Malibu Boats, Inc. announced its financial results for the first quarter ended September 30, 2020.
Fiscal First Quarter 2021 Highlights Compared to Fiscal First Quarter 2020:
- Net sales increased 5.2% to $181.0 million
- Unit volume declined 5.3%
- Gross profit increased 14.3% to $45.7 million
- Net income increased 32.1% to $22.0 million
- Adjusted EBITDA increased 28.0% to $36.3 million
- Adjusted fully distributed net income per share increased 36.1% to $1.13 on a fully distributed weighted average share count of 21.5 million shares of Class A Common Stock
“Our team delivered a phenomenal start to fiscal year 2021. We captured insatiable demand for our innovative boats, while at the same time flexing our competitive leadership and vertical integration capabilities to support fantastic margins in our seasonally lowest margin quarter. During the quarter, we benefited from the hot retail environment, customer desire for larger boats with more features and options, and flawless execution of our operational excellence initiatives. As a result, we have not skipped a beat, as we further drove market share gains and extended our leadership position in our highly attractive markets,” commented Jack Springer, Chief Executive Officer of Malibu Boats Inc.
“Our product development engine has also continued at an unmatched pace, debuting new boats that exemplify innovation and draw new customers into the lifestyle. Our model year 2021 new product has outpaced expectations, led by our flagship M-Series and the recently introduced M220 and 23 LSV. At the same time, Cobalt has introduced three new boats with several more coming in the fiscal second quarter, while Pursuit is on-pace to introduce a new boat per quarter throughout the model year. In recent weeks, we have seen tightening within our supply chain for raw materials, parts and components. However, as was reflected in lower unit volumes for our first fiscal quarter, we had already begun managing our production levels in anticipation of supply chain constraints and to adjust for the rapid introduction of new models and the plant expansions at Cobalt and Pursuit. Notwithstanding the decrease in unit volume in the first quarter, we remain incredibly optimistic as we move forward in fiscal year 2021, given record low inventories and sustained retail demand."