Malibu Boats, Inc. (NASDAQ: MBUU) on Tuesday announced its financial results for the first quarter of fiscal 2017 ended September 30, 2016.
Highlights for the first quarter of Fiscal 2017
- Net sales increased 8.4% to $62.0 million compared to the first quarter of fiscal 2016.
- Unit volume increased 1.0% to 833 boats compared to the first quarter of fiscal 2016.
- Net sales per unit increased 7.3% to $74,455 and net sales per unit in the U.S. increased 7.6% to $77,735 compared to the first quarter of fiscal 2016.
- Gross profit increased 7.6% to $15.8 million compared to the first quarter of fiscal 2016.
- Net income increased 6.2% to $4.2 million, or $0.21 per share compared to the first quarter of fiscal 2016.
- Adjusted EBITDA increased 4.4% to $9.9 million from the same period in fiscal 2016.
- Adjusted fully distributed net income increased 4.1% to $4.9 million compared to the first quarter of fiscal 2016.
- Adjusted fully distributed net income per share increased 4.0% to $0.26 on a fully distributed weighted average share count of 19.2 million shares of Class A Common Stock as compared to the first quarter of fiscal 2016.
Jack Springer, Chief Executive Officer, said, "Malibu has again had the best first quarter in units, revenue, net income and Adjusted EBITDA in our history. We continue to meet expectations despite various international and economic uncertainties. While we continue to monitor such factors, we believe we have anticipated and positioned Malibu to be successful despite these influences.
"The new product we deliver each year has been a critical driver of our success. We are fortunate that the new boats we have brought to market have been well accepted and have propelled our market share to the highest level in our history. Malibu also continues to be the company of innovation and advanced technology. Our new products and features continue to be compelling and drive the advantages of owning a Malibu boat.
"While the international markets continue to be challenged due to a strong U.S. dollar among other reasons, the domestic markets have been slightly stronger than we had anticipated. This strength has continued into the fall season, driven by the warm temperatures across most of the country. Especially encouraging is the West region, led by California, where we continue to see strong growth with other regions of the country also faring well. While we continue to watch the global environment, we are encouraged by the strength of the domestic market, the strength of our dealers and the strength of our product."
See the full earnings release here.