Malibu Boats reported increases across the board for fiscal first quarter 2023, which ended Sept. 30. Net sales increased 19.2% to $302.2 million, unit volume had gains of 10.5% to 2,237 units, and gross profit was up 24.9% to $74.6 million.
“Supported by the continued strength across our brands, we maintained our momentum and delivered a record first quarter for fiscal year 2023,” Malibu CEO Jack Springer said in a statement. “Our operating model, vertical integration capabilities and strategic leadership continue to shine through, helping us execute on our objectives and remain a market leader.”
Net income increased 29.3% to $36.1 million, adjusted EBITDA increased 27.6% to $57.1 million, and net income available to Class A common stock per share (diluted) increased 32% to $1.69 per share.
Adjusted fully distributed net income per share increased 30.7% to $1.79 per share on a fully distributed weighted average share count of 21.3 million shares.
“While supply-chain challenges persist, demand for our larger, feature-rich boats has remained strong, particularly in the saltwater segment, which was highlighted at the season’s first boat shows,” Springer said. “We are cognizant of the headwinds facing the consumer, and as always, our teams remain agile and poised to take action should we see any material shift in demand trends.”
