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Malibu Boats, Inc. (MBUU - Free Report) reported solid fourth-quarter fiscal 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis.
During the quarter, the company benefited from a solid retail environment buoyed by a normalized supply chain, OEM production capabilities and faster-than-anticipated recovery in channel inventories.
Earnings & Revenues Details
During the fiscal fourth quarter, the company reported adjusted earnings per share (EPS) of $2.98, beating the Zacks Consensus Estimate of $2.33. In the prior-year quarter, MBUU reported an EPS of $2.43.
Malibu Boats, Inc. Price, Consensus and EPS Surprise
Quarterly revenues of $372.3 million beat the Zacks Consensus Estimate of $328 million by 13.5%. Also, the top line increased 5.4% on a year-over-year basis. The upside was primarily driven by increased unit volumes in the saltwater fishing segment and a favorable model mix across all segments. However, this was partially offset by lower unit volumes in the Malibu and Cobalt segments.
Segmental Performance
During the fiscal fourth quarter, net sales in the Malibu segment decreased 9.4% year over year to $160.3 million. The downside was mainly driven by lower units (15.2% year over year) and increased dealer flooring program costs. It was partially offset by a favorable model mix.
Net sales in the Saltwater Fishing segment increased $ 33.6% year over year to $128.7 million. The upside was driven by driven by increased units (37%), inflation-driven year-over-year price increases and a favorable model mix.
During the quarter, revenues from the Cobalt segment increased 4.3% year over year to $83.3 million. The upside was driven by a favorable model mix, partially offset by a fall in unit volume (2.9%).
Operating Highlights
During the fiscal fourth quarter, Selling and marketing expenses inched up 1.8% year over year to $5.4 million. The increase was mainly due to a rise in travel and promotional events. As a percentage of sales, selling and marketing expenses remained flat at 1.5%.
General and administrative expenses during the quarter came in at $118 million compared with 17.2 million reported in the prior-year quarter. The increase was caused by a settlement of a litigation matter (for $100.0 million) and an increase in compensation and personnel-related expenses.
Operating loss during the quarter came in at $22.6 million against operating income of 65.4 million reported in the prior-year quarter.
Adjusted EBITDA during the quarter came in at $90.1 million compared with $73.9 million reported in the prior year quarter. Adjusted EBITDA margin in the fiscal fourth quarter came in at 24.2% compared with 20.9% reported in the year-ago period.
Balance Sheet
Cash as of Jun 30, 2023, totaled $78.9 million compared with $83.7 million on Jun 30, 2022.
Inventory during the quarter came in at $171.2 million compared with $157 million reported in the prior-year period.
As of Jun 30, 2023, the company reported no long-term debt.
Fiscal 2023 Highlights
Total revenues in fiscal 2023 amounted to $1,388.4 million compared with $1,214.9 million in fiscal 2022.
Adjusted EBITDA in fiscal 2023 came in at $284 million compared with $246.5 million in fiscal 2022.
In fiscal 2023, adjusted EPS came in at $9.19 per share compared with $7.91 reported in the previous year.
Fiscal 2024 Outlook
For fiscal 2024, the company expects net sales to decline in the range of mid-to-high teens on a year-over-year basis. The company expects fiscal 2024 Adjusted EBITDA margin to fall 300-400 basis points year-over-year.
Zacks Rank & Key Picks
Malibu Boats currently has a Zacks Rank #4 (Sell).
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates a rise of 35.5% and 12.9%, respectively, from the year-ago period’s levels.
Trip.com Group Limited (TCOM - Free Report) flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 147.9% on average. Shares of TCOM have increased 55.5% in the past year.
The Zacks Consensus Estimate for TCOM’s 2024 sales and EPS indicates a rise of 18.3% and 20.6%, respectively, from the year-ago period’s levels.
Skechers U.S.A., Inc. (SKX - Free Report) sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 39.1% on average. Shares of SKX have increased 31.7% in the past year.
The Zacks Consensus Estimate for SKX’s 2024 sales and EPS indicates a rise of 10.1% and 16.8%, respectively, from the year-ago period’s levels.
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Malibu Boats (MBUU) Q4 Earnings & Revenues Surpass Estimates
Malibu Boats, Inc. (MBUU - Free Report) reported solid fourth-quarter fiscal 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis.
During the quarter, the company benefited from a solid retail environment buoyed by a normalized supply chain, OEM production capabilities and faster-than-anticipated recovery in channel inventories.
Earnings & Revenues Details
During the fiscal fourth quarter, the company reported adjusted earnings per share (EPS) of $2.98, beating the Zacks Consensus Estimate of $2.33. In the prior-year quarter, MBUU reported an EPS of $2.43.
Malibu Boats, Inc. Price, Consensus and EPS Surprise
Malibu Boats, Inc. price-consensus-eps-surprise-chart | Malibu Boats, Inc. Quote
Quarterly revenues of $372.3 million beat the Zacks Consensus Estimate of $328 million by 13.5%. Also, the top line increased 5.4% on a year-over-year basis. The upside was primarily driven by increased unit volumes in the saltwater fishing segment and a favorable model mix across all segments. However, this was partially offset by lower unit volumes in the Malibu and Cobalt segments.
Segmental Performance
During the fiscal fourth quarter, net sales in the Malibu segment decreased 9.4% year over year to $160.3 million. The downside was mainly driven by lower units (15.2% year over year) and increased dealer flooring program costs. It was partially offset by a favorable model mix.
Net sales in the Saltwater Fishing segment increased $ 33.6% year over year to $128.7 million. The upside was driven by driven by increased units (37%), inflation-driven year-over-year price increases and a favorable model mix.
During the quarter, revenues from the Cobalt segment increased 4.3% year over year to $83.3 million. The upside was driven by a favorable model mix, partially offset by a fall in unit volume (2.9%).
Operating Highlights
During the fiscal fourth quarter, Selling and marketing expenses inched up 1.8% year over year to $5.4 million. The increase was mainly due to a rise in travel and promotional events. As a percentage of sales, selling and marketing expenses remained flat at 1.5%.
General and administrative expenses during the quarter came in at $118 million compared with 17.2 million reported in the prior-year quarter. The increase was caused by a settlement of a litigation matter (for $100.0 million) and an increase in compensation and personnel-related expenses.
Operating loss during the quarter came in at $22.6 million against operating income of 65.4 million reported in the prior-year quarter.
Adjusted EBITDA during the quarter came in at $90.1 million compared with $73.9 million reported in the prior year quarter. Adjusted EBITDA margin in the fiscal fourth quarter came in at 24.2% compared with 20.9% reported in the year-ago period.
Balance Sheet
Cash as of Jun 30, 2023, totaled $78.9 million compared with $83.7 million on Jun 30, 2022.
Inventory during the quarter came in at $171.2 million compared with $157 million reported in the prior-year period.
As of Jun 30, 2023, the company reported no long-term debt.
Fiscal 2023 Highlights
Total revenues in fiscal 2023 amounted to $1,388.4 million compared with $1,214.9 million in fiscal 2022.
Adjusted EBITDA in fiscal 2023 came in at $284 million compared with $246.5 million in fiscal 2022.
In fiscal 2023, adjusted EPS came in at $9.19 per share compared with $7.91 reported in the previous year.
Fiscal 2024 Outlook
For fiscal 2024, the company expects net sales to decline in the range of mid-to-high teens on a year-over-year basis. The company expects fiscal 2024 Adjusted EBITDA margin to fall 300-400 basis points year-over-year.
Zacks Rank & Key Picks
Malibu Boats currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the Zacks Consumer Discretionary sector are:
Royal Caribbean Cruises Ltd. (RCL - Free Report) sports a Zacks Rank #1 (Strong Buy). RCL has a trailing four-quarter earnings surprise of 28.5% on average. Shares of RCL have gained 146.1% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates a rise of 35.5% and 12.9%, respectively, from the year-ago period’s levels.
Trip.com Group Limited (TCOM - Free Report) flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 147.9% on average. Shares of TCOM have increased 55.5% in the past year.
The Zacks Consensus Estimate for TCOM’s 2024 sales and EPS indicates a rise of 18.3% and 20.6%, respectively, from the year-ago period’s levels.
Skechers U.S.A., Inc. (SKX - Free Report) sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 39.1% on average. Shares of SKX have increased 31.7% in the past year.
The Zacks Consensus Estimate for SKX’s 2024 sales and EPS indicates a rise of 10.1% and 16.8%, respectively, from the year-ago period’s levels.