Malibu Boats increased its net sales by 12.4% for its third financial quarter ended March 31 2025, compared to the third quarter in 2024.
The increase in net sales was driven primarily by increased unit volumes in the Malibu segment, a favourable model mix across all segments and inflation-driven year-over-year price increases, partially offset by decreased unit volumes in the Cobalt and Saltwater Fishing segments and an unfavorable segment mix.
Unit volume increased 12.8% to 1,431 units and gross profit increased 13.4% to $45.7 million and adjusted EBITDA increased 16% to $28.3 million.
Net income for the third quarter of fiscal year 2025 increased 119.4% to $13.2 million from a loss of $67.8 million and net income margin increased to 5.8% from (33.3)% in the third quarter of fiscal year 2024.
While retail softness persists, we saw encouraging momentum around our latest product introductions.
Steve Menneto
Net sales attributable to the Malibu segment increased $42 million, or 69.8%, to $102.2 million for the three months ended March 31, 2025, compared to the three months ended March 31 2024.
And net Saltwater Fishing segment sales decreased $9.4 million, or 11.5%, to $71.9 million while net sales attributable to the Cobalt segment decreased 12% to $54.6 million.
“Our team executed effectively in the third quarter, navigating ongoing market challenges by leveraging our strong brands, disciplined operational performance, and continued focus on dealer health,” explained Steve Menneto, CEO of Malibu Boats.
“While retail softness persists, we saw encouraging momentum around our latest product introductions, even during a mixed boat show season.”
Dealer inventory
And he explained that the company remains focused on maintaining its dealer inventory in line with retail demand.
“We are committed to navigating successfully through this period of uncertainty in the market, leveraging our operational agility while continuing to deliver the innovation and quality that define the Malibu experience and position us for long-term success,” added Steve.
The company is updating its full-year guidance due to softer-than-anticipated retail trends and ongoing market uncertainty, and says it anticipates net sales declining by 3-5%, year-on-year for the full fiscal year 2025.
