OneWater Marine Inc. recently announced results for its first fiscal quarter ended December 31, 2021.
“The OneWater team once again delivered an outstanding quarter in the face of ongoing supply chain challenges. Our same store sales increased 28%, compared to a terrific quarter last year, highlighting strength of our team and the effective use of our advanced inventory management tools that enable us to outperform the industry,” commented Austin Singleton, Managing Director of OneWater.
Revenue for the first quarter of Fiscal 2022 was $336.3 million, an increase of 57.1% compared to $214.1 million in the first quarter of Fiscal 2021, mainly due to due to an increase in comparable store sales and revenue from acquired businesses. In the first quarter of Fiscal 2022, comparable store sales increased 28%, following a 38% increase in the first quarter of 2021, due to strong demand. Revenue from new and used boats increased by 55.6% and 38.5%, respectively, due to acquired businesses, a significant increase in the average unit price of new and used boats and a modest increase in units sold. Finance and insurance revenue increased 56.1% over the prior year and service, parts and other sales increased 110.7% due to the company’s strategic focus on increased high margin and less cyclical service, parts and other revenues.
“In the first quarter, we completed the acquisitions of Naples Boat Mart, TH Marine, Norfolk Marine and acquired a majority stake in Quality Boats, all of which will be immediately accretive to OneWater and we believe we are positioning ourselves for continued accelerated growth. Looking to the remainder of the year, we remain focused on executing our long-term growth strategy, continuing to grow our earnings potential and realizing the power of our acquisition strategy on the OneWater’s future, all of which should increase shareholder value. “said Singleton.
Gross profit totaled $101.0 million for the first quarter of Fiscal 2022, up $48.5 million from $52.4 million for the first quarter of Fiscal 2021. gross profit margin of 30.0% increased by 550 basis points compared to the previous year, due to the change in the composition and size of the boats sold. , dynamic pricing and the sharp increase in high-margin service, parts and other sales in the quarter.
Selling, general and administrative expenses for the first quarter of fiscal 2022 totaled $59.1 million, or 17.6% of revenue, compared to $34.9 million, or 16.3% of revenue, in first quarter of fiscal 2021. The increase in selling, general and administrative expenses as a percentage of revenue is mainly explained by the increase in variable personnel costs due to the improvement in the level of profitability .
Net earnings for the first quarter of Fiscal 2022 totaled $23.5 million, compared to $11.8 million in the first quarter of Fiscal 2021. The significant increase is mainly due to the increase in the level gross profit for the period and the significant increase in services, parts and other income.
Earnings per diluted share for the first quarter of fiscal 2022 was $1.45 per diluted share, compared to $0.71 per diluted share in 2021. For both periods, charges related to transaction costs and contingent consideration had a negative impact on diluted earnings per share. These amounts, with a tax rate of 25%, were $0.41 per share in the first quarter of fiscal 2022 and $0.03 per share in the first quarter of fiscal 2021.
Full Q1 FY22 results for OneWater can be found here.