Malibu Boats, Inc. financial results for the second quarter of fiscal 2018 released today included net sales and unit volume increases within a strong U.S. market.
Net sales increased 69 percent to $114.4 million compared to the second quarter of fiscal 2017. Unit volume increased 61 percent to 1,489 boats compared to the second quarter of fiscal 2017.
Malibu’s net sales per unit increased 4.9 percent to $76,812 and net sales per unit for Malibu U.S. increased 4.3 percent to $76,239 compared to the second quarter of fiscal 2017.
Gross profit increased 54.5 percent to $27.5 million compared to the second quarter of fiscal 2017.
Net income decreased 172 percent to a net loss of $5.6 million, or $0.31 per share compared to the second quarter. The decrease in net income was driven by tax reform enacted in the second quarter, Malibu reported.
"In our second quarter Malibu performed very well and we are pleased with the performance,” said Malibu CEO Jack Springer. “The United States business is strong at the wholesale and retail levels and we have seen additional strength in the second quarter and into the third quarter boat show season. Canada continues its slow recovery. Australia continues to perform well for Malibu. We are also very pleased that we continue to see strong market share performance at both Malibu and Cobalt.”
Springer said the company will continue bring more product introductions and innovations to market than its competitors, building its distribution network and maximizing operational excellence to drive margins and profitability.
"Malibu is performing very well in a market that is also strengthening due to the employment rate and tax cuts,” Springer said. “The Cobalt integration is ahead of schedule and successfully delivering efficiencies while demand for the Cobalt product remains strong. We are very pleased with our financial and operating results and believe the segment recovery will continue and the economy will be a strong supporting partner in that recovery."
The company will host a webcast and conference call to discuss second quarter fiscal 2018 results this morning at 8:30 a.m. Eastern Time.
Interested parties can listen to a live webcast of the conference call by logging on to the Investor Relations section on the Malibu’s website. A replay of the webcast will also be archived on the company’s website as well.