Malibu Boats today reported third-quarter sales of US$140.4m, up 82.0% compared to the same period a year ago. Its unit volume was up 69.4% to 1,786 boats for the quarter. Net sales per unit was up 7.4% for the quarter, while sales per unit for Malibu US was up 6.2%. Net income was up 89.9% to US$16.8m for the third quarter.
Malibu acquired Cobalt Boats in June 2017, so the numbers from a year ago do not include that acquisition.
Jack Springer, Malibu CEO, said “robust retail demand” in the US and increased operating efficiencies drove the quarter’s sales growth. “Channel inventories are at or near optimum levels, which is inspiring dealer confidence despite unfavourable weather during the early spring selling season,” said Springer in a statement.
“On the international front, Canada continues its slow recovery, while Australia, our second largest market, remains a contributor. Market share gains are accelerating for both Malibu and Cobalt, where we already hold a commanding lead.”
Springer said that its integration of Cobalt Boats, which Malibu acquired last year, was going well. “As we march towards the end of the fiscal year, macro indicators suggest that the market for our products will stay strong,” said Springer.