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.

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Source Fool.com