Malibu Boats reports 1Q results - Trade Only Today

Malibu Boats reports 1Q results

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Malibu Boats said demand for new models such as the Malibu Wakesetter 23 LSV contributed to strong first-quarter sales.

Malibu Boats said demand for new models such as the Malibu Wakesetter 23 LSV contributed to strong first-quarter sales.

Malibu Boats Inc. saw net sales grow 66.9 percent, to $103.5 million, in its first quarter and unit volume increased 57.1 percent, to 1,309 boats — driven primarily by Malibu’s acquisition of Cobalt Boats in July.

Net sales and unit volumes attributable to Cobalt were $36.9 million and 469 units, respectively. Net sales attributable to Malibu’s U.S. segment increased $4.3 million, or 7.7 percent, to $60.9 million, for the quarter, which ended Sept. 30.

Net sales per unit increased 6.2 percent, to $79,099, and net sales per unit for Malibu U.S. increased 6.1 percent, to $79,348, compared with the quarter last year.

Gross profit increased 44.9 percent, to $22.9 million, compared to the first quarter of fiscal 2017, which the company also attributed to the Cobalt acquisition.

The company reported net first-quarter income of $6.4 million, or 31 cents a share, a 51.8 percent increase from $4.2 million, or 21 cents a share, last year.

"We had an excellent first quarter and continue to experience strong growth and performance,” said Malibu CEO Jack Springer in a statement. “Reflective of continued Malibu growth and our acquisition of Cobalt Boats, our unit sales, revenue, gross profit, net income and adjusted EBITDA were substantially higher year over year.”

The company expects momentum in U.S. wholesale and retail sales to continue, Springer said.

“Our market-share leadership at Malibu and Cobalt is solid, with operating proficiencies continuing to drive strong margins,” he said.

Unit volumes attributable to the Malibu U.S. segment increased 11 units in the first quarter, driven primarily by strong demand for new models such as the Malibu Wakesetter 23 LSV and Axis A24, as well as Wakesetter 22 and 24 MXZ, the company said.

“In fiscal 2018 Malibu continues to lead in new products with fast-paced and aggressive product introductions,” Springer said “In fiscal 2018 Malibu has or will deliver two new Malibu boats and two new Axis boats, while Cobalt will deliver three new models — a pace that will quicken over the next few years. We believe our new boats and product innovations will deliver strong demand during the upcoming boat show season."

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