Company: ONEW
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001772921-25-000025
Chunk: 68

Company: OneWater Marine Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 68
---
 Distribution segment are reported in service, parts & other sales and totaled $65.4 million and $70.6 million for the six months ended March 31, 2025 and 2024, respectively.

Gross Profit

Overall, gross profit decreased by $17.3 million, or 8.2%, to $194.5 million for the six months ended March 31, 2025 from $211.8 million for the six months ended March 31, 2024. This decrease was primarily due to new and pre-owned boat pricing, including the impact of select brands the Company is exiting. Overall gross margin decreased 230 basis points to 22.6% for the six months ended March 31, 2025 from 24.9% for the six months ended March 31, 2024 due to the factors noted below.

New Boat Gross Profit

New boat gross profit decreased by $17.6 million, or 16.8%, to $87.2 million for the six months ended March 31, 2025 from $104.8 million for the six months ended March 31, 2024. This decrease was primarily due to the decrease in new boat gross profit margins. New boat gross profit margin was 15.6% for the six months ended March 31, 2025 as compared to 18.4% in the six months ended March 31, 2024. The decrease was primarily due to new boat pricing, including the impact of select brands the Company is exiting.

Pre-owned Boat Gross Profit

Pre-owned boat gross profit decreased by $0.7 million, or 2.6%, to $27.1 million for the six months ended March 31, 2025 from $27.8 million for the six months ended March 31, 2024. This decrease was due to the decrease in pre-owned boat gross profit margins, partially offset by the increase in pre-owned boat sales. Pre-owned boat gross profit margin was 18.5% and 21.1% for the six months ended March 31, 2025 and 2024, respectively. The decrease was primarily due to strategic pricing to drive sales growth and maintain a healthy level of inventory.

Finance & Insurance Gross Profit 

Finance & insurance gross profit increased by $2.3 million, or 10.5%, to $24.4 million for the six months ended March