Hurricane Helene Impacts OneWater Marine Inc. Operations
Hurricane Helene Affects Operations of OneWater Marine Inc.
OneWater Marine Inc. (NASDAQ: ONEW), based in Buford, has publicly shared how Hurricane Helene is poised to affect its business operations along the Gulf Coast. As the hurricane continues to intensify, 26 locations in this region are on high alert, initiating precautionary measures ahead of the impending landfall. In addition, 21 sites across Alabama, Georgia, and South Carolina are expected to endure severe weather conditions and possible flooding.
Company Preparedness and Response
The management at OneWater Marine has expressed their concern for everyone in the storm's path. Austin Singleton, the Chief Executive Officer, stated that the health and safety of employees, customers, and the surrounding communities are their primary focus. In light of the hurricane, the company activated its Hurricane Disaster Plan, implementing necessary safety protocols aimed at minimizing potential losses and safeguarding assets.
Sales Impact and Financial Outlook
As a consequence of Hurricane Helene's trajectory, OneWater expects a dip in September sales, predicting figures to fall below prior expectations. This is particularly problematic as the company had earlier issued guidance that anticipated a different financial outlook. The CEO noted that while some locations outside the immediate path of the hurricane may recover their sales quickly in early fiscal year 2025, the overall impact on the fourth quarter is expected to be significant due to ongoing insurance moratoriums affecting new policy writings in various locations.
About OneWater Marine Inc.
OneWater Marine Inc. has emerged as a prominent player in the premium marine retail sector within the United States. The company boasts 97 retail locations along with 10 distribution centers across 20 states, all contributing to its robust position in marine retail spending. The diversity of its offerings extends beyond the sale of new and used boats, encompassing financing, insurance products, maintenance services, and various marine-related parts and accessories.
Long-Term Commitments
Despite the short-term challenges posed by the hurricane, OneWater remains dedicated to its long-term strategic vision. The company emphasizes resilience and adaptability, ensuring that operations can resume safely as conditions permit. This unwavering commitment towards excellence in customer service and operational efficiency underscores OneWater's position in the marine industry.
Frequently Asked Questions
What is the current impact of Hurricane Helene on OneWater Marine?
OneWater Marine has activated its preparedness measures as Hurricane Helene approaches, anticipating significant disruptions to its Gulf Coast operations.
How many locations will be affected by the hurricane?
A total of 26 Gulf Coast locations are directly in harm’s way, with an additional 21 locations in surrounding states expected to face adverse weather conditions.
What sales impact does OneWater Marine project for September?
The company predicts a decline in September sales, forecasting performance at or below previous expectations due to the hurricane's impact.
What long-term strategies is OneWater Marine pursuing despite the challenges?
OneWater is focusing on resilient strategies to ensure safe operations and customer satisfaction, emphasizing a strong commitment to its long-term goals.
Who can I contact for media inquiries regarding OneWater Marine?
For investor or media inquiries, please reach out to Jack Ezzell, Chief Financial Officer, at IR@OneWaterMarine.com.
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