Malibu Boats, Inc. Announces Record Second Quarter Fiscal 2020 Results

About this update from Malibu Boats, Inc.

[{"type":"text","content":"LOUDON, Tenn., Feb. 06, 2020 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the second quarter ended December 31, 2019.\n Highlights for the Second Quarter of Fiscal Year 2020 Net sales increased 8.6% to $180.1 million compared to the second quarter of fiscal year 2019.Unit volume increased 2.5% to 1,804 boats compared to the second quarter of fiscal year 2019.Net sales per unit increased 6.0% to $99,840 per unit compared to the second quarter of fiscal year 2019.Gross profit increased 4.1% to $39.9 million compared to the second quarter of fiscal year 2019.Net income increased 17.3% to $17.6 million, or $0.81 per share compared to the second quarter of fiscal year 2019.Adjusted EBITDA increased 4.5% to $30.7 million compared to the second quarter of fiscal year 2019.Adjusted fully distributed net income increased 7.0% to $20.1 million compared to the second quarter of fiscal year 2019.Adjusted fully distributed net income per share increased 8.1% to $0.93 on a fully distributed weighted average share count of 21.6 million shares of Class A Common Stock as compared to the second quarter of fiscal year 2019. “Our momentum extended into the second fiscal quarter of 2020. We delivered strong financial and operational results driven by robust growth across our brands, and at the same time, we very successfully overcame the headwinds as a result of the UAW strike and the impact it had on our engine supply. In addition, the Malibu team’s dedication to operational excellence, coupled with our commitment to enhancing our best-in-class vertical integration initiatives, supported operating margin expansion during the quarter. Initial feedback from January boat shows supports our belief of continued healthy market conditions and underscored the strength of our model year 2020 products,” commented Jack Springer, Chief Executive Officer of Malibu Boats Inc. “Our superior product innovation and cadence of new model introductions has propelled further market share gains across our brands during 2019. In addition, our initiatives to expand production capacity for Cobalt and Pursuit are on track, and once completed, will position us to further extend our leadership positions in these important markets. As we look to the balance of fiscal year 2020, we remain confident that we can maintain our stro...

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