Malibu Boats announces Q4 and fiscal 2020 results

Malibu Boats, Inc. announced its financial results for the fourth quarter and fiscal year ended June 30, 2020.

Highlights for the Fourth Quarter of Fiscal Year 2020

• Net sales decreased 39.1% to $118.7 million compared to the fourth quarter of fiscal year 2019.
• Unit volume decreased 43.9% to 1,117 boats compared to the fourth quarter of fiscal year 2019.
• Net sales per unit increased 8.6% to $106,232 per unit compared to the fourth quarter of fiscal year 2019.
• Gross profit decreased 50.7% to $23.6 million compared to the fourth quarter of fiscal year 2019.
• Net income decreased 68.2% to $6.5 million, or $0.30 per share, compared to the fourth quarter of fiscal year 2019.
• Adjusted EBITDA decreased 56.8% to $15.5 million compared to the fourth quarter of fiscal year 2019.
• Adjusted fully distributed net income decreased 64.2% to $8.4 million compared to the fourth quarter of fiscal year 2019.
• Adjusted fully distributed net income per share decreased 63.0% to $0.40 on a fully distributed weighted average share count of 21.5 million shares of Class A Common Stock as compared to the fourth quarter of fiscal year 2019.

Highlights for Fiscal Year 2020

• Net sales decreased 4.5% to $653.2 million compared to fiscal year 2019.
• Unit volume decreased 12.5% to 6,444 boats compared to fiscal year 2019.
• Net sales per unit increased 9.1% to $101,360 per unit compared to fiscal year 2019.
• Gross profit decreased 10.2% to $149.3 million compared to fiscal year 2019.
• Net income decreased 7.2% to $64.7 million, or $2.98 per share, compared to fiscal year 2019. 
• Adjusted EBITDA decreased 11.9% to $110.9 million compared to fiscal year 2019. 
• Adjusted fully distributed net income decreased 13.3% to $71.2 million compared to fiscal year 2019.
• Adjusted fully distributed net income per share decreased 12.5% to $3.29 on a fully distributed weighted average share count of 21.6 million shares of Class A Common Stock as compared to fiscal year 2019.

“Our superior execution, combined with the strength of our brands, supported better-than-expected results in an incredibly volatile environment during our fiscal fourth quarter. After temporarily suspending production prior to the start of the quarter and extending the shutdowns into the fourth quarter, we moved quickly to reopen our plants to meet the demand for our boats at the beginning of the summer season. Due to our planning and adaptable operations, we were able to reopen all brand production at pre-shutdown levels. Our ability to resume the same production on day one of our reopening is a testament to our vertical integration strategy, operational expertise and supply chain management,” commented Jack Springer, Chief Executive Officer of Malibu Boats Inc.

“Moving into fiscal year 2021, we remain incredibly well-positioned. Our decision to roll out our model year 2021 products earlier than in years past and expand our innovative portfolio of boats across all of our brands gives us an edge with both loyal Malibu customers and first time boat buyers,” added Springer.