Malibu Boats reported net sales of $254 million for its fiscal first quarter, a 40 percent increase, and a 27 percent rise in net income to $28 million, both records for the Loudon, Tenn.-based builder.
Gross profit increased 31 percent to $60 million, another first-quarter record.
Malibu attributed the strong quarter to a favorable mix of Malibu and Cobalt models, year-over-year price increases and increased offerings in the saltwater segment with the addition of Maverick Boat Group. Unit volume increased by 389 units (24 percent) to 2,024, with Maverick credited for the increase.
Per segment, net sales were up 19 percent to $118 million for Malibu-branded boats. Citing strong sales from the Maverick brands, the saltwater fishing segment had attributable net sales of $77 million, up 109 percent. Cobalt posted $59 million in sales for the quarter, a 32 percent increase.
“While inflationary concerns and ongoing supply chain constraints are putting significant pressure on the broader powersports industry and global economy, our first quarter results yet again demonstrate the inherent strength and capabilities of Malibu’s brands,” CEO Jack Springer said in a statement.
Springer also noted the builder’s expansion to meet demand, particularly in some of the larger offerings.
“We continue to capitalize on the movement toward larger, more feature-rich boats, even as we enter the off-season, and as a result, our backlog remains unprecedented,” Springer said. “As Maverick advances its plant expansion and integration efforts, we see an opportunity to drive increased productivity, as well. As we move through fiscal year 2022, we remain optimistic … and believe we are well-positioned to further deliver value for our shareholders.”