Yahoo Finance Earnings To Watch: OneWater (ONEW) Reports Q2 Results Tomorrow
Boat and marine products retailer OneWater Marine (NASDAQ:ONEW) will be reporting earnings tomorrow before market hours. Here's what investors should know.
OneWater missed analysts' revenue expectations by 2.3% last quarter, reporting revenues of $488.3 million, down 6.9% year on year. It was a mixed quarter for the company, with an impressive beat of analysts' gross margin estimates but a miss of analysts' earnings estimates.
Is OneWater a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting OneWater's revenue to grow 2.8% year on year to $611 million, slowing from the 4.5% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.17 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. OneWater has missed Wall Street's revenue estimates five times over the last two years.
Looking at OneWater's peers in the automotive and marine retail segment, some have already reported their Q2 results, giving us a hint as to what we can expect. MarineMax delivered year-on-year revenue growth of 5%, beating analysts' expectations by 5.2%, and CarMax reported a revenue decline of 7.5%, in line with consensus estimates. MarineMax traded up 17.4% following the results while CarMax was also up 2.5%.
Read our full analysis of MarineMax's results here and CarMax's results here.
There has been positive sentiment among investors in the automotive and marine retail segment, with share prices up 3.4% on average over the last month. OneWater is up 14% during the same time and is heading into earnings with an average analyst price target of $30 (compared to the current share price of $30).
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