Press release
Malibu Boats, Inc. Announces Third Quarter Fiscal 2023 Results
LONDON, Tenn., May 03, 2023 (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":"LONDON, Tenn., May 03, 2023 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the third quarter ended March 31, 2023. Third Quarter Fiscal 2023 Highlights Compared to Third Quarter Fiscal 2022: Net sales increased 9.0% to $375.1 millionUnit volume increased 2.9% to 2,637 unitsGross profit increased 1.5% to $98.6 millionNet income decreased 2.5% to $53.5 millionAdjusted EBITDA decreased 0.6% to $79.3 millionNet income available to Class A Common Stock per share (diluted) remained flat at $2.51 per shareAdjusted fully distributed net income per share decreased 0.8% to $2.59 per share on a fully distributed weighted-average share count of 21.3 million shares of Class A Common Stock “We delivered another solid quarter with sales growing 9.0% for another record quarter and net income and adjusted EBITDA coming in as expected. Our operational execution has been, and will continue to be, the hallmark of our success. The Malibu team demonstrated their resilience as we navigated through a, at times, choppy fiscal third quarter. We have made great strides in normalizing our channel inventory, particularly within our Malibu and Cobalt segments, allowing our dealers to be poised to satisfy customer demand as we enter the prime selling season. Within our Saltwater Fishing segment, demand throughout the boat show season was unwavering and at peak levels for the larger shows, and we feel particularly well positioned in this growing segment,” commented Jack Springer, Chief Executive Officer of Malibu Boats, Inc. “Our commitment to growth and vertical integration remains our top priority as we continue to lead the way as one of the premier recreational boats manufacturers. Regardless of the environment, we are strategically advancing our leadership in the market to expand our manufacturing capacity, grow our distribution network, and bring key capabilities in-house, from engines to tooling. I am confident in our team’s ability to execute on our next growth phase and look forward to delivering value for our stakeholders as we close out another successful fiscal year,” continued Mr. Springer. Third Quarter Fiscal 2023 Results (Unaudited) Three Months Ended March 31, Nine Months Ended March 31, 2023 2022 2023 2022 (Dollars In Thousands)Net Sales$375,119 $344,287 $1,016,062 $861,671 Gross Profit$98,574 $...