Malibu Boats, Inc. has reported a significant decline in its financial performance for the fourth quarter and fiscal year ended June 30, 2024, compared to the same periods in the previous fiscal year.
In the fourth quarter of fiscal 2024, the company's net sales decreased by 57.4% to $158.7 million, while unit volume decreased by 59.0% to 1,045 units. Gross profit also saw a substantial decline, decreasing by 87.8% to $12.5 million. The company reported a net loss increase of 8.6% to $19.6 million, and adjusted EBITDA decreased by 104.5% to $(4.1) million.
Looking at the full fiscal year 2024, net sales decreased by 40.3% to $829.0 million, with unit volume decreasing by 45.4% to 5,385 units. Gross profit also experienced a significant decline, decreasing by 58.1% to $147.1 million. The company reported a net loss of $56.4 million, marking a 152.3% decrease from the previous fiscal year, and adjusted EBITDA decreased by 71.0% to $82.2 million.
The company attributes these declines to weakened retail demand, increased promotional costs, and elevated dealer channel inventory levels. Despite these challenges, the CEO expressed commitment to navigating the near-term headwinds and enhancing the company's roadmap for strategic growth.
The press release also highlighted the company's efforts to generate positive cash flow, pay down remaining debt, and return cash to shareholders. Looking ahead, the company remains optimistic about its potential in a more normalized market and aims to leverage its strengths to drive profitable growth for its shareholders.
The market has reacted to these announcements by moving the company's shares -1.2% to a price of $34.84. For the full picture, make sure to review Malibu Boats's 8-K report.
