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.”