Malibu Boats, Inc. Announces Record First Quarter Fiscal 2023 Results

About this update from Malibu Boats, Inc.

[{"type":"text","content":"LOUDON, Tenn., Nov. 04, 2022 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the first quarter ended September 30, 2022. First Quarter Fiscal 2023 Highlights Compared to First Quarter Fiscal 2022: Net sales increased 19.2% to $302.2 millionUnit volume increased 10.5% to 2,237 unitsGross profit increased 24.9% to $74.6 millionNet income increased 29.3% to $36.1 millionAdjusted EBITDA increased 27.6% to $57.1 millionNet income available to Class A Common Stock per share (diluted) increased 32.0% to $1.69 per shareAdjusted fully distributed net income per share increased 30.7% to $1.79 per share on a fully distributed weighted average share count of 21.3 million shares of Class A Common Stock “Supported by the continued strength across our brands, we maintained our momentum and delivered a record first quarter for fiscal year 2023, with net sales increasing 19.2%, net income increasing 29.3% and Adjusted EBITDA growing 27.6% compared to the prior year period. Our operating model, vertical integration capabilities and strategic leadership continue to shine through, helping us execute on our objectives and remain a market leader in the marine industry,” commented Jack Springer, Chief Executive Officer of Malibu Boats, Inc. “While supply chain challenges persist, demand for our larger, feature rich boats has remained strong, particularly in the saltwater segment, which was highlighted at the season’s first boat shows. However, we are cognizant of the headwinds facing the consumer, and as always, our teams remain agile and poised to take action should we see any material shift in demand trends,” continued Mr. Springer. “As we set our sails on the year ahead, we remain confident that our operational excellence and industry-leading brand power will continue to propel Malibu through fiscal year 2023, which we believe will ultimately generate profitable growth and long-term value for our stockholders.” First Quarter Fiscal 2023 Results (Unaudited) Three Months Ended September 30, 2022 2021 (Dollars In Thousands)Net Sales$302,211 $253,497 Gross Profit$74,605 $59,752 Gross Profit Margin 24.7% 23.6%Net Income$36,105 $27,933 Net Income Margin 11.9% 11.0%Adjusted EBITDA$57,060 $44,733 Adjusted EBITDA Margin 18.9% 17.6% Net sales for the three months ended September 30, 2022 increased $48.7 million...

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