Malibu Boats (MBUU) Tops Q2 EPS by 19c, Revenues Beat

February 9, 2021 7:12 AM EST

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Malibu Boats (NASDAQ: MBUU) reported Q2 EPS of $1.22, $0.19 better than the analyst estimate of $1.03. Revenue for the quarter came in at $195.65 million versus the consensus estimate of $189.8 million.

Fiscal Second Quarter 2021 Highlights Compared to Fiscal Second Quarter 2020:

  • Net sales increased 8.6% to $195.6 million
  • Unit volume declined 3.4%
  • Gross profit increased 24.1% to $49.5 million
  • Net income increased 25.8% to $22.1 million
  • Adjusted EBITDA increased 27.5% to $39.1 million
  • Adjusted fully distributed net income per share increased 31.2% to $1.22 on a fully distributed weighted average share count of 21.6 million shares of Class A Common Stock

“We further extended our leadership position in our second fiscal quarter, leveraging the strong retail environment and our industry-leading operational excellence to deliver ahead of plan sales, very strong gross margins and historic adjusted EBITDA results for our second quarter. Our larger and new boats are performing very well with several models ahead of our initial expectations, including the 23 LSV, 24 MXZ, and M220 at Malibu, and the new A24 at Axis. Similarly, Cobalt’s new R6 Standard and Surf, R8 Standard and Surf, and the R6 Outboard drove record retail sales orders for our fiscal second quarter, further establishing our position as the innovator. We continue to optimize our production plans to deliver more boats to meet the unwavering demand for our products. With a historic backlog of orders, increasing ASPs and unparalleled execution, we yielded a 326-basis point year-over-year improvement in gross margins for the quarter,” commented Jack Springer, Chief Executive Officer of Malibu Boats, Inc.

“Underscoring our strong M&A track record, at the end of the fiscal second quarter, we welcomed Maverick Boat Group and its complementary line-up of brands – Cobia, Pathfinder, Maverick and Hewes – to the Malibu family. This transaction adds a strong player in the center console, dual console and bay boat space with a distinguished reputation and enhances our breadth of saltwater outboard offerings. As we look to the balance of the fiscal year, we continue to see demand for our premium brands and upgraded features and options, and for several of our brands, we are building more boats than we have seen in the history of the Company. We remain incredibly optimistic for the second half of fiscal year 2021 to capture market share while serving our loyal and growing customer base. Given our performance, we have increased our full year fiscal 2021 guidance, which we believe will support increasing value to our shareholders,” concluded Mr. Springer.

For earnings history and earnings-related data on Malibu Boats (MBUU) click here.

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