PHOTO COURTESY PURSUIT BOATSMalibu Boats Inc. yesterday reported net sales of $1.4 billion for fiscal year 2023, a 14.3% year-over-year increase. Gross margin was 25.3%, which was down 20 basis points compared to the previous year and adjusted EBITDA increased 15.2% in the year-over-year to a record of $284 million.
In a statement, the company said it “Achieved another record-setting fiscal year for net sales, demonstrating the unbeatable strength of our business model.”
Net sales per unit for fiscal year 2023 were $140.8 million compared to $131.3 the previous year and volume was 9,863 units in 2023, up from 9,255 in 2022. In 2023, Malibu made up 52% of sales followed by saltwater fishing at 26.2% and Cobalt at 21.8%. Volume for the final quarter of 2023 was 2,550 units, which down from 2022’s 2,596.
In the fourth quarter of 2023, Malibu made up 49.1% of the corporation’s boat sales, followed by saltwater fishing at 28.5% and Cobalt at 22.4%. The year before the numbers were 56.9% for Malibu, 22.7% for Cobalt and 20.4% for saltwater fishing.
A strategy of vertical integration lets the company control a larger part of the supply chain. MBI says it is also expanding its in-house tooling capabilities and integrating its Monsoon engines across more brands including sterndrives for Cobalt boats. The growth strategy includes vertical integration and strategic acquisitions of premium companies. A new 260,000-square-foot facility is being built near the corporate headquarters and Pursuit is building out 100,000 square feet at its location in Florida.
