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OneWater Marine Inc. reports developments as a U.S. recreational marine retailer with Dealership and Distribution operations. Its updates commonly cover new and pre-owned boat sales, finance and insurance income, service, parts and accessories, repair and maintenance activity, and marine-products distribution through warehouses, distribution centers and online marketplaces.
Company news also focuses on same-store sales, gross margin, inventory mix, product portfolio actions, leverage reduction, and financing facilities used to support boat inventory and dealership operations. Recent corporate updates include the completed sale of Ocean Bio-Chem as part of a portfolio optimization effort centered on core marine retail assets.
OneWater Marine Inc. has completed the acquisition of Denison Yachting, expanding its presence in the superyacht market. Denison has ranked as the top seller in superyachts for three years according to Boat International’s BOATPRO database. The acquisition aims to enhance OneWater’s product offerings, including yacht brokerage, sales, and services, leveraging Denison's record growth in yacht charter and management since 2019. CEO Austin Singleton expressed optimism about combining strengths to meet rising market demand.
OneWater Marine Inc. announced a $50 million share repurchase program, marking its inaugural buyback since going public. The Board of Directors emphasized confidence in the company's long-term value creation potential. CEO Austin Singleton highlighted this initiative as part of a broader capital allocation strategy, asserting that the company's stock represents an attractive investment opportunity. The timing of repurchases will be influenced by market conditions and other factors, with no obligation to repurchase a set amount of shares.
OneWater Marine Inc. (NASDAQ: ONEW) has appointed Greg Shell as an independent director, effective April 1, 2022, increasing its Board size to ten members, with eight independent. Shell brings extensive capital markets experience and governance expertise, enhancing OneWater's growth strategy and environmental, social, and governance (ESG) efforts. Currently a Managing Director at Bain Capital, Shell has a proven track record in sustainable investments.
OneWater Marine Inc. has announced the acquisition of Denison Yachting, aiming to expand its capabilities in the superyacht sector. This acquisition follows record sales at the Miami International Boat Show and positions OneWater to enhance its brokerage, charter, and management services.
The deal will add 21 locations across seven states, increasing market presence and customer reach, while also being expected to drive top-line growth and earnings per share immediately. Denison generated over $80 million in sales in 2021, solidifying its position as the top seller in the superyacht category.
OneWater Marine Inc. announced the acquisition of YakGear, Inc., enhancing its presence in the paddle sports market. YakGear is a leading supplier of kayak and paddle sports accessories, providing access to new retailers and consumers. This acquisition, T-H Marine's second in 2022, aligns with OneWater's growth strategy in aftermarket marine products. YakGear will remain a standalone division in Houston, Texas, and continues to leverage exclusive distribution agreements. This deal underscores OneWater's commitment to diversifying its product offerings and expanding into new markets.
OneWater Marine reported a strong fiscal first quarter 2022, with revenues up 57% to $336 million and same-store sales increasing 28%. Gross profit margins expanded by 550 basis points to 30%/b%. Net income surged by to $23 million, with diluted EPS rising 105% to $1.45. The company completed four acquisitions, enhancing its growth strategy. OneWater raised its full-year guidance for Adjusted EBITDA to $210-$220 million and EPS to $8.00-$8.40. Despite supply chain issues, the firm expects high-single-digit same-store sales growth for the year.
OneWater Marine Inc. announced the acquisition of JIF Marine LLC, enhancing its Parts & Accessories business and consolidating its leadership in the steel ladder market. JIF Marine, a family-owned business renowned for stainless steel ladders and dock products, will operate as a division of T-H Marine, a subsidiary of OneWater. This move reflects a strategic growth initiative, with plans for further acquisitions to expand product lines and leverage the omni-channel strategy for increased customer reach.
OneWater Marine Inc. (NASDAQ: ONEW) announced it will release its fiscal first quarter 2022 financial results on February 3, 2022, before the market opens. Management will hold a conference call at 8:30 a.m. ET to discuss the results, which can be accessed by dialing (866) 220-5793 or (615) 622-8064 for international participants. The call will be webcast and archived on the company's investor relations website. OneWater is among the largest premium recreational boat retailers in the U.S., operating 75 stores across 12 states, with diversified revenue streams.
OneWater Marine Inc. (NASDAQ: ONEW) has successfully acquired a majority interest in Quality Boats, a leading dealer in customer satisfaction on Florida's west coast. This strategic acquisition will bolster OneWater's offerings in new and pre-owned boats as well as parts and services, enhancing its presence in a lucrative boating market. CEO Austin Singleton expressed excitement over the partnership, anticipating significant growth opportunities through Quality Boats’ established customer base.
OneWater Marine Inc. (NASDAQ: ONEW) announced a donation exceeding $200,000 and the collection of over 6,800 toys for Toys for Tots in 2021. This initiative aimed to support local underprivileged youth amidst supply chain challenges and the impacts of COVID-19. OneWater's dealers conducted various toy collection drives at retailers and events, showcasing a strong community commitment. CEO Austin Singleton emphasized the collective effort of the OneWater team in bringing holiday cheer to children in need.