Malibu Boats, Inc. announced its financial results for the second quarter ended December 31, 2022.
“We once again delivered a fantastic quarter as our momentum continued with net sales increasing 28.4%, net income rising 17.5%, and Adjusted EBITDA growing 19.7% compared to the prior year. Our performance further solidifies our position as a trailblazer and innovator, while also demonstrating our ability to adapt and grow in the current environment,” commented Jack Springer, Chief Executive Officer of Malibu Boats, Inc.
Net sales for the three months ended December 31, 2022 increased $74.8 million, or 28.4%, to $338.7 million as compared to the three months ended December 31, 2021, driven primarily by increased unit volumes across all three segments and inflation-driven year-over-year price increases, slightly offset by increased dealer flooring program costs resulting from higher interest rates and increased inventory levels as inventory levels began to move towards pre-COVID levels. Unit volume for the quarter, increased 366 units, or 17.7%, to 2,439 units as compared to the previous year.
Net sales attributable to the company's Malibu segment increased $24.7 million, or 18.5%, to $158.1 million for the quarter, compared to the previous year's Q2. Unit volumes attributable to the Malibu segment increased 139 units for the three months ended December 31, 2022, compared to the previous year.
Net sales attributable to the Saltwater Fishing segment increased $30.3 million, or 40.3%, to $105.6 million, for Q2, compared to the previous year, while unit volume increased 124 units.
Net sales attributable to the company's Cobalt segment increased $19.8 million, or 35.9%, to $75.0 million for the quarter, compared to the previous year, while unit volumes attributable to Cobalt increased 103 units over the previous year. The increase in net sales was driven primarily by increased volume and inflation-driven year-over-year price increases, partially offset by increased dealer flooring program costs.
“We are encouraged by the resilient consumer appetite for large, feature-rich boats, which is evidenced by the strong demand we are seeing for our saltwater segment at regional boat shows across the country," Springer said. "While macro conditions remain uncertain, we are beginning to see incremental improvements across the supply chain, which we believe will allow channel inventory to normalize in the second half of the fiscal year for our Malibu and Cobalt segments and in the first half of fiscal 2024 for our Saltwater Fishing segment. We remain confident in our ability to execute in any macro environment, and we will continue to leverage the horsepower of our unmatched operational capabilities, vertical integration efforts, and visionary team to deliver profitable growth and long-term value for our shareholders."
You can view Malibu's full Q2 results here.