Malibu Boats said net sales for its third quarter ended March 31, 2019 were up 42.4 percent to $199.9 million compared to the same period a year ago. Malibu said net income rose 32.2 percent to $22.2 million for the quarter.
The company said in a statement that unit volume was up 17.2 percent to 2,094 boats and net sales per unit also increased 21.4 percent to $95,472 per unit, compared to the third quarter of fiscal year 2018. Malibu manufactures the Malibu, Axis, Pursuit and Cobalt brands.
“Our ability to acquire great brands, integrate them, and drive increased value continues to be a substantial contributor in driving our results,” said Jack Springer, Malibu Boats CEO, in the statement. “The boat show activity earlier this year was strong, producing great year-over-year growth in orders. In particular, our Model Year 2019 products and innovations continue to be very well received by both customers and dealers.”
The Pursuit integration, added Springer, is “progressing smoothly” at the brand’s Florida facility.
“We are working diligently to expand our production capacity,” said Springer. “We also remain on track with our vertical integration initiatives to bring our Malibu Monsoon engines to 100 percent of our Malibu and Axis boats by fiscal year 2020.”
Springer said that dealer inventory levels “remain at appropriate levels” for the prime retail selling season. He said he is “incredibly optimistic” about the U.S. market through the end of the fiscal year.
Sales for its Malibu U.S. sales were up 18.6 percent, or $15.9 million, to $101.6 million for the third quarter, while unit volumes were up by 124 compared to the same period a year ago.
Its Cobalt segment saw sales rise by 12.3 percent, or $6.1 million, to $56.0 million for the quarter. Unit volumes were up by 30 compared to last year.
The statement said Pursuit sales were $36.5 million and 143 units for the most recent quarter.