Malibu Boats, Inc. Announces First Quarter Fiscal 2024 Results

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[{"type":"text","content":"LOUDON, Tenn., Oct. 31, 2023 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the first quarter ended September 30, 2023. First Quarter Fiscal 2024 Highlights Compared to First Quarter Fiscal 2023: Net sales decreased 15.3% to $255.8 millionUnit volume decreased 24.1% to 1,698 unitsGross profit decreased 23.9% to $56.8 millionNet income decreased 42.5% to $20.8 millionAdjusted EBITDA decreased 31.7% to $39.0 millionNet income available to Class A Common Stock per share (diluted) decreased 42.0% to $0.98 per shareAdjusted fully distributed net income per share decreased 36.9% to $1.13 per share on a fully distributed weighted-average share count of 21.3 million shares of Class A Common Stock “As we moved through the quarter, the retail environment markedly deteriorated with the sense of urgency that customers had over the last few years largely gone, coupled with a challenged interest rate and macroeconomic landscape. Despite this rapidly evolving operating landscape, our financial results for the fiscal first quarter surpassed our expectations. This is a testament to our team’s superior execution, combined with the inherent strength across our lineup of brands. Those customers in the market are continuing to drive elevated sales prices as they look for feature-rich boats,” commented Jack Springer, Chief Executive Officer of Malibu Boats, Inc. “While we are excited about the opportunities ahead, we remain acutely aware of the headwinds facing consumers and the industry more broadly. I am confident that this team will once again bring its operational prowess to navigate the current environment, while at the same time, advancing our innovation and product development, manufacturing and vertical integration footprint, and operational excellence initiatives to ensure we once again emerge stronger as market conditions improve,” continued Mr. Springer. First Quarter Fiscal 2024 Results (Unaudited) Three Months Ended September 30, 2023 2022 (Dollars In Thousands)Net Sales$255,830 $302,211 Gross Profit$56,794 $74,605 Gross Profit Margin 22.2% 24.7%Net Income$20,770 $36,105 Net Income Margin 8.1% 11.9%Adjusted EBITDA$38,988 $57,060 Adjusted EBITDA Margin 15.2% 18.9% Net sales for the three months ended September 30, 2023 decreased $46.4 million, or 15.3%, to $255.8 million as compared to the ...

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