Malibu delivers ‘strong quarter’ for Q1 FY20
Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the first quarter ended September 30, 2019.
Highlights for the First Quarter of Fiscal Year 2020
- Net sales increased 39.4% to $172.1 million compared to the first quarter of fiscal year 2019.
- Unit volume increased 13.9% to 1,727 boats compared to the first quarter of fiscal year 2019.
- Net sales per unit increased 22.3% to $99,641 per unit compared to the first quarter of fiscal year 2019.
- Gross profit increased 31.1% to $40.0 million compared to the first quarter of fiscal year 2019.
- Net income increased 38.8% to $16.7 million, or $0.76 per share compared to the first quarter of fiscal year 2019.
- Adjusted EBITDA increased 24.0% to $28.4 million compared to the first quarter of fiscal year 2019.
- Adjusted fully distributed net income increased 23.3% to $18.1 million compared to the first quarter of fiscal year 2019.
- Adjusted fully distributed net income per share increased 23.9% to $0.83 on a fully distributed weighted average share count of 21.8 million shares of Class A Common Stock as compared to the first quarter of fiscal year 2019.
“We delivered another strong quarter, as our innovative product portfolio and operational excellence initiatives drove strong growth and expanded profitability, supported by a number of positive indicators. Strength in retail registrations were further amplified by the strong reception of our model year 2020 products by dealers and customers alike. In fact, the recent announcement of our flagship Malibu M240, which delivers unparalleled levels of luxury, convenience, technology and performance, is expected to further this momentum into the boat show season. Cobalt and Pursuit continue to perform well, and our operational enhancement initiatives remain on track. As we enhance the product development cycle for these powerful brands, we believe the best is yet to come,” commented Jack Springer, Chief Executive Officer of Malibu Boats Inc. “In the first quarter, our operational agility was also highlighted as we rapidly improved channel inventory levels, while at the same time successfully navigating potential supply disruptions as a result of the prolonged UAW strike. As we look forward, our strong start to fiscal year 2020 supports our continued optimism for our brands, and ability to drive meaningful value creation for our shareholders.”
Click here for the full Q1 FY2020 results from Malibu Boats, Inc.
