Malibu Boats says that net sales for its fourth fiscal quarter were up 12.6% to US$75.1m compared to the same period a year ago. Net income increased 151% to US$10.3m.
The company said in a statement that its unit volume increased 8.9% to 1,0004 boats. Net sales per unit increased 3.4% to US$74,807, and net sales per unit for US boat sales increased 3.2% over the same period in fiscal year 2016.
Its full-year net sales were up 11.5% to US$281.9 compared to fiscal year 2016, while net income increased 53.1% to US$31.1m. Unit volume was up 6.9% to 3,815 boats.
Jack Springer, Malibu CEO, said that Q4 and full-year results were records for the company. “Both our Malibu and Axis brands performed very well as validated by our large market share expansion,” said Springer. "Lower retail inventory levels fueled demand in fiscal year 2017 and these healthy levels continue to fuel demand in the first quarter of fiscal year 2018.”
Springer said that US sales “more than offset weaknesses” in boat sales in Canada because of a deflated oil and gas market, and currency issues in the rest of the world. “On a positive note, we continue to believe the decrease in retail sales over the previous two or three years has abated,” said Springer. “We are now showing recovery at the retail level which we believe will lead to recovery at the wholesale level."