Malibu Boats’ year-end financials send stock to record high

Author:
Publish date:

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.

Related

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.

Uflex Adds to Sales and Marketing Team

The company said significant growth during the last few years created the need to add three employees.

NMTA Beats Proposal To Double Excise Tax

It’s just one example of the value of belonging to a state or local marine trade association. Are you a member of an MTA?