Malibu Boats, Inc. Announces Second Quarter Fiscal 2024 Results

About this update from Malibu Boats, Inc.

[{"type":"text","content":"LOUDON, Tenn., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the second quarter ended December 31, 2023. Second Quarter Fiscal 2024 Highlights Compared to Second Quarter Fiscal 2023: Net sales decreased 37.7% to $211.1 millionUnit volume decreased 43.7% to 1,373 unitsGross profit decreased 50.5% to $37.5 millionNet income decreased 72.1% to $10.1 millionAdjusted EBITDA decreased 60.2% to $22.9 millionNet income available to Class A Common Stock per share (diluted) decreased 71.5% to $0.49 per shareAdjusted fully distributed net income per share decreased 68.9% to $0.57 per share on a fully distributed weighted-average share count of 21.1 million shares of Class A Common Stock “Our second quarter results, historically our slowest time of the year, were impacted by weak retail demand,” commented Jack Springer, Chief Executive Officer of Malibu Boats, Inc. “We are recalibrating wholesale production to match retail demand as seasonality, along with continued interest rate pressures has resulted in elevated inventory levels. While the current macroeconomic outlook creates uncertainty, we are starting to see some positive signs following our Year End Sales event for Malibu, demonstrating the resiliency of our brands. The upcoming boat show season will serve as an additional indicator of retail recovery, as we believe it will reflect the continuing consumer interest for our larger, feature-rich boats.” “Looking ahead, while we are optimistic about our ability to return to growth as the market recovers, we will remain lean and nimble. Our operational capabilities, highly variable cost structure and strong team enables Malibu to execute in any choppy environment. These strengths, which we have demonstrated year after year, allow us to continue to be aggressive and continue to invest in the business. As always, we will lead the way as the premier recreational power boat manufacturer as we strive to take advantage of strategic opportunities during down cycles, continue growing our market share, and position ourselves to drive long-term value for our shareholders.” continued Mr. Springer. Second Quarter Fiscal 2024 Results (Unaudited) Three Months Ended December 31, Six Months Ended December 31, 2023 2022 2023 2022 (Dollars In Thousands)Net Sales$211,074 $338,732 $466,904 $640,...

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