Malibu Boats, Inc. Announces Third Quarter Fiscal 2024 Results

About this update from Malibu Boats, Inc.

[{"type":"text","content":"LOUDON, Tenn., May 02, 2024 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the third quarter ended March 31, 2024. Third Quarter Fiscal 2024 Highlights Compared to Third Quarter Fiscal 2023: Net sales decreased 45.8% to $203.4 millionUnit volume decreased 51.9% to 1,269 unitsGross profit decreased 59.1% to $40.3 millionGAAP net income decreased 226.8% to a net loss of $67.8 million, inclusive of goodwill and other intangible asset impairment charges of $88.4 million incurred for the Maverick Boat Group reporting unitGAAP net income available to Class A Common Stock per share (diluted) decreased 230.7% to a net loss of $3.28 per shareAdjusted EBITDA decreased 69.2% to $24.4 millionAdjusted fully distributed net income per share decreased 75.7% to $0.63 per share on a fully distributed weighted-average share count of 21.0 million shares of Class A Common Stock “In the fiscal third quarter, we continued to navigate a softened retail demand environment, with notable weakness in the tow boat and value boat markets. Despite this challenge, we are encouraged by pockets of strength we are seeing across Cobalt and Pursuit, showcasing resiliency within certain segments of our portfolio,” commented Jack Springer, Chief Executive Officer of Malibu Boats, Inc. “Our channel inventories, which remain elevated, are showing signs of improvement as we enter the peak selling season, with a gradual decline underway. As we progress through the remainder of the year, our focus remains on returning inventories to more normalized levels through production reductions and the delivery of boats in the selling season. We anticipate that these efforts will position us for long-term stability and growth.” “Moving forward, we expect there to be a continued softening in retail demand for the remainder of fiscal year 2024. Despite this, we have established a strong foundation and ability to generate positive cash and are poised to support market growth as things correct. We remain confident in our ability to execute our long-term strategy, particularly in a normalized cycle where we see ample opportunity to thrive. Anchored by our three pillars of success – product, production, and distribution – we stand ready to excel. With our industry-leading innovation driving our premium product portfolio, an expanded produ...

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