Malibu Boats today reported sales of $138.7 million for its fourth quarter ended June 30, 2018, an 84.6 percent increase compared to the same period a year ago. The company said in a statement that unit growth was up 70.1 percent to 1,708 boats compared to last year, primarily driven by its acquisition of Cobalt. Net sales per unit increased 8.5 percent to $81,182 per unit. Net income was up 30 percent to $13.3 million.
Malibu’s stock increased 8.5 percent in pre-trading to reach an all-time high of $54.00.
Malibu U.S. sales were up 13.5 percent or $9.4 million, to $78.6 million for the fourth quarter. Net sales for Cobalt for the quarter were $54.1 million, with 638 units sold. Net sales for the Malibu Australia segment increased $0.1 million, or 1.6%, to $5.9 million for the fourth quarter.
Malibu chief executive Jack Springer said that fourth-quarter sales exceeded expectations. “All of our brands performed well,” he said in the statement. “While the global trade environment presents a number of uncertainties, our international business is a relatively small portion of our overall performance and we are confident that we have the strategies in place to mitigate its impact.”
Malibu’s fiscal year sales rose 76.3 percent to $497.0 million, with unit volume increasing 64.9 percent to 6,292 boats for the year. Net sales per unit was up 6.9 percent to $78,990 per unit. Net income dropped 0.3 percent to $31.0 million.
Springer said the company expects to conclude its acquisition of Pursuit Boats in the fourth quarter of 2018. “After closing the transaction, our strategy will be to increase throughput to meet growing demand, apply our operational excellence expertise to enhance margin and continue our track record of product development,” he said.