Malibu Boats this week reported first-quarter net sales of $171.6 million, down 32.9% from the year-ago quarter. Gross profit declined to $28.2 million from $56.8 million a year earlier. Gross margin of 16.4% was down 580 basis points year-over-year.
“During the first quarter, we continued to navigate a challenging retail environment,” Malibu CEO Steve Menneto said in a statement. While we see some encouraging signs from a macro perspective, our team remains focused on managing the factors within our control, particularly through disciplined inventory management and executing our strategic initiatives.”
Net sales attributable to the Malibu segment decreased $49 million, or 46.7% year-over-year, to $56 million for the three months ended Sept. 30. Net sales for the saltwater fishing segment decreased $27.9 million, or 30.1%, to $64.8 million. Net sales for the Cobalt segment declined $7.4 million, or 12.7%, to $50.8 million.
The company said it delivered “sequential revenue and margin improvements as promotional activity normalizes.” It also introduced several new models across brands and is “seeing a positive reaction heading into boat show season.”
Malibu Boats returned $10 million to shareholders in the first quarter.
The company expects fiscal year 2025 consolidated net sales to increase in a low-single-digit percentage and an adjusted EBITDA margin between 10% and 12%.
