Malibu reports record Q4, FY21 results

Malibu Boats, Inc. (Nasdaq: MBUU) announced its financial results for the fourth quarter and fiscal year ended June 30, 2021.

Highlights for Q4 include a net sales increase of 133.2% to $276.7 million, unit volume increase of 110.7% and a net income increase or 437.1% to $35 million.

“Our premium brands, market leading innovation and operational excellence delivered another record-breaking year with net sales increasing more than 40%, net income increasing 76% and Adjusted EBITDA growing over 71%. The strength of our brands, coupled with our vertically-integrated model and our team’s agility while navigating the challenges spurred by the COVID-19 pandemic have delivered truly incredible results,” commented Jack Springer, chief executive officer of Malibu Boats Inc.

Net sales for the three months ended June 30, 2021 increased $158.1 million, or 133.2%, to $276.7 million, compared to the three months ended June 30, 2020. Unit volume for the three months ended June 30, 2021 increased 1,237 units, or 110.7%, to 2,354 units compared to the three months ended June 30, 2020. The increase in net sales was driven by increased unit volume in all segments and increased volume due to the acquisition of Maverick Boat Group on December 31, 2020 and increased production in the three months ended June 30, 2021 as compared to June 30, 2020 when the company had temporary shut down due to the COVID-19 pandemic. As a result of the suspension of operations in the three months ended June 30, 2020, Malibu was not able to ship boats to dealers during the period of shut-down, which negatively impacted net sales for the fourth quarter of fiscal year 2020.

Net sales for fiscal year 2021 increased $273.4 million, or 41.9%, to $926.5 million, compared to fiscal year 2020. Unit volume for fiscal year 2021 increased 1,741 units, or 27.0%, to 8,185 units compared to fiscal year 2020. The increase in net sales was driven primarily by a favorable model mix in our Malibu and Cobalt segment and increased unit volume in Malibu and Saltwater fishing segments. The increase in unit volume for the Saltwater Fishing segment was due mostly to the company's acquisition of Maverick Boat Group on December 31, 2020.

“Retail demand has maintained its breathtaking pace, and the trend toward larger, more custom boats is persisting. Of new boat orders, we believe over 90% will be retail sold in the first quarter of fiscal 2022, and we anticipate a robust pace to continue throughout the remainder of the year. The introduction of our Model Year 2022 lineup has been nothing short of spectacular. Malibu and Axis will introduce four new models, Cobalt will introduce five new models for the year, and Pursuit is on track to deliver three new boats during the year. In addition, we welcomed Maverick Boat Group to the Malibu family this year, and we are putting into place our world class product development model which will support new product introductions in the future,” Springer said. “As we look to fiscal year 2022, we remain in an enviable position due to historically low inventories, despite rising uncertainty surrounding the spread of COVID variants and supply chain headwinds. As always, we remain focused on executing our proven strategy, centered on industry-leading innovation and operational prowess, to deliver long-term value for our stockholders.”

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You can find the Malibu's full Q4 and FY 2021 results here.

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