2024-07-30 13:10:33 ET
Shares of recreational boat and yacht retailer OneWater Marine (NASDAQ: ONEW) fell 14.1% through 12:30 p.m. ET Tuesday after badly underperforming analyst forecasts for the company's fiscal Q3 2024.
Heading into the quarter, Wall Street had OneWater Marine pegged for a $2.12-per-share " adjusted " profit on $608 million in sales. But OneWater earned just half what it was supposed to -- $1.05 per share -- as sales fell deeply short at just $542.4 million.
The news was actually even worse than that, though. OneWater's "$1.05" was a non-GAAP number. When calculated according to generally accepted accounting principles ( GAAP ), OneWater's profit was only $0.99 per share.
For further details see:
Why OneWater Marine Stock Ran Aground Tuesday