Malibu Boats, Inc. (MBUU), Tuesday reported lower earnings and revenues for the second quarter compared to the same period last year, over weak retail demand. However, earnings beat analysts' estimates.
Further, the company revised its outlook for fiscal 2024.
Following this news, Malibu Boats shares were trading down around 8 percent in pre-market activity.
Quarterly earnings decreased to $9.88 million or $0.49 per share from $35.16 million or $1.72 per share of last year, on low retail demand along with continued interest rate pressures.
Excluding items, Adjusted earnings were $11.99 million or $0.57 compared with $38.83 million or $1.83 per share in the previous year.
On average, seven analysts polled by Thomson Reuters had expected earnings of $0.47 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenue declined 37.7 percent to $211.07 million from $338.73 million in the previous year, driven by decreased unit volumes across all segments over lower retail demand.
The Street view for revenue is $219.7 million.
Looking forward to the full year, the company now expects adjusted EBITDA margin down 800 to 900 basis points, year over year. The previous guidance was down 350 to 450 basis points.
The company now expects net sales decline mid-to-high thirties percentage, year-over-year. The previous revenue guidance was down high teens to low twenties.
The analysts' estimate $1.1 billion in revenues.
In pre-market activity, Malibu Boats shares are trading at $46.80, down 8.29% on the Nasdaq.
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