Malibu Boats Q1 sales miss estimates; cautious on outlook

Overview

• U.S. recreational powerboat maker's Q1 net sales rose 30% yr/yr but missed analyst expectations

• Adjusted net income per share was flat at $0.15

• Growth driven by Saxdor acquisition and higher Cobalt, Saltwater volumes, offset by softer Malibu demand

Outlook

• Malibu Boats expects Dec qtr net sales of $236 mln to $248 mln

• Company forecasts Dec qtr adjusted EBITDA of $13 mln to $15 mln

• Malibu Boats remains cautious on outlook amid uncertain retail environment

Result Drivers

• SAXDOR ACQUISITION - Co said revenue growth was mainly driven by new Saxdor segment and acquisition

• COBALT AND SALTWATER VOLUME - Higher unit volumes in Cobalt and Saltwater segments contributed to sales growth

• SOFT RETAIL ENVIRONMENT - Co cited weaker retail demand and disciplined wholesale shipments as factors limiting sales

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the recreational products peer group is "buy"

• Wall Street's median 12-month price target for Malibu Boats Inc is $30.50, about 23.2% above its November 4 closing price of $24.75

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 11 three months ago

Reuters Recommended Reads

• Nov 4 - MarineMax Q4 revenue misses estimates on lower boat sales

• Nov 2 - Camping World Q3 results miss on vehicle sales decline, gross margin pressure

• Nov 4 - Freshpet Q3 sales beat estimates on volume gains; raises outlook

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)