Malibu Boats Q4 Earnings Exceed Expectations

Malibu Boats Inc MBUU reported fourth-quarter FY22 sales growth of 27.6% year-on-year, to $353.2 million, beating the analyst consensus of $331.03 million.
The revenue increase was driven primarily by year-over-year price increases, a favorable model mix, and increased unit volumes primarily in Malibu and Cobalt segments. Unit volume increased 10.3% to 2,596 units.
The gross profit increased 29.5% Y/Y to $89.6 million, with the margin expanding 40 basis points Y/Y to 25.4%.
The operating margin was 18.5%, and operating income for the quarter rose 45.3% to $65.4 million.
The company held $83.7 million in cash and equivalents as of June 30, 2022.
Adjusted EBITDA rose 28.3% Y/Y to $73.9 million with an adjusted EBITDA margin of 20.9%.
Adjusted EPS of $2.43 beat the analyst consensus of $2.29.
Outlook: Malibu sees FY23 sales growth percentage in the mid to high single digits and Adjusted EBITDA margin down slightly year-over-year.
Price Action: MBUU shares are trading lower by 1.70% at $66.05 on the last check Thursday.

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