Malibu Boats (NASDAQ: MBUU) reported Q1 EPS of $0.67. Revenue for the quarter came in at $123.5 million versus the consensus estimate of $113.67 million.

Net sales increased 19.3% to $123.5 million compared to the first quarter of fiscal year 2018.
Unit volume increased 15.8% to 1,516 boats compared to the first quarter of fiscal year 2018.
Net sales per unit increased 3.0% to $81,453 per unit compared to the first quarter of fiscal year 2018.
Gross profit increased 33.1% to $30.5 million compared to the first quarter of fiscal year 2018.
Net income increased 87.3% to $12.0 million, or $0.55 per share compared to the first quarter of fiscal year 2018.
Adjusted EBITDA increased 29.7% to $22.9 million compared to the first quarter of fiscal year 2018.
Adjusted fully distributed net income increased 68.2% to $14.7 million compared to the first quarter of fiscal year 2018.
Adjusted fully distributed net income per share increased 59.5% to $0.67 on a fully distributed weighted average share count of 21.8 million shares of Class A Common Stock as compared to the first quarter of fiscal year 2018.

"Fiscal year 2019 started strong, with our first quarter results delivering robust growth and increasing profitability. Demand for our product continues to be record setting. Our new 2019 models have already generated excitement across the board, and dealer inventory levels are attractively positioned,” commented, Jack Springer, Chief Executive Officer of Malibu Boats, Inc. “We also continue to strive to be the most efficient operator in the industry, and our continuous improvement initiatives at Cobalt and Malibu drove further margin expansion in the first quarter. In addition, Malibu is positioned to see minimal impacts from volatility in the global trade environment based on our limited exposure and proactive management.”

“In October, we closed our acquisition of Pursuit Boats. Pursuit brings to Malibu another premium brand in one of the fastest-growing segments in the marine industry. The Malibu and Pursuit teams are working closely together to unlock the incredible potential of this world-class brand, as we believe it will be a meaningful contributor to our growth going forward. Our first quarter results illustrate the strength of our strategy to deliver consistent profitable growth, while leveraging our world-class brands. We remain incredibly optimistic about the marine industry and the broader economy, and believe we are well-positioned to continue to deliver increasing value for our stakeholders," concluded Mr. Springer.

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