Malibu Boats reports 3Q results

Net sales at Malibu Boats increased 5.8 percent to $68.5 million during the company’s fiscal third quarter.
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Net sales at Malibu Boats increased 5.8 percent to $68.5 million during the company’s fiscal third quarter and net sales per unit rose 8.6 percent to $71,769.

Gross profit increased 2.8 percent to $18.4 million for the quarter that ended March 31, compared with the period a year earlier, the company said today.

Adjusted fully distributed net income of $7.7 million was in line with the third quarter of fiscal 2015 and adjusted fully distributed net income per share increased 17.6 percent to 40 cents during the same period, the Tennessee-based company said.

"Again, Malibu completed a successful quarter, our fiscal third quarter,” CEO Jack Springer said in a statement. “The business, despite substantial international headwinds and an uncertain economic environment, continues to perform at a high level.”

The strong U.S. dollar and lingering oil and gas concerns are muting the positive performance in the United States, Springer said.

“International wholesale shipments are down substantially as our international dealers continue to manage inventory levels,” Springer said. “Conversely, we have continued to see increased precipitation in the western region of the United States, which we believe could be a positive factor later this spring and summer if it continues.

“We are seeing strong growth in the entry segment that Axis serves and the new Malibu product is having a noticeable impact in the premium segment. Malibu, as a company, is well positioned, as we have the leading market share in all segments, whether premium, entry or total performance sports boats. We will continue to closely watch the global environment, along with the domestic segment, and focus on delivering results."

Springer said the company has been focused on executing the fundamentals of the business and on factors within its control.

“That strategy continues to serve us well, as we have again met our key objectives,” Springer said. “Our strategies of owning the technology and innovation side of the industry, offering the best integrated wake and surfing system on the market, driving demand through consistent new product and feature launches, maximizing productivity and quality through vertical integration and being the best operator among marine companies continues to drive success.

“Importantly, our investments in the pace of new model introductions, trailer manufacturing and strong intellectual property all were key to our sustained performance. In the third quarter, orders at boat shows for our new boat models — the Axis A20, the Malibu Wakesetter 20 VTX, the Malibu Wakesetter 25 LSV and the Malibu M235 — were strong and the 25 LSV continues to significantly outperform our expectations."

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