Malibu Boats announced record earnings for its fiscal Q4 and full-year 2021 financial periods. “All brands performed well, and by all accounts we crushed it,” CEO Jack Springer said on yesterday’s earnings conference call.
For its fiscal Q4, Malibu Boats outperformed elevated projections across all metrics, with net sales increasing 133.2 percent to $276.7 million.
Other highlights for Q4 include:
- Gross profit increased 193.9 percent to $69.2 million
- Net income increased 437.1 percent to $35.0 million
- Adjusted EBITDA increased 272.2 percent to $57.6 million
- Net income available to Class A Common Stock per share (diluted) increased 451.7 percent to $1.60 per share.
Unit volume increased 110.7 percent across the Malibu, Pursuit, Maverick and Cobalt segments. Part of the unit sales increase can be attributed to its acquisition of the Maverick Boat Group — which includes the Maverick, Pathfinder, Hewes and Cobia brands — to augment its saltwater fishing offerings.
The builder’s full fiscal year saw its net sales increase by 42 percent to $926.5 million, with gross profit and net income seeing significant gains of 58.4 percent (to $236.5 million) and 77 percent (to $114.3 million), respectively. Adjusted EBITDA increased by 71.3 percent to $190.1 million.
“Our premium brands, market leading innovation and operational excellence delivered another record-breaking year,” Springer said in a statement. “The strength of our brands, coupled with our vertically-integrated model and our team’s agility while navigating the challenges spurred by the Covid-19 pandemic have delivered truly incredible results.”
To counter continued demand — Springer believes that 80 percent of current new boaters will remain in the activity at the comparable five-year mark and likely to upgrade to either new or used boats after their initial purchase — Malibu is planning upgrades to its manufacturing plant.
In addition, for the 2022 model year, Malibu and Axis will debut four new models, Cobalt will introduce five new models, and Pursuit is tracking to launch three new boats.
According to Springer, “90 percent of backorders should be filled in Q1 [of] 2022,” which will set up Malibu for a strong FY2022 year.
“Retail demand has maintained its breathtaking pace,” Springer said, “and we anticipate a robust pace to continue throughout the remainder of the year. As always, we remain focused on executing our proven strategy, centered on industry-leading innovation and operational prowess, to deliver long-term value for our stockholders.”
Springer continued. “As we look to fiscal year 2022, we remain in an enviable position due to historically low inventories, despite rising uncertainty surrounding the spread of COVID variants and supply headwinds.”