Malibu Boats (NASDAQ: MBUU) reported Q2 EPS of $0.86, $0.12 better than the analyst estimate of $0.74. Revenue for the quarter came in at $165.8 million versus the consensus estimate of $149.83 million.

• Net sales increased 45.0% to $165.8 million compared to the second quarter of fiscal year 2018.
• Unit volume increased 18.2% to 1,760 boats compared to the second quarter of fiscal year 2018.
• Net sales per unit increased 22.6% to $94,200 per unit compared to the second quarter of fiscal year 2018.
• Gross profit increased 39.2% to $38.3 million compared to the second quarter of fiscal year 2018.
• Net income increased 368.6% to $15.0 million, or $0.68 per share compared to the second quarter of fiscal year 2018.
• Adjusted EBITDA increased 42.5% to $29.4 million compared to the second quarter of fiscal year 2018.
• Adjusted fully distributed net income increased 64.5% to $18.8 million compared to the second quarter of fiscal year 2018.
• Adjusted fully distributed net income per share increased 62.3% to $0.86 on a fully distributed weighted average share count of 21.8 million shares of Class A Common Stock as compared to the second quarter of fiscal year 2018.
• Completed acquisition of assets of the Pursuit Boats division (“Pursuit”) of S2 Yachts, Inc. for $100.1 million on October 15, 2018.

"We saw ongoing momentum in our business during the second fiscal quarter of 2019, as demand for our product at Malibu, Cobalt and Pursuit, which we closed on October 15th, continues to be very strong. Dealers' orders remain robust, which has created a strong order book across all of our brands and channel inventories are at near optimal levels. In the first half of fiscal 2019, we introduced a number of new boats and features, all of which have been incredibly well-received by customers and dealers alike. In addition, our operational excellence initiatives are bearing fruit as we are seeing positive results in gross margins in our comparable year- over-year business where we expanded margins meaningfully,” commented, Jack Springer, Chief Executive Officer of Malibu Boats, Inc.

“Our second quarter results reinforce our ability to deliver consistent profitable growth, while leveraging our world-class brands. As we look forward, we remain optimistic about the outlook for the marine industry and broader economy. We are laser-focused on continued execution and even better performance from Malibu, Cobalt and Pursuit, and believe we are well-positioned to deliver increasing value for our stakeholders," concluded Mr. Springer.

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