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Malibu’s Net Sales, Profit Increase in Q2

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Malibu Boats reported net sales of $195.6 million for its fiscal second quarter, an 8.6 percent increase from $15.5 million in the same quarter a year prior.

Net income was $22.1 million, a 25.8 percent increase compared with the previous year.

The company said that a favorable mix of Malibu wakeboats and increased production volumes in the saltwater segment were the primary factors for the sales increase.

While the Malibu brand was up 11.6 percent to $108.6 million, net sales for Cobalt were down 3.1 percent to $47.4 million. The company said in a statement that investments in Cobalt’s manufacturing facilities, bringing new models to market, and pandemic-related market, labor and supply changes were the chief causes for the reduction.

Net sales in the saltwater fishing segment increased to $39.6 million, or 17 percent, driven by larger models from its Pursuit brand.

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Total unit volume was down 3.4 percent to 1,742 units, primarily driven by lower Cobalt production.

“We further extended our leadership position in our second fiscal quarter, leveraging the strong retail environment and our industry-leading operational excellence to deliver ahead of plan sales [and] very strong gross margins,” CEO Jack Springer said in the statement. “We continue to optimize our production plans to deliver more boats to meet the unwavering demand for our products.”

The company said its acquisition of Maverick Boat Group, which closed on the last day of the quarter, had no impact on net sales, and it expects the MBG lineup — Cobia, Pathfinder, Maverick and Hewes — to further drive sales and increases in overall production units.

“[The] transaction adds a strong player in the center console, dual console and bay boat space with a distinguished reputation and enhances our breadth of saltwater outboard offerings,” Springer said. “As we look to the balance of the fiscal year, we continue to see demand for our premium brands and upgraded features and options, and for several of our brands, we are building more boats than we have seen in the history of the company.”

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