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

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[{"type":"text","content":"LOUDON, Tenn., Feb. 07, 2023 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the second quarter ended December 31, 2022. Second Quarter Fiscal 2023 Highlights Compared to Second Quarter Fiscal 2022: Net sales increased 28.4% to $338.7 millionUnit volume increased 17.7% to 2,439 unitsGross profit increased 19.0% to $75.7 millionNet income increased 17.5% to $36.4 millionAdjusted EBITDA increased 19.7% to $57.6 millionNet income available to Class A Common Stock per share (diluted) increased 22.0% to $1.72 per shareAdjusted fully distributed net income per share increased 22.0% to $1.83 per share on a fully distributed weighted-average share count of 21.3 million shares of Class A Common Stock “We once again delivered a fantastic quarter as our momentum continued with net sales increasing 28.4%, net income rising 17.5%, and Adjusted EBITDA growing 19.7% compared to the prior year. Our performance further solidifies our position as a trailblazer and innovator, while also demonstrating our ability to adapt and grow in the current environment,” commented Jack Springer, Chief Executive Officer of Malibu Boats, Inc. “We are also encouraged by the resilient consumer appetite for large, feature-rich boats, which is evidenced by the strong demand we are seeing for our saltwater segment at regional boat shows across the country. While macro conditions remain uncertain, we are beginning to see incremental improvements across the supply chain, which we believe will allow channel inventory to normalize in the second half of the fiscal year for our Malibu and Cobalt segments and in the first half of fiscal 2024 for our Saltwater Fishing segment. We remain confident in our ability to execute in any macro environment, and we will continue to leverage the horsepower of our unmatched operational capabilities, vertical integration efforts, and visionary team to deliver profitable growth and long-term value for our shareholders,” continued Mr. Springer. Second Quarter Fiscal 2023 Results (Unaudited) Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 (Dollars In Thousands)Net Sales$ 338,732 $ 263,887 $ 640,943 $ 517,384 Gross Profit$ 75,654 $ 63,551 $ 150,259 $ 123,303 Gross Profit Margin 22.3 % 24.1 % 23.4 % 23.8 %Net Income$ 36,396 $ 30,979 $ 72,501 $ 58,912 Net Income M...

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