- The stock price of OneWater Marine (NASDAQ: ONEW) fell by 5.65% this past week. This is why.
The stock price of OneWater Marine (NASDAQ: ONEW) fell by 5.65% this past week.
Why: Q1 results
Results: OneWater Marine Inc. (NASDAQ: ONEW) reported a Q1 EPS of $, $1.74 worse than the analyst estimate of $1.74. Revenue for the quarter came in at $367 million versus the consensus estimate of $417.3 million.
“Our first quarter results came in largely as we anticipated as the industry experienced a return to more normalized seasonality, with revenue growing high-single digits, on top of a 57% increase in the prior year. Notably, our high margin service, parts and other sales grew 86%, driven by strategic acquisitions over the last 18-months, strengthening our overall gross margins as expected. Signs are pointing to a strong selling season, with positive boat show activity and healthy demand levels, but given the considerable amount of unknowns driven by a cloudy macro-economic environment, we are lowering our full-year outlook.”
“Over the past two years, OneWater has successfully executed on our growth and diversification strategy, adding 38 dealership locations and building out our parts and service platform. As the industry returns to historical seasonal cycles, we believe our flexible and diversified operating model positions us to continue to outperform the market and return value to our shareholders.”
— Austin Singleton, Chief Executive Officer at OneWater