OneWater Marine reports record third quarter

OneWater Marine, the owner of marine dealerships across North America, has reported record third quarter revenue of $594 million.

The year-on-year increase of 4% was achieved despite what the company describes as ‘a deteriorating selling environment’.

Growth was mainly due to service, parts and other sales from acquired businesses, which increased an overall 23% to $92 million. Same store sales were flat versus 2022.

Gross profit totalled $159.4 million for the third quarter of 2023, down $24.5 million from $183.9 million for the third quarter of 2022.

“Our team did a great job driving a 4% sales increase, maintaining flat dealership same-store sales and aggressively managing overall boat inventory,” said Austin Singleton, CEO at OneWater Marine.

“The marine industry continues to transition back to historical norms and moderated pricing. However, the pace of this transition accelerated ahead of expectations, which pressured margins in the third quarter.

“We remain intently focused on strategic inventory management, cost optimisation and generating free cash flow to end the year in a position of strength.