ONEW - OneWater Marine stock sinks on massive Q1 profit miss

OneWater Marine ( NASDAQ: ONEW ) stock slid more than 10% after missing earnings expectations by a wide margin.

For the first quarter, $0.61 in GAAP earnings per share was only about a third of what the Street had expected. Meanwhile, $367M in revenue missed analyst estimates by $50.92M. Same-store sales decreased 14% year over year, with seasonality impacts being blamed for the drop.

“Signs are pointing to a strong selling season, with positive boat show activity and healthy demand levels, but given the considerable amount of unknowns driven by a cloudy macro-economic environment, we are lowering our full-year outlook,” CEO Austin Singleton said.

The company now anticipates same store sales to be flat to up mid-single digits, adjusted from a prior low to mid-single digit guide. Adjusted earnings per diluted share is expected to be in the range of $7.50 to $8.00, trimmed significantly from the prior forecast of $9.25 to $9.75.

Shares of OneWater Marine ( ONEW ) slumped over 13% on the market open before rebounding slightly in Thursday’s trading.

The stock was selected as a new “ top short idea ” at Hedgeye following the bearish results.

Read more on the details of the results .

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