Malibu Reports Record Q3

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Malibu Boats reported net sales of $273.2 million for its fiscal third quarter, a 50 percent increase, and net income of $35.1 million, a 47.2 percent increase, both records for the Loudon, Tenn.-based builder.

Gross profit was also up significantly, a 57 percent surge to $72 million.

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Malibu said the chief factors for the strong quarter were a favorable mix of Malibu and Cobalt models and increased production volumes in the saltwater segment, primarily attributed to its acquisition of Maverick Boat Group.

Total unit volumes for the quarter were up 658 units — 37 percent — to 2,454, with all brands showing net sales increases. Net sales in the Malibu segment led the charge, with an increase of 34.6 percent to $138 million.

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The saltwater fishing segment saw the biggest jump, 137 percent to $80 million, driven by the Maverick acquisition.

The Cobalt segment was impacted by severe weather and supply-chain restrictions but still saw a 20 percent jump in net sales, to $55 million.

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“Our results continue to showcase the agility of our team and the strength of our flexible business model, as we posted production levels for Malibu and Pursuit that significantly exceeded historical levels and the fourth best production month ever for Maverick in March,” CEO Jack Springer said in a statement. “We are optimistic that these tailwinds will remain elevated well beyond … 2021.”

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