Press release
Malibu Boats, Inc. Announces Record Third Quarter Fiscal 2022 Results
LOUDON, Tenn., May 10, 2022 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the third quarter ended March 31,
About this update from Malibu Boats, Inc.
[{"type":"text","content":"LOUDON, Tenn., May 10, 2022 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the third quarter ended March 31, 2022. Fiscal Third Quarter 2022 Highlights Compared to Fiscal Third Quarter 2021: Net sales increased 26.0% to a record $344.3 millionUnit volume increased 4.4% to a record 2,562 unitsGross profit increased 34.8% to a record $97.1 millionNet income increased 56.1% to a record $54.8 millionAdjusted EBITDA increased 39.9% to a record $79.8 millionNet income available to Class A Common Stock per share (diluted) increased 55.9% to a record $2.51 per shareAdjusted fully distributed net income per share increased 43.4% to a record $2.61 per share on a fully distributed weighted average share count of 21.6 million shares of Class A Common Stock “Our record-setting pace continues with yet another outstanding quarter with net sales growing 26.0%, net income rising 56.1% and Adjusted EBITDA increasing 39.9% compared to the prior year. Led by our operational excellence, we were able to ship more units than anticipated, in spite of the persistent supply chain challenges across the industry. At the same time, our M&A strategy proved to be a competitive advantage. With the addition of Malibu Electronics, we were able to expand our vertical integration model, providing tremendous support for our brands and manufacturing prowess, allowing us to, once again, outperform versus the competition,” commented Jack Springer, Chief Executive Officer of Malibu Boats, Inc. “Across the board, ASPs remain elevated, led by strong consumer demand for larger, feature-rich boats. This in combination with our operational excellence has resulted in margin expansion for our business over the quarter, positioning us well to offset inflationary pressures as we move to the final months of the fiscal year. As always, we remain focused on executing our proven strategy, and look to continue to drive industry-leading growth, profitability and long-term value for our shareholders,” continued Mr. Springer. Fiscal Third Quarter 2022 Results (Unaudited) Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021 (Dollars In Thousands)Net Sales$344,287 $273,162 $861,671 $649,793 Gross Profit$97,121 $72,028 $220,424 $167,258 Gross Profit Margin 28.2% 26.4% 25.6% 25.7%Net Income$54,833 $35,135 $113,745 $79...