OneWater Marine Inc. (NASDAQ:ONEW) Q2 2024 Results Conference Call May 2, 2024 8:30 AM ET

Company Participants

Jack Ezzell - Chief Financial Officer
Austin Singleton - Founder, CEO & Director
Anthony Aisquith - President, COO & Director

Conference Call Participants

Drew Crum - Stifel

Operator

Good day, and welcome to the OneWater Marine Inc., Second Quarter 2024 Earnings Conference Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Mr. Jack Ezzell, Chief Financial Officer. Thank you, and over to you.

Jack Ezzell

Good morning, and welcome to OneWater Marine's Fiscal Second Quarter 2024 Earnings Conference Call. I am joined on the call today by Austin Singleton, Chief Executive Officer; and Anthony Aisquith, President and Chief Operating Officer. Before we begin, I would like to remind you that certain statements made by management in this morning's conference call regarding OneWater Marine and its operations may be considered forward-looking statements under securities law and involve a number of risks and uncertainties.

As a result, the company cautions you that there are a number of factors, many of which are beyond the company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. Factors that might affect future results are discussed in the company's earnings release, which can be found in the Investor Relations section of the company's website in its filings with the SEC.

The company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. And with that, I'd like to turn the call over to Austin Singleton, who will begin with a few opening remarks. Austin?

Austin Singleton

Thanks, Jack, and thank you, everyone, for joining today's call. Our second quarter results were in line with our expectations at the start of the year. As we continue to see the industry stabilize towards historical cycles, same-store sales were down 5.1% as anticipated, considering the more normalized demand environment and the return of seasonality. However, we significantly outperformed the industry, which market data indicates was down 16% through March.

From where we stand today, consumer sentiment is holding, and we continue to sell boats and grow our market share. Sales dynamics from the first quarter largely carried into the second quarter as customer buying patterns near typical seasonality in an increasingly competitive selling environment. Pricing continued to moderate, which we expected through the first half of the year and will continue fluctuating with seasonal trends.