Malibu Boats reported a 9 percent increase in fourth-quarter net sales and said it had adjusted fully distributed net income of $5.5 million, or $0.24 a share, for the period.
Unit volume increased 5.8 percent to 799 boats for the quarter that ended June 30 and net sales per unit increased 3 percent to $66,834.
"We had another solid quarter and delivered strong financial and operating results across the board,” CEO Jack Springer said in a statement. “Orders remained strong despite a late breaking season from the cold weather, and new products continued to fuel demand. Our revenue growth was again driven by increases in both unit volume and average selling price and our adjusted EBITDA margin was the highest we have experienced in any fiscal year."
Wells Fargo marine industry analyst Timothy Conder said in a report that new product introductions and steady consumer demand drove Malibu’s higher unit volumes and rising net sales per unit.
“We remain constructive on MBUU shares, given the company's strong fundamental position and attractive industry setup,” he added.
For the full fiscal year, the company said net sales increased 14.3 percent to $190.9 million compared with the previous year. Unit volume increased 8.9 percent to 2,910 boats and the net sales price per unit rose about 5 percent during the year to $65,613.
Gross profit increased 16.5 percent to $50.8 million and gross margin increased 50 basis point, to 26.6 percent compared with the previous year.