By Connor Hart

Shares of OneWater Marine climbed after the company posted fiscal first-quarter results that beat expectations.

The stock was up 16%, to $17.88. Despite their gain Thursday, shares are down 32% in the past year.

The Buford, Ga., boat retailer before the bell reported a net loss of $13.6 million, or 81 cents a share, for its three months ended Dec. 31, compared with a loss of $8 million, or 49 cents a share, a year earlier.

On an adjusted basis, the company posted a loss of 54 cents a share. Analysts had been expecting a loss of 89 cents a share, according to FactSet.

Revenue increased 3.2% to $375.8 million, beating the $338.6 million that analysts had forecast.

Sales of new boats rose 2.9%, to $248 million, while sales of pre-owned boats jumped 6.6%, to $56.8 million.

Chief Executive Austin Singleton said the company significantly outpaced the industry as same-store sales rose 4%, driven by a push to gain market share and reduce inventory, which was down 10% from last year.

Singleton said he remains cautiously optimistic on the outlook for the remainder of fiscal 2025, citing the company's lower inventory levels and ongoing cost reduction initiatives.

OneWater backed its fiscal 2025 outlook, expecting adjusted per-share earnings of $1 to $2, as well as revenue of $1.7 billion to $1.85 billion. Analysts are looking for adjusted earnings of $1.43 a share and revenue of $1.81 billion.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

January 30, 2025 12:51 ET (17:51 GMT)

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