Malibu Boats, Inc. (MBUU), a manufacturer of recreational boats, Thursday reported higher loss for the fourth quarter, primarily hurt by more than 50 percent decline in sales. The company's shares were down more than 9 percent in pre-market to $31.55.
Malibu posted net loss of $19.22 million or $0.94 per share for the quarter, higher than $17.42 million or $0.86 per share a year ago.
Excluding one-time items, loss was $0.39 per share, that missed analysts average estimate of $0.32 loss per share.
Operating loss increased to $24.4 million from $22.6 million loss last year.
Sales for the quarter decreased 57.4 percent to $158.71 million from $372.3 million in the previous year. The consensus estimate was for $157.54 million.
For the full year, Malibu anticipates net sales to increase in the low single digits percentage. Analysts expect sales to grow 9.7 percentage.
Malibu stock had closed at $34.84, down 1.19 percentage on Wednesday. It has traded in the range of $30.20 - $56.03 in the last 1 year.
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