Malibu Boats, Inc. announced its financial results for the third quarter ended March 31, 2021.
Fiscal Third Quarter 2021 Highlights Compared to Fiscal Third Quarter 2020:
- Net sales increased 49.8% to $273.2 million
- Unit volume increased 36.6%
- Gross profit increased 57.1% to $72.0 million
- Net income increased 47.2% to $35.1 million
- Adjusted EBITDA increased 56.7% to $57.0 million
- Net income available to Class A Common Stock per share (diluted) increased 47.7% to $1.61 per share
- Adjusted fully distributed net income per share increased 61.1% to $1.82 per share on a fully distributed weighted average share count of 21.7 million shares of Class A Common Stock
“We delivered a record-setting third quarter and the best quarter in company history from both a revenue and earnings perspective," commented Jack Springer, Chief Executive Officer of Malibu Boats, Inc. "This would have been true even without the addition of Maverick Boat Group this quarter. Our results continue to showcase the agility of our team and the strength of our flexible business model, as we posted production levels for Malibu and Pursuit that significantly exceeded historical levels and the fourth best production month ever for Maverick in March. While we have expertly navigated COVID-related supply chain constraints, disruptions resulting from the Texas storms and Kansas freeze allowed our operational excellence and versatility to shine through. Maverick is proving to be another home run, and a perfect fit within our Malibu family of brands. We have just begun our proven process of improvement with Maverick and there are many opportunities for growth to come. Further, robust demand for our larger, newer boats has endured, supporting substantial growth and earnings power. We are optimistic that these tailwinds will remain elevated well beyond calendar year 2021.”
For the fiscal full year 2021, Malibu anticipates revenue growth approaching 38% year-over-year and Adjusted EBITDA margins of approximately 20.5%.