Malibu Boats, Inc. Announces Fourth Quarter Fiscal 2024 Results

About this update from Malibu Boats, Inc.

[{"type":"text","content":"LOUDON, Tenn., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the fourth quarter and fiscal year ended June 30, 2024. Fourth Quarter Fiscal 2024 Highlights Compared to Fourth Quarter Fiscal 2023 Net sales decreased 57.4% to $158.7 millionUnit volume decreased 59.0% to 1,045 unitsGross profit decreased 87.8% to $12.5 millionGeneral and administrative expenses decreased to $21.6 millionNet loss increased 8.6% to a net loss of $19.6 millionAdjusted EBITDA decreased 104.5% to $(4.1) millionNet loss available to Class A Common Stock per share (diluted) increased 9.3% to a net loss of $0.94 per shareAdjusted fully distributed net income per share decreased 113.1% to $(0.39) per share on a fully distributed weighted average share count of 21.0 million shares of Class A Common Stock Fiscal Year 2024 Highlights Compared to Fiscal Year 2023 Net sales decreased 40.3% to $829.0 millionUnit volume decreased 45.4% to 5,385 unitsGross profit decreased 58.1% to $147.1 millionGeneral and administrative expenses decreased to $76.3 millionNet income decreased 152.3% to a net loss of $56.4 millionAdjusted EBITDA decreased 71.0% to $82.2 millionNet income available to Class A Common Stock per share (diluted) decreased 154.2% to net loss of $2.74 per shareAdjusted fully distributed net income per share decreased 79.1% to $1.92 on a fully distributed weighted average share count of 21.1 million shares of Class A Common Stock “As the new CEO of Malibu Boats, I am committed to our goal of navigating the near-term headwinds while enhancing our roadmap for strategic growth. I am excited about the opportunity to continue our presence as the premier manufacturer of recreational powerboats. Our focus on developing premium products for all our brands remains unwavering as we introduce our new Model Year 2025 lineup,” commented Steve Menneto, Chief Executive Officer of Malibu Boats, Inc. “The deep-rooted history of innovation across our premium brands and feature-rich product portfolio, along with our steadfast commitment to operational excellence, deeply resonates with me. I am excited by the tremendous opportunity to further our mission and drive value to our employees, customers, and shareholders. I look forward to working closely with the entire Malibu Boats family as we demonstrate our resilie...

More updates from Malibu Boats, Inc.