Malibu Reports Record Sales, Profit

Malibu Boats reported a 56.1 percent jump in net income, with sales up 26 percent, in its fiscal third quarter. The company also said its profit margin is widening and that it is forecasting higher full-year revenue.

Net sales in the quarter ended March 31 rose to $344.3 million, from $273.2 million in the same quarter in fiscal 2021, Malibu said in its earnings statement this morning. Net income in the recent quarter was $54.9 million, up from $35.1 million in the year-earlier period.

Average selling prices “remain elevated, led by strong consumer demand for larger, feature-rich boats,” CEO Jack Springer said in the statement. “This, in combination with our operational excellence, has resulted in margin expansion for our business over the quarter, positioning us well to offset inflationary pressures as we move to the final months of the fiscal year.”

Gross profit margin widened to 28.2 percent from 26.4 percent, the Loudon, Tenn.-based builder stated.

Springer said Malibu was able “to ship more units than anticipated, in spite of the persistent supply-chain challenges across the industry.”

In its outlook, the company said revenue for the full fiscal year 2022 will be 28 to 29 percent higher than 2021. Adjusted earnings before interest, taxes, depreciation and amortization margins will be “approaching 20.5 percent.”