Malibu Boats yesterday announced the results of its fiscal 2024 second quarter.
The company reported net sales of $211.1 million, down 37.7% from the year-ago quarter. Gross margin was 17.8%, down 450 basis points from the prior year. Gross profit was $37.5 million, down $38.2 million from the previous second quarter. Adjusted EBITDA margin was 10.9%, down from 17%.
Malibu said in a statement that contributing factors included softening retail demand and elevated inventory levels, along with fixed cost deleverage due to lower sales and increased mix in its saltwater fishing segment.
Unit volume was 1,373 in the second quarter, compared with 2,439 year-over-year. The mix comparison was:
• Malibu/Axis: 44.1%
• Saltwater fishing: 29.5%
• Cobalt: 21.7%
The company did not provide guidance for the remainder of the fiscal year.
