Malibu Boats, Inc. has announced its financial results for the first quarter of fiscal 2018, which ended Sept. 30, 2017.
Highlights for the first quarter include:
- Net sales increased 66.9 percent to $103.5 million, compared to the first quarter of fiscal 2017;
- Unit volume increased 57.1 percent to 1,309 boats, compared to the first quarter of fiscal 2017;
- Net sales per unit increased 6.2 percent to $79,099 and net sales per unit for Malibu U.S. increased 6.1 percent to $79,348, compared to the first quarter of fiscal 2017;
- Gross profit increased 44.9 percent to $22.9 million, compared to the first quarter of fiscal 2017;
- Net income increased 51.8 percent to $6.4 million, or $0.31 per share compared to the first quarter of fiscal 2017.
"We had an excellent first quarter and continue to experience strong growth and performance" said Malibu CEO Jack Springer. "Reflective of continued Malibu growth and our acquisition of Cobalt Boats, our unit sales, revenue, gross profit, net income and Adjusted EBITDA were substantially higher year over year. Our business in the United States is strong at the wholesale and retail levels and we expect this momentum to continue."
Canada continues to make slight gains and the recent strengthening of the Canadian dollar is assisting that improvement, Springer said. Australia continues to perform well for Malibu, he added.
"Our market share leadership at Malibu and Cobalt is solid with operating proficiencies continuing to drive strong margins," Springer said.
In fiscal 2018, Malibu continues to lead in new products with fast-paced and aggressive product introductions, he said.
In fiscal 2018, Malibu has or will deliver two new Malibu boats and two new Axis boats, while Cobalt will deliver three new models - a pace that will quicken over the next few years.
"We believe our new boats and product innovations will deliver strong demand during the upcoming boat show season," Springer said. "Malibu is solid and strong, delivering record-setting results each quarter. Cobalt has proven to be the acquisition we wanted and thought it would be, and we expect it to strengthen performance over time. We are very pleased with our financial and operating results and are optimistic for continued growth and economic recovery."