Malibu Boats Beats Estimates in Q1

Publish date:

Malibu Boats reported a 5.2 percent net sales increase for the first quarter of fiscal year 2021, to $181 million, beating Wall Street’s $179 million expectation, and a gross profit increase of 14.3 percent to $45.7 million.

Unit volume was off 5.3 percent due to production limitations, but still grew net income by 32.1 percent to $22 million.

2_malibu - cobalt

The company reported adjusted earnings-per-share of $1.13, above the Street’s $0.88 estimate.

“Our team delivered a phenomenal start to fiscal year 2021,” said Malibu CEO Jack Springer in a statement. “We captured insatiable demand for our innovative boats, while at the same time flexing our competitive leadership and vertical integration capabilities to support fantastic margins in our seasonally lowest margin quarter.”

During the quarter, the company benefited from “the hot retail environment,” customer demand for larger boats with more options and features, and execution of its operational initiatives, said Springer.


“As a result, we have not skipped a beat, as we further drove market share gains and extended our leadership position in our highly attractive markets,” said Springer.

Net sales attributable to the Malibu segment increased $14 million, or 16.2 percent, to $99.8 million; sales in the Pursuit segment edged up 1.7 percent to $36.7 million.

Sales in the Cobalt segment decreased 11.3 percent to $44.5 million due to production challenges. “The planned lower production rates were driven by our investment in the plant to optimize efficiency and expand capacity, the introduction of three new Cobalt models during the quarter, and challenges around labor and supply as a result of the pandemic,” the company said. “While we are ahead of our planned production levels, we do not expect unit volume in this segment will result in year-over-year gains until the second half of this fiscal year.”


Iris Innovations Launches Garmin OneHelm Compatible Camera and Alarm Management System

The UK-based company’s new products allow users to manage all onboard cameras and alarms via Garmin MFDs.

Sea Tow International Presents Annual Awards

The company honored superlative members in its on-water network of franchises throughout the U.S. and Caribbean during its virtual annual meeting.

Quick Hits: November 21, 2020

The United Marine Manufacturers Association adds a director of operations, and Parker Boats continues its expansion plans with new equipment.

Chris-Craft Bolsters Sales Team

The 146-year-old builder adds a regional sales director and sales associate.

Suzuki Restructures U.S. Operations

The Japanese marine and motorcycle/ATV divisions will be reorganized as two separate businesses.

Quick Hits: November 20, 2020

NMEA posts 2021 training schedule; ICOMIA issues recreational boating industry book; and GOST grows its tech team.