Malibu Boats reports 4Q, year-end results

Author:
Publish date:

Malibu Boats Inc. said it increased its fiscal fourth-quarter net sales by 12.6 percent, to $75.1 million, and unit volume increased 8.9 percent, to 1,004 boats, from the same period a year earlier.

Net sales per unit increased 3.4 percent, to $74,807, from the quarter a year earlier, and net sales per unit in the United States increased 3.2 percent.

"Fiscal year 2017 was a record year, the best in Malibu's history on our above referenced financial and operational metrics, as well as driving considerable market share gains,” Malibu CEO Jack Springer said in a statement. “We have worked hard and positioned ourselves well to be able to drive increased performance in our business and are planning for another strong year in fiscal 2018."

Gross profit increased 12.4 percent, to $20 million, and net income grew 151 percent, to $10.3 million, or 54 cents a share. Adjusted earnings before interest, tax, depreciation and amortization increased 14.4 percent, to $15.5 million.

Adjusted fully distributed net income rose 13 percent, to $8.2 million, and income per share increased 13.2 percent, to 43 cents.

For the full fiscal year, net sales increased 11.5 percent, to $281.9 million, and unit volume increased 6.9 percent, to 3,815 boats.

Net sales per unit rose 4.3 percent, to $73,902, and gross profits for the year grew 12.3 percent, to $75 million.

“We were able to keep pricing at $79,995 on the 21 VLX introduced last year,” Springer said. “The 21 VLX was a very high-demand boat last year and retaining the pricing at the first-year introduction price point will be impactful for fiscal year 2018. Another new Malibu will be introduced for the first time in November. For Axis this year, the T22 and the A24 are both new boats we believe will perform very well. In addition, the patented, innovative Power Wedge 2 is now available on every Axis model.”

Net income increased 53.1 percent, to $31.1 million, or $1.59 a share, compared with fiscal 2016, and adjusted EBITDA increased 15.5 percent, to $55.7 million.

Adjusted fully distributed net income increased 17.2 percent, to $30 million, and adjusted net income per share increased 18.2 percent, to $1.56 a share.

"Fourth-quarter and full fiscal year 2017 results were records for unit volumes, sales, net income, adjusted EBITDA and adjusted fully distributed net income per share. Both our Malibu and Axis brands performed very well, as validated by our large market share expansion. Our product, our dealers and our leadership of Malibu continue to set us apart from all our competitors,” Springer said.

"Our new product has been anticipated and now is being received very well. The 23 LSV, the performance sports boat segment's best seller in history and every single year for the last eight years, is new and will be a strong addition for Malibu.”

Related

Registration for Outdoors Conference Opens

The Outdoor Recreation Roundtable’s June 1-2 virtual conference will include speakers and presenters from government agencies and ORR member partners.

Yamaha Sees Double-Digit Growth in Q1

The marine segment was up 7.4 percent, driven by demand for outboards in North America and Europe but tempered by supply-chain logistics.

Orion Announces SafetyPro Training

The factory-authorized courses are designed “to educate retail associates on how to match a boater’s type of boating with the different signal kits that we offer.”

A Truce on Tariffs?

The E.U. will suspend the June 1 increase of its retaliatory tariffs and agreed to negotiate with the U.S. to end steel and aluminum tariffs.

Argos 3D Forward Looking Sonar

For 20 Years, FarSounder has been developing and manufacturing 3D forward-looking sonar for vessels of all sizes.

Dometic Marine Appoints Executives

The company promotes a 20-plus-year employee and adds a vice president of aftermarket sales and e-commerce.

IMEA Launches Scholarship Program

The International Marine Electronics Alliance aims to recruit students into the field of marine technology.

RBFF Campaign Reels in Awards

The fishing-and-boating advocacy group’s Get on Board campaign was recognized by two national public relations organizations.

Suzuki’s Clean Ocean Project

Testing of the engine manufacturer’s microplastics filtering device continues as it moves closer to production. The company also released its full-year financials.