Net sales in the last quarter decreased almost 33% to $171.6 million for Malibu Boats as the company continued to experience a challenging retail environment.
The boatbuilder says there are some encouraging signs from a macro perspective, with strong initial reactions to its 2025 line-up.
Sales are expected to increase by a small margin throughout the company’s fiscal year.
“As expected, our financial performance this quarter reflects sequential improvements across revenues and margins as we scaled back promotional activity and continued showcasing our operating efficiencies,” said Bruce Beckman, CFO of Malibu Boats.
“We are pleased with our execution in reducing our channel inventories and we anticipate wholesale shipments to improve as we progress through the remainder of the fiscal year.”
The decrease in net sales for the three months ended September 30 2024, was driven primarily by decreased unit volumes across all segments resulting primarily from decreased wholesale shipments.
We anticipate wholesale shipments to improve as we progress through the remainder of the fiscal year.
Bruce Beckman
Unit volume for the three months decreased by 674 units, or 39.7%, to 1,024 units compared to 2023.
Net sales attributable to the Malibu segment decreased $49 million, (46.7%) to $56 million, a drop of 420 units.
Net Saltwater Fishing segment sales decreased $27.9 million, (30.1%) to $64.8 million and net sales Cobalt segment sales decreased $7.4 million, (12.7%) to $50.8 million.
Overall consolidated net sales per unit increased 11.2% to $167,559 per unit for the three-month period, compared to the same period in 2023.
Gross profit for the three months ended September 30, 2024 decreased $28.6 million, or 50.3%, to $28.2 million compared to 2023.
Operating (loss) income for the quarter decreased to $5.6 million from an operating income of $28.6 million in the first quarter of fiscal year 2024.
Adjusted EBITDA in the quarter decreased 74.6% to $9.9 million from $39 million.
