Malibu Boats reports Q4 FY23 results | Boating Industry

Malibu Boats, Inc. announced its financial results for the fourth quarter and fiscal year ended June 30, 2023.

Net sales for the three months ended June 30, 2023 increased $19.1 million, or 5.4%, to $372.3 million, compared to the three months ended June 30, 2022, which the company indicated was driven primarily by increased unit volumes in its Saltwater Fishing segment and a favorable model mix across all segments, partially offset by lower unit volumes in the Malibu and Cobalt segments and by increased dealer flooring program costs in the Malibu segment resulting from higher interest rates and increased inventory levels.

“Malibu closed out another solid quarter and fiscal year despite a challenging environment,” Malibu Boats CEO Jack Springer said. “For the fiscal year, we delivered a 14% increase in net sales while improving many of our other financial and operational metrics. Our financial and operational performance continues to demonstrate the strength of our business model and world-class team. We’ve made great strides to meet demand throughout the fiscal year as we ramped up production through our first three quarters and reached normalized channel inventories faster than anticipated. Despite the uncertain macro environment, we remain confident in our operational prowess to match wholesale and retail demand and provide what we believe are the highest quality boats on the market.”

Unit volume for the three months ended June 30, 2023 decreased 46 units, or 1.8%, to 2,550 units compared to the three months ended June 30, 2022, primarily due to reduced wholesale restocking demand at the Malibu and Cobalt segments as channel inventory normalized to pre-COVID levels combined with lower retail activity, partially offset by strong wholesale restocking demand in the company’s Saltwater Fishing segment.

Net sales attributable to the Malibu segment decreased $16.7 million, or 9.4%, to $160.3 million for the three months ended June 30, 2023 compared to the three months ended June 30, 2022. Unit volumes attributable to the Malibu segment decreased 225 units, or 15.2%, for the three months ended June 30, 2023 compared to the three months ended June 30, 2022.

Net sales attributable to the Saltwater Fishing segment increased $32.4 million, or 33.6%, to $128.7 million, for the three months ended June 30, 2023, compared to the three months ended June 30, 2022. Unit volumes increased 196 units, or 37.0% for the three months ended June 30, 2023 compared to the three months ended June 30, 2022.

Net sales attributable to the Cobalt segment increased $3.4 million, or 4.3%, to $83.3 million for the three months ended June 30, 2023 compared to the three months ended June 30, 2022. Unit volumes attributable to Cobalt decreased 17 units, or 2.9% for the three months ended June 30, 2023 compared to the three months ended June 30, 2022.

“We continue our focus to deliver innovative and premium boats for all of our brands. Our Model Year 2024 lineup continues to raise the bar as we introduce four new boats to the market in the Malibu and Axis brands. These models include the new and improved 23 LSV, the best-selling towboat in history, as well as our new M242, which offers next-level premium features and performance. In addition, we are introducing two to four new models for each of our other brands in fiscal year 2024. Our actions have allowed us to maintain our leading positions in the markets we serve, and we will continue to invest in products that make us one of the strongest players in the marine industry,” Springer said. “As we set our sights on fiscal year 2024, we will remain disciplined in executing our vertical integration strategy, and we believe that our superior execution will allow us to successfully navigate any choppy waters we face and extend our industry-leading position to create long-term value for our shareholders.”

Full the full Q4 results, visit the Malibu Boats, Inc. website.

Source: https://boatingindustry.com/top-news/2023/08/29/malibu-boats-reports-q4-fy23-results/