Malibu Boats reports 3Q results

Malibu Boats said today that it saw net sales rise 28.8 percent to $64.8 million in its third quarter.
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Malibu Boats said today that it saw net sales rise 28.8 percent to $64.8 million in its third quarter and unit volume sales increased 24.4 percent to 980 boats, including 80 units from Australia.

Net sales per unit for the quarter that ended March 31 increased about 3.5 percent to $66,084 and net sales per unit in the United States increased about 6.7 percent from the same period in the previous fiscal year.

Gross profit for the quarter rose 33.5 percent to $17.9 million from the same quarter last year. Adjusted EBITDA for the quarter increased by 31.9 percent to $13.3 million from the year-earlier quarter.

"Our third-quarter results were strong, and both our Malibu and Axis brands performed well,” Malibu CEO Jack Springer said in a statement. “We continue to meet or exceed our internal goals and projections and remain pleased with the trends in the business.”

Adjusted fully distributed net income for the quarter increased by 73.5 percent to $7.7 million, or 34 cents a share, on a fully distributed weighted average share count of 22.7 million shares of Class A common stock.

“The third quarter is our boat show season quarter, and the strong demand we've seen is reflected in the form of customized orders from retail consumers,” Springer said. “Our four new or completely remodeled boats — the 22 VLX, Axis A22, Axis T23 and Response LXR —continue to show strong first-year performance, and orders for the completely remodeled 23 LSV are pacing ahead of last year, with the potential of us setting a new annual shipping record.”

“There is normally a six-month lag before new product begins to take root, and this occurs simultaneously with the boat shows when everything is on display,” he said. “Our new Malibu dash and G4 tower have been validated through their reception at the boat shows. We believe the Power Wedge 2 is rapidly becoming a feature that is gaining attention and we expect it to be a strong selling point for Malibu as we go forward.”

The upper Northeast was off to a late start because of a long and cold winter, Springer said, but the rest of the country enjoyed a more normal spring weather pattern.

“As expected, the strength of the U.S. dollar has had some impact on Canadian and international sales, but strong domestic demand has offset this,” Springer said. “One area of the world that has benefited from the strengthened U.S. dollar is Australia, where demand for Malibu boats versus the imported competition remains in our favor."

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