Malibu releases Q1 results
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.”
