Malibu Boats today reported sales of US$103.5m for its first fiscal quarter, up 66.9% compared to the same period a year ago. Net income was up 51.8% to US$6.4m for the quarter.
The company, which acquired Cobalt Boats in July, said unit volume increased 57.1% to 1,309 boats. At the same time net sales per unit was up 6.2% to US$79,099. Net sales per unit for Malibu US was up 6.1% to US$79,348.
The company said in a statement that 469 Cobalts, valued at US$36.9m, were sold during the quarter.
“Our business in the United States is strong at the wholesale and retail levels and we expect this momentum to continue,” said Malibu CEO Jack Springer in a statement. Springer added that Canada has made “slight gains” and that Australia, where Malibu has a production facility, “continues to perform well”.
Springer said that Cobalt “has proven to be the acquisition we wanted”. He added that he expects the inboard and sterndrive boat maker to strengthen its performance over time.
Springer said that Cobalt will launch three new models in fiscal 2018, Malibu will launch two models, and its Axis brand will deliver two new models. “Our new boats and product innovations will deliver strong demand during the upcoming boat show season,” said Springer.