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Recreational boats manufacturer Malibu Boats (NASDAQ:MBUU) beat the market’s revenue expectations in Q1 CY2025, as sales rose 12.4% year on year to $228.7 million. Its non-GAAP EPS of $0.72 per share was 2.4% below analysts’ consensus estimates.
Is now the time to buy MBUU? Find out in our full research report (it’s free).
Malibu Boats’ first quarter performance was shaped by increased unit volumes in its Malibu segment, favorable model mix, and inflation-driven price increases. Management attributed growth to the strong reception for new premium models, especially the M230 and 25 LSV, with CEO Steve Menneto noting, “Nearly 40% of our Malibu boat show unit sales were driven by 2 premium models introduced this year.” However, the company faced ongoing challenges from an uneven retail environment as high interest rates and macroeconomic uncertainty influenced consumer behavior. Management also highlighted operational discipline and cost controls that led to improvements in gross profit and margin.
Looking forward, Malibu Boats is prioritizing dealer inventory health and operational agility amid ongoing macroeconomic headwinds. Management expects retail markets to remain down double digits for the remainder of the year, with CFO Bruce Beckman stating, “We are revising our full year guidance to reflect lower expected shipments.” The company plans to leverage its variable cost structure and strong balance sheet, while continuing to invest in new product innovation and supply chain strategies to mitigate potential tariff impacts. Leadership emphasized a cautious approach to capital allocation and production as they monitor consumer demand and broader industry conditions.
Management cited new product launches, disciplined promotional activity, and dealer inventory management as significant contributors to the quarter’s results. They also addressed competitive dynamics and macroeconomic challenges impacting retail trends.
Malibu Boats’ outlook is shaped by ongoing macroeconomic caution, dealer inventory discipline, and continued investment in product development and supply chain resilience.
In the quarters ahead, the StockStory team will watch (1) progress on reducing dealer inventories and maintaining channel health, (2) results from ongoing new product introductions and their reception in the marketplace, and (3) Malibu’s ability to manage costs and margins amid industry headwinds and potential tariff developments. Continued stability in the saltwater segment and consumer response to evolving promotional dynamics will also be key factors.
Malibu Boats currently trades at a forward P/E ratio of 10.5×. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free).
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