Malibu Boats, Inc. today announced its financial results for the third quarter of fiscal 2018 ended March 31, 2018.
Net sales increased 82 percent to $140.4 million compared to the third quarter of fiscal 2017. Unit volume increased 69.4 percent to 1,786 boats compared to the third quarter of fiscal 2017.
Net sales per unit increased 7.4 percent to $78,628 and net sales per unit for Malibu U.S. increased 6.2 percent to $77,260 compared to the third quarter of fiscal 2017.
Gross profit increased 70.2 percent to $36.4 million compared to the third quarter of fiscal 2017. Net income increased 89.9 percent to $16.8 million, compared to the third quarter of fiscal 2017.
"The results of the third quarter were strong,” said Malibu Boats CEO Jack Springer. “This performance continues to be driven by robust retail demand in the United States along with Malibu’s operating efficiencies. Channel inventories are at or near optimum levels, which is inspiring dealer confidence despite unfavorable weather during the early spring selling season.”
Springer reported the company’s 2018 products are performing very well, including its new Cobalt models. On the international front, Canada continues its slow recovery, while Australia, the company’s second largest market, remains a contributor.
“From an operational perspective, the Cobalt integration is going smoothly, and the Cobalt team is immersing itself into our culture,” Springer said. “Further, our operational excellence initiatives continue to drive improvement at Malibu and it is having a quicker and better impact with the Cobalt integration than originally anticipated. “We are executing very well as we march towards the end of the fiscal year. We remain very well-positioned to generate solid sales growth, improved profitability, and to deliver value to our shareholders.”
The increase in net sales and unit volume for Malibu U.S. was driven primarily by continued strong demand for new and larger models such as the Malibu Wakesetter 23 LSV and Axis A24.
Net sales from the company’s Australia segment decreased $0.7 million, or 12.1 percent, to $4.8 million for the three months ended March 31, 2018, compared to the three months ended March 31, 2017.