Malibu Boats reported net sales of $255.8 million in the first quarter of 2024, down 15.3% from $302.2 million year over year. Gross margin of 22.2% was down 250 bps from 24.7%, due to slower volume growth within the higher-margin Malibu and Axis brands.
Gross profit for the quarter was $56.8 million, down from $74.6 million in the year-prior quarter.
“We continue to showcase our resiliency as a business despite a volatile macro environment, proving our dominant position in every market we serve,” the company said in a statement.
The company said it introduced new models across its eight brands, and that customers continue to drive elevated average selling prices on premium offerings with increased demand for larger, well-equipped boats.
Malibu said its growth strategy includes vertical integration at Cobalt, Pursuit and, eventually, Maverick Boat Group. Cobalt will open a 260,000-square-foot facility near the Malibu Boats headquarters in the third quarter of 2024. All Pursuit tooling is taking place at a new 100,000-square-foot design center in Fort Pierce, Fla., and the Monsoon engine division started delivering sterndrives to Cobalt in the first quarter.
Net sales per unit were $150.7 in the first quarter, compared with $135.1 in the first quarter of fiscal 2023. Volume was 1,698 units, down from 2,237 a year ago.
Malibu/Axis comprised 47.3% of sales in the quarter, with Cobalt at 23.7% and saltwater fishing at 29%. The previous-year numbers were 54.5% for Malibu/Axis, 21.2% for Cobalt and 24.5% for Cobalt.
