Malibu Boats reports 2Q results

Malibu Boats said it had net sales of $67.7 million in its second quarter.
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Malibu Boats said it had net sales of $67.7 million in its second quarter, an 11.8 percent increase from the same period last year, and unit volume increased 6.6 percent to 924 boats.

Net sales per unit increased 4.9 percent to $73,226 and U.S. net sales were up 4.4 percent at $75,710 for the quarter that ended Dec. 31, the company said.

Gross profit increased 12.2 percent to $17.8 million compared with the year-earlier period. Net income increased 35.3 percent to $7.7 million, or 39 cents a share.

Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) increased 22 percent to $13.6 million from the year-earlier quarter.

"Malibu had a very good quarter with all of our key metrics: units, revenue, gross profit, net income and adjusted EBITDA performing above expectations and prior year,” Malibu CEO Jack Springer said in a statement.

“While we continue to face international demand challenges, our business in the United States continues to be strong and factors here indicate that strength is expected to continue for the foreseeable future.”

Adjusted fully distributed net income increased 26.5 percent to $7.4 million and income per share rose 26.7 percent to 38 cents.

"Malibu's new product continues to be a critical driver of our success,” Springer said. “Our new boats drive the market, generating demand, while our new features and innovations have made us the market leader. Together these factors will allow us to further separate ourselves from our competition."

"We still believe that international demand will be a challenge due to the strength of the U.S. dollar, among other reasons, and do not expect to see relief in the near term,” Springer said. “We believe demand in international markets will probably be flat for fiscal 2017, when compared to the prior year, while domestic markets remain strong and continue to grow. This should be propelled by our strong product, the strength of our distribution network, the effects of continued precipitation in the western U.S. and a business environment that we see as being better for our customers and dealers.”

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