Malibu Boats, Inc. Wednesday announced higher sales and profits for its second quarter of fiscal 2016 ended December 31, 2015.
"Malibu completed another successful quarter, meeting or exceeding our internal financial and operating targets for the eighth straight quarter since our IPO," said CEO Jack Springer. "Despite the volatility in the macro environment, we have been steadfast with the execution of our strategy and achievement of our growth targets. This strategy is focused on owning the technology and innovation side of the industry, offering the best integrated wake and surfing system on the market, driving demand through consistent new product and feature launches, maximizing productivity and quality through vertical integration, controlling distribution through partnering with the best dealers across the industry and driving higher returns across the organization through a disciplined planning and production process.
"This strategy has served us well and we continue to execute the business at a high level. Orders for our new boat models -- the Axis A20, the Malibu Wakesetter 20 VTX, the Malibu Wakesetter 25 LSV and the most premium performance sports boat ever built, the new Malibu M235 were up in the first half of the fiscal year and we are pleased with our business at the boat shows thus far this season," he added.
Highlights for the Second Quarter of Fiscal 2016
- Net sales increased 9.1% to $60.5 million compared to the second quarter of fiscal 2015.
Unit volume increased 2.4% to 867 boats, including 81 units from Australia, compared to the second quarter of fiscal 2015.
- Net sales per unit increased 6.5% to $69,787 and net sales per unit in the U.S. increased 7.5% to $72,526 compared to the second quarter of fiscal 2015.
- Gross profit increased 12.1% to $15.9 million and gross margin increased 73 basis points to 26.2% compared to the second quarter of fiscal 2015.
- Adjusted EBITDA increased 7.0% to $11.2 million from the same period in fiscal 2015.
- Adjusted fully distributed net income at $5.8 million was in line with the second quarter of fiscal 2015 and adjusted fully distributed net income per share increased 15.4% to $0.30 over the same period.
"The global macro trends across the industry remain mixed," Springer said. "While the recovery and strength in the U.S. market continues to more than offset currency related weakness in Canada and other international markets, the latest decrease in oil and foreign currency prices and increased capital market volatility are things we are watching closely. Conversely, we believe that increased precipitation in the western region of United States, could be a positive catalyst for what once was our largest region. Lastly, we expect the performance sports boat segment to outperform other marine segments and believe Malibu's strategy and strong execution positions us well to deliver industry-leading results."