Core Insights - Malibu Boats, Inc. reported a strong performance in the fourth quarter of fiscal year 2025, with net sales increasing by 30.4% to $207.0 million compared to the same period in fiscal year 2024, driven by higher unit volumes and favorable model mix [6][8][9] - The company faced challenges in fiscal year 2025, with overall net sales decreasing by 2.6% to $807.6 million, primarily due to lower unit volumes in the Saltwater Fishing and Cobalt segments [17][18][19] - The company is optimistic about future growth, planning to introduce eleven new models in fiscal year 2026 and maintaining a disciplined approach to dealer health amid expected retail headwinds [4][29] Fourth Quarter Fiscal 2025 Highlights - Net sales increased by $48.3 million, or 30.4%, to $207.0 million compared to the fourth quarter of fiscal year 2024 [8] - Unit volume rose by 16.8% to 1,221 units, with significant growth in the Malibu segment [6][8] - Gross profit surged by 162.1% to $32.7 million, with gross margin improving from 7.9% to 15.8% [14][16] Fiscal Year 2025 Highlights - Net sales for fiscal year 2025 decreased by $21.5 million, or 2.6%, to $807.6 million compared to fiscal year 2024 [17] - Unit volume declined by 9.0% to 4,898 units, primarily due to lower wholesale shipments in the Saltwater Fishing and Cobalt segments [17][19] - Net income increased by 127.0% to $15.2 million, with adjusted EBITDA decreasing by 9.1% to $74.8 million [27][29] Segment Performance - The Malibu segment saw net sales increase by $33.6 million, or 12.0%, to $312.7 million for fiscal year 2025, driven by favorable model mix and inflation-driven price increases [18] - The Saltwater Fishing segment experienced a decrease in net sales by $47.9 million, or 14.6%, to $279.6 million, attributed to lower retail activity and inventory management by dealers [19][20] - The Cobalt segment's net sales decreased by $7.1 million, or 3.2%, to $215.2 million, also due to lower wholesale shipments [21] Cost and Profitability Metrics - Cost of sales for fiscal year 2025 decreased by $18.5 million, or 2.7%, to $663.5 million, reflecting a decrease in volumes [23] - Gross profit for fiscal year 2025 decreased by $3.0 million, or 2.0%, compared to fiscal year 2024, with gross margin slightly increasing from 17.7% to 17.8% [24] - General and administrative expenses increased by $16.1 million, or 21.1%, to $92.5 million, driven by legal settlements and increased compensation [26] Future Outlook - For fiscal year 2026, Malibu anticipates net sales to be flat to down mid-single digits year-over-year, with adjusted EBITDA margin expected to range from 8% to 9% [29]

Core Insights - Malibu Boats, Inc. reported financial results for the third quarter of fiscal 2025, showing a significant recovery from previous losses, with net income increasing to $13.2 million compared to a loss of $67.8 million in the same quarter of fiscal 2024 [3][15][30]. Financial Performance - Net sales for the third quarter increased by $25.2 million, or 12.4%, to $228.7 million compared to the same period last year [5][6]. - Gross profit rose by 13.4% to $45.7 million, with a gross profit margin of 20.0%, up from 19.8% [4][13]. - Adjusted EBITDA increased by 16.0% to $28.3 million, with an adjusted EBITDA margin of 12.4% [6][15]. - The company achieved a net income margin of 5.8%, a significant improvement from a net loss margin of (33.3)% in the prior year [15][35]. Segment Performance - The Malibu segment saw net sales increase by $42.0 million, or 69.8%, to $102.2 million, driven by higher unit volumes and favorable model mix [8][9]. - Conversely, the Saltwater Fishing segment experienced a decline in net sales by $9.4 million, or 11.5%, to $71.9 million, attributed to lower retail activity [9][10]. - The Cobalt segment also faced a decrease in net sales by $7.4 million, or 12.0%, to $54.6 million, primarily due to reduced wholesale shipments [10]. Guidance and Market Outlook - For the full fiscal year 2025, Malibu anticipates a net sales decline ranging from 3% to 5% year-over-year, with an adjusted EBITDA margin expected to range from 9% to 10% [16][18]. - The company is focused on aligning dealer inventory levels with retail demand amid ongoing market challenges [3][4]. Operational Insights - The company emphasized maintaining dealer health and managing production to align with retail demand, despite softer-than-expected retail trends [3][4]. - Malibu Boats is actively monitoring international trade policies and tariff rates, with no anticipated material impact on its cost structure for the remainder of the fiscal year [3][4].