Malibu Boats Q2 Earnings Top Estimates

Malibu Boats Q2 Earnings Top Estimates
  • Malibu Boats Inc MBUU reported second-quarter FY22 sales growth of 34.8% year-on-year, to $263.89 million, beating the analyst consensus of $259.68 million.
  • The revenue increase was driven primarily by a favorable model mix and increased unit volumes primarily due to the acquisition of Maverick Boat Group on December 31, 2020. Unit volume increased 19% to 2,073 units.
  • The gross profit increased 28.4% Y/Y to $63.6 million, with the margin contracting 120 basis points Y/Y to 24.1%.
  • The operating margin was 15.2%, and operating income for the quarter rose 38.9% to $40.2 million.
  • The company held $44.8 million in cash and equivalents as of December 31, 2021.
  • Adjusted EBITDA rose 23% Y/Y to $48.1 million with an adjusted EBITDA margin of 18.2%.
  • Adjusted EPS of $1.50 beat the analyst consensus of $1.35.
  • "Demand has shown no sign of waning, and the consumer appetite for feature-rich, larger boats remains plentiful, which drove unpredictably strong ASPs," said CEO Jack Springer.
  • Outlook: Malibu sees FY22 sales growth of 22% - 24% Y/Y and Adjusted EBITDA margins above 19.5%.
  • Price Action: MBUU shares are trading higher by 4.37% at $67.56 on the last check Tuesday.

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