Malibu Boats reports 3Q results

Malibu Boats said today that third-quarter sales rose 12.6 percent to $77.1 million.
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Malibu Boats said today that third-quarter sales rose 12.6 percent to $77.1 million from the same period last year and the company’s gross profit rose 16.1 percent to $21.4 million.

Unit volume increased 10.4 percent to 1,054 boats for the quarter that ended March 31, compared with the year-earlier quarter, the company said.

Net sales per unit increased 2 percent to $73,196 and net sales per unit in the United States rose 1.2 percent to $72,749.

Net income rose 35.9 percent to $8.8 million, or 45 cents a share, from the quarter last year. Adjusted EBITDA increased 19 percent to $16.8 million.

"We continue to experience strong growth and performance at Malibu,” Malibu Boats CEO Jack Springer said in a statement. “Our unit sales, revenue, gross profit, net income and adjusted EBITDA are all company records for our fiscal third quarter. Our business in the United States continues to experience good growth, while Canada is performing slightly better than last year and Australia remains consistently strong for Malibu. Our market share remains at record levels, and our best-in-class operations continue to drive strong margins.”

Springer was expected to address a patent litigation settlement with MasterCraft during today’s conference call with investors and analysts to discuss the financial results.

Adjusted fully distributed third-quarter net income increased 22.2 percent to $9.4 million from the year-earlier quarter. Adjusted fully distributed net income per share increased 22.5 percent to 49 cents a share, on a fully distributed weighted average share count of 19.3 million shares of Class A common stock.

"Malibu's leadership delivering new product to market continues, led by the strength of demand for our new boats for 2017, as well as innovations and features that surpass the competition,” Springer said. “In addition, our new-product platform is generating demand and we have every confidence this trend will continue into the foreseeable future.”

The company was pleased to see a “slight rebound” in Canada despite continued currency challenges and softness in the oil and gas environment, Springer said.

“Demand in other parts of the world remains soft, and we expect that those areas will remain flat,” Springer said. “However, we are confident that North America will continue to grow, with the U.S. domestic market leading the way.”

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