth and profitability.
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. quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.