Malibu releases Q1 results

Author:
Publish date:
Malibu acquired Pursuit Boats during the quarter.

Malibu acquired Pursuit Boats during the quarter.

Malibu grew net sales 19.3 percent in the first quarter to $123.5 million over last year, and unit volume increased 15.8 percent to 1,516.

Net sales attributable to the U.S. Malibu segment increased $8.4 million, or 13.8 percent, to $69.2 million for the quarter, which the company said was a result of strong demand for new models and continued strong demand for our larger Axis A24.

Net sales from the Cobalt segment increased $11.3 million, or 30.7 percent, to $48.3 million, and unit volume increased 114 units. The increase in Cobalt net sales and unit volume was driven primarily by strong demand for the R series models.

Gross profit increased $7.6 million, or 33.1 percent, to $30.5 million compared to the first quarter of 2017, due mainly to higher unit volumes, the company said. Gross margin increased 260 basis points from 22.1 percent to 24.7 percent over the same period in the prior fiscal year due to “efficiencies gained in our Cobalt business and an overall increase in unit volumes,” the company said.

"Fiscal year 2019 started strong, with our first quarter results delivering robust growth and increasing profitability,” said Malibu CEO Jack Springer in a statement. “Demand for our product continues to be record setting. Our new 2019 models have already generated excitement across the board, and dealer inventory levels are attractively positioned.”

The company strives to be the most efficient operator in the industry, said Springer, and is positioned to see minimal impacts from volatility in the global trade environment based on limited exposure and proactive management.

“In October, we closed our acquisition of Pursuit Boats,” said Springer. “The Malibu and Pursuit teams are working closely together to unlock the incredible potential of this world-class brand, as we believe it will be a meaningful contributor to our growth going forward.”

Related

Windy Boats to Make U.S. Debut with Nautical Ventures

The Florida firm said the Scandinavian brand will complement its other European boat lines.

Beneteau America Names New President

Don Smith joined the French builder in 2018 as outboard sales manager.

Supply and Demand

Facing unprecedented demand, Brunswick plans to reopen its Palm Coast, Fla., plant and expand operations in Mexico and Portugal.

EPropulsion Announces 2021 Lineup

Its electric propulsion offerings now feature hydrogeneration capabilities, 48-volt architecture and more.

Yamaha Updates Midrange Outboards

The F250 and F300 now share features from Yamaha’s 425XTO engine, such as Digital Electric Steering and Thrust Enhancing Reverse Exhaust.

Quick Hits: January 25, 2021

Inmarsat marks significant installation milestone on its Fleet Xpress system and the NMEA announce virtual marine electronics installer training classes for next month.