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Malibu Boats Inc. (MBUU-2.08%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports net sales of $200.3 million for the quarter, a decrease from $211.1 million in the same quarter the previous year. This decline is primarily attributed to decreased unit volumes in the Malibu and Saltwater Fishing segments.
The company reported a net income of $2.4 million for the quarter, down from $10.1 million in the previous year. The decrease in net income is linked to lower sales and increased general and administrative expenses.
Operating expenses for the quarter included $5.985 million in selling and marketing expenses and $26.545 million in general and administrative expenses. The latter saw a significant increase due to legal fees and stock-based compensation.
Malibu Boats' gross profit for the quarter was $37.4 million, slightly down from $37.5 million in the previous year. The gross margin improved slightly to 18.7%, driven by a favorable model mix and price increases.
The company highlighted challenges such as high interest rates affecting consumer demand and dealer inventory levels, which have impacted sales and production strategies.
Malibu Boats continues to focus on expanding its market share through new product development and distribution improvements, despite competitive pressures and economic challenges.
The filing also details various legal proceedings, including litigation related to product liability and disputes with dealers, which may impact future financial results.
Malibu Boats had $23 million outstanding under its revolving credit facility as of December 31, 2024, with $325.3 million available for borrowing.
The company maintains its strategy of returning capital to shareholders, including stock repurchases, with $50 million available under the current repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Malibu Boats Inc. quarterly 10-Q report dated January 30, 2025. To report an error, please email earnings@qz.com.