Malibu Boats Inc. said it increased sales by 26.3 percent, to $55.5 million, in its second quarter and increased unit volume by 27.9 percent, to 847 boats, which includes 60 units in Australia.
Net sales per unit for the quarter that ended Dec. 31 decreased by 1.3 percent, to $65,506, from the same quarter in the previous fiscal year, but net sales per unit in the United States increased by 1.6 percent, the company said today.
Gross second-quarter profit rose by 21.1 percent, to $14.2 million.
Malibu said adjusted fully distributed net income for the quarter increased by 45.5 percent, to $5.8 million, or 26 cents a share, on a fully distributed weighted average share count of 22.6 million shares of Class A common stock.
"We had a strong second fiscal quarter and are pleased with the continued positive trends in our business,” CEO Jack Springer said in a statement. “Net sales were up over 26 percent, driven by our Australian acquisition and strong increase in unit volume.”
“Our second fiscal quarter is an important period for Malibu,” Springer said. “Our four new or completely remodeled boats, the 22 VLX, Axis A22, Axis T23 and Response LXR, are showing great strength out of the gate, and the 23 LSV, completely remodeled last year, is performing even better this year. We have launched more new features and innovations than any other year in the company's history.”
Feedback from recent boat shows confirms that the new dash, with a 12-inch touch screen and Viper II technology platform, are home runs, that Malibu’s integrated surf system — combining Surf Gate and the new Power Wedge 2 — is in high demand and that the new G4 tower is a premium “must have” for Malibu Wakesetter boats, Springer said.
“Looking ahead, we believe we are well positioned for the peak retail selling season. Early boat shows have gone well, and the industry could benefit from lower gas prices and more normalized spring weather in the northern markets,” he said. “While the strong U.S. currency could have some impact and flatten our international sales, we believe strong domestic demand will offset this.”