Malibu Boats (NASDAQ: MBUU) reported Q4 EPS of $0.40, $0.28 better than the analyst estimate of $0.12. Revenue for the quarter came in at $118.7 million versus the consensus estimate of $100.41 million.

“Our superior execution, combined with the strength of our brands, supported better-than-expected results in an incredibly volatile environment during our fiscal fourth quarter. After temporarily suspending production prior to the start of the quarter and extending the shutdowns into the fourth quarter, we moved quickly to reopen our plants to meet the demand for our boats at the beginning of the summer season. Due to our planning and adaptable operations, we were able to reopen all brand production at pre-shutdown levels. Our ability to resume the same production on day one of our reopening is a testament to our vertical integration strategy, operational expertise and supply chain management,” commented Jack Springer, Chief Executive Officer of Malibu Boats Inc.

“Moving into fiscal year 2021, we remain incredibly well-positioned. Our decision to roll out our model year 2021 products earlier than in years past and expand our innovative portfolio of boats across all of our brands gives us an edge with both loyal Malibu customers and first time boat buyers. Our new Malibu Wakesetter 23 LSV, the best-selling boat in the history of performance boats, the Axis Wake A24, the Malibu Wakesetter 24 MXZ and Cobalt R6 have all generated overwhelmingly positive feedback from dealers and customers, and each will meaningfully improve the customer experience and drive continued demand. While tremendous uncertainty remains as a result of the COVID-19 pandemic, we are laser-focused on executing our proven strategy to deliver long-term value for our shareholders, including new product development, innovation and our vertical integration initiatives,” concluded Mr. Springer.

Highlights for the Fourth Quarter of Fiscal Year 2020

• Net sales decreased 39.1% to $118.7 million compared to the fourth quarter of fiscal year 2019.
• Unit volume decreased 43.9% to 1,117 boats compared to the fourth quarter of fiscal year 2019.
• Net sales per unit increased 8.6% to $106,232 per unit compared to the fourth quarter of fiscal year 2019.
• Gross profit decreased 50.7% to $23.6 million compared to the fourth quarter of fiscal year 2019.
• Net income decreased 68.2% to $6.5 million, or $0.30 per share, compared to the fourth quarter of fiscal year 2019.
• Adjusted EBITDA decreased 56.8% to $15.5 million compared to the fourth quarter of fiscal year 2019.
• Adjusted fully distributed net income decreased 64.2% to $8.4 million compared to the fourth quarter of fiscal year 2019.
• Adjusted fully distributed net income per share decreased 63.0% to $0.40 on a fully distributed weighted average share count of 21.5 million shares of Class A Common Stock as compared to the fourth quarter of fiscal year 2019.

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