OneWater Marine reported a mixed Q2 2024 that aligns with a normalization path following COVID-era dynamics but remains challenged on top-line growth and profitability. Revenue declined 7% year-over-year to $488.3 million, driven by a continued decline in New boat sales (down 8% to $327 million) while Pre-owned boat sales rose 4% to $79 million, reflecting a favorable offset from used-boat availability. Gross profit fell 18% to $120.0 million, with gross margin compressing to about 23.65%, as management continues to observe normalization of boat margins in an environment of seasonality and inventory adjustments. Operating income was $28.98 million and adjusted EBITDA was $28.0 million, underscoring the effect of lower gross profit on profitability, while net income was negative at approximately $4.0 million, or $-0.27 per diluted share. The company took proactive cost-reduction actions in the quarter (headcount reductions, store closures, brand discontinuations, IT-project abandonments) to better align SG&A with demand, and management highlighted flexibility to adjust costs if retail activity shifts. Despite near-term profitability pressure, OneWater maintained its full-year guidance: (i) same-store sales up low-to-mid single digits; (ii) adjusted EBITDA of $130–$155 million; and (iii) adjusted EPS of $3.25–$3.75. Management also signaled depth in its M&A pipeline and closed Garden State Yacht Sales, expanding footprint in the Mid-Atlantic and reinforcing the company’s integration playbook. Looking ahead, the firm expects inventory normalization as model-year changes unfold and sees a secular tailwind from a growing installed base of boaters. Investors should monitor margin stabilization (particularly boat margins in the mid-20% range), inventory levels, financing penetration, and the cadence of M&A activity as key drivers of the mid-to-late-2024 recovery.