Malibu Boats Inc. saw net sales increase 69 percent in the second quarter to $114.4 million, and unit volume increased 61.1 percent to 1,489 boats.
Net sales-per-unit increased 4.9 percent to $76,812 and gross profit rose 54.5 percent to $27.5 million compared to the second quarter of fiscal year 2017.
Net income decreased 172.2 percent to a net loss of $5.6 million, or $0.31 per share, compared to the second quarter of fiscal 2017. The decrease in net income was driven by tax reform enacted in the second quarter.
Adjusted EBITDA increased 51.3 percent to $20.6 million.
“In our second quarter, Malibu performed very well and we are pleased with the performance,” said Malibu CEO Jack Springer in a statement. “The United States business is strong at the wholesale and retail levels and we have seen additional strength in the second quarter and into the third quarter boat show season.”
Canada is continuing its slow recovery and Australia continues to perform well, Springer said.
“We are also very pleased that we continue to see strong market share performance at both Malibu and Cobalt,” Springer said. “Our focus on bringing more product introductions and innovations to market than any other competitor, building our distribution network which is already the best in our segment and maximizing operational excellence will continue to drive margins and profitability.”
The overall market is strengthening due to the low unemployment rate and tax cuts, Springer said.
“The Cobalt integration is ahead of schedule and successfully delivering efficiencies while demand for the Cobalt product remains strong,” Springer said. “We are very pleased with our financial and operating results and are believe the segment recovery will continue and the economy will be a strong supporting partner in that recovery.”
