Malibu Boats(MBUU) ZACKS·2025-01-31 13:06Core Viewpoint - Malibu Boats, Inc. (MBUU) reported second-quarter fiscal 2025 results with earnings and revenues exceeding the Zacks Consensus Estimate, although both metrics declined year-over-year [1][3]. Financial Performance - Adjusted earnings per share (EPS) for the fiscal second quarter were 31 cents, surpassing the Zacks Consensus Estimate of 21 cents, down from 57 cents in the prior-year quarter [3]. - Quarterly revenues reached $200.3 million, exceeding the Zacks Consensus Estimate of $191 million by 5.1%, but reflecting a 5.1% decline year-over-year due to lower unit volumes in the Malibu and Saltwater Fishing segments [4]. - The Malibu segment's net sales decreased 3% year-over-year to $74.1 million, while the Saltwater Fishing segment saw a 15.2% decline to $70.2 million, primarily due to reduced wholesale shipments [5]. - Conversely, revenues from the Cobalt segment increased 7.8% year-over-year to $56 million, driven by higher unit sales and inflation-related price increases [6]. Operating Highlights - Selling and marketing expenses rose 6.7% year-over-year to $6 million, accounting for 3.0% of sales, an increase of 30 basis points [7]. - General and administrative expenses surged to $26.5 million from $15.4 million in the prior-year quarter, influenced by legal fees and compensation costs [8]. - Operating income fell to $3.2 million from $14.7 million year-over-year, while adjusted EBITDA decreased to $16.9 million from $22.9 million, with an adjusted EBITDA margin of 8.4% compared to 10.9% in the previous year [9]. Balance Sheet - As of December 31, 2024, cash totaled $35.1 million, up from $26.9 million on June 30, 2024, while inventory slightly decreased to $144.9 million from $145.6 million [10]. - Long-term debt stood at $23 million as of December 31, 2024 [11]. Fiscal Outlook - For fiscal 2025, the company anticipates net sales to be flat to down low single digits year-over-year, with an expected adjusted EBITDA margin of approximately 10% [12].