Company: ONEW
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0001772921-25-000013
Chunk: 144

Company: OneWater Marine Inc.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 2
Chunk 144
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Service, Parts & Other Sales

Service, parts & other sales decreased by $0.7 million, or 1.1%, to $61.6 million for the three months ended December 31, 2024 from $62.3 million for the three months ended December 31, 2023. The decrease in service, parts & other sales is primarily due to a reduction in parts and accessories sold to OEMs as boat manufacturers continue to slow production. Revenues for the Distribution segment are reported in service, parts & other sales and totaled $28.2 million and $32.5 million for the three months ended December 31, 2024 and 2023, respectively.

Gross Profit

Overall, gross profit decreased by $7.4 million, or 8.1%, to $84.1 million for the three months ended December 31, 2024 from $91.4 million for the three months ended December 31, 2023. 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 270 basis points to 22.4% for the three months ended December 31, 2024 from 25.1% for the three months ended December 31, 2023 due to the factors noted below.

New Boat Gross Profit

New boat gross profit decreased by $7.8 million, or 17.5%, to $36.9 million for the three months ended December 31, 2024 from $44.7 million for the three months ended December 31, 2023. This decrease was due to the decrease in new boat gross profit margins. New boat gross profit margin was 14.9% for the three months ended December 31, 2024 as compared to 18.5% in the three months ended December 31, 2023. 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 6.0%, to $11.2 million for the three months ended December 31, 2024 from $11.9 million for the three months ended December 31, 2023. This decrease was due to the decrease in pre-owned boat gross profit margins. Pre-owned boat gross profit margin was 19.7% and 22.4% for