Stock Monitor: Tuniu Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 16, 2018 / Active-Investors.com has just released a free earnings report on Malibu Boats, Inc. (NASDAQ: MBUU). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MBUU. The Company reported its second quarter fiscal 2018 operating and financial results on February 09, 2018. The maker of performance sports boats outperformed top- and bottom-line expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Malibu Boats most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the three months ended December 31, 2017, Malibu Boats' net sales soared 69.0% to $114.4 million. The Company's revenue numbers beat analysts' estimates of $108.4 million.
Malibu Boats' unit volumes increased 65 units, or 61.1% on a y-o-y basis, to 1,489 units in Q2 FY18. The increase in net sales and unit volumes was driven primarily by the Company's acquisition of Cobalt Boats, LLC (''Cobalt'') in July 2017. Cobalt's net sales and unit volumes were $39.4 million and 510 units, respectively, for the reported quarter. The Company's overall net sales per unit increased 4.9% to $76,812 in Q2 FY18.
During Q2 FY18, Malibu Boats' cost of sales advanced 74.2% to $86.9 million compared to $49.8 million in Q2 FY17, driven primarily by the Company's acquisition of Cobalt and an increase in unit volumes in its Malibu US segment.
For Q2 FY18, Malibu Boats' gross profit surged 54.5% to $27.5 million compared to $17.81 million in Q2 FY17, principally due to higher unit volumes attributable to the Company's acquisition of Cobalt. The Company's gross margin decreased 227 basis points to 24.1% in the reported quarter from 26.3% in the year ago same period.
During Q2 FY18, Malibu Boats' selling and marketing (S&M) expenses advanced 45.2% to $3.1 million on a y-o-y basis, due to the acquisition of Cobalt. The Company's general and administrative (G&A) expenses increased 115.3% to $7.4 million, largely due to higher G&A expenses attributable to Cobalt, and higher development costs associated with Malibu Boats' vertical integration initiative. Furthermore, during Q2 FY17, there was an approximate $1.4 million decrease in the Marine Power Holding, LLC (''Marine Power'') litigation judgment, following the Company's appeal of the verdict and court ruling amending the judgment from $3.3 million to $1.9 million in December 2016.
Malibu Boats' operating income increased 34% to $15.7 million in Q2 FY18 from $11.7 million in Q2 FY17. The Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) advanced 51.3% to $20.6 million in the reported quarter from $13.6 million in the year earlier comparable quarter.
For Q2 FY18, Malibu Boats reported a net loss of $5.6 million, or $0.31 loss per share, compared to a net income of $6.8 million, or $0.39 per share, in Q2 FY17. The decrease in net income was driven by the federal tax reform enacted in December 2017. The Company's adjusted net income surged 39.5% to $0.53 per share.
During Q2 FY18, the Company's Malibu US segment's net sales advanced 10.7% to $68.1 million on a y-o-y basis. The segment's unit volumes increased 52 units compared to the year ago corresponding period. The increases in net sales and unit volumes were driven primarily by a continued strong demand for the segment's new models, such as the Malibu Wakesetter 23 LSV and Axis A24, as well as its all new Malibu 21 MLX introduced in November 2017. The segment's net sales per unit increased 4.3% to $76,239 per unit in Q2 FY18, driven by a strong demand for optional features and y-o-y price increases.
For Q2 FY18, the Company's Malibu Australia segment's net sales rose 12.2% to $6.9 million.
As on December 31, 2017, Malibu Boats' cash totaled $36.73 million compared to $32.82 million as on June 30, 2017. As on December 31, 2017, the Company's total current assets were $96.55 million, while its total current liabilities were $56.82 million.
Stock Performance Snapshot
March 15, 2018 - At Thursday's closing bell, Malibu Boats' stock declined 1.19%, ending the trading session at $33.34.
Volume traded for the day: 146.09 thousand shares.
Stock performance in the last three-month - up 12.10%; previous six-month period - up 22.17%; past twelve-month period - up 54.14%; and year-to-date - up 12.14%
After yesterday's close, Malibu Boats' market cap was at $673.80 million.
Price to Earnings (P/E) ratio was at 10.19.
The stock is part of the Consumer Goods sector, categorized under the Recreational Goods, Other industry.
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