shares of onewater marine dropped nearly 17 in premarket trading after the boat dealership operator posted a steep decline in profit for the fiscal third quarter and slashed its fullyear outlook the stock dropped 165 to 3104 in premarket trading through wednesdays trading the stock was up 30 so far this year chief executive austin singleton said the boat market deteriorated more quickly than the company expected the marine industry continues to transition back to historical norms and moderated pricing he said however the pace of this transition accelerated ahead of expectations which pressured margins in the third quarter the buford ga company posted a profit of 286 million or 195 a share for the three months ended june 30 down from 560 million or 386 a share a year ago analysts expected a profit of 329 a share according to factset onewater said its interest costs in the quarter also rose by 121 million amid higher interest rates and mounting debt quarterly sales rose 45 to 5943 million below the 6303 million expected by analysts per factset the company also cut its fullyear outlook and is now forecasting earnings of 445 a share to 470 a share down from 750 a share to 800 a share onewater is targeting flat samestore sales the low end of its previously communicated guidance write to will feuer at willfeuerwsjcom