Today I was reading about BU and MC releasing their 2024 year-end financial results. Rough times compared to a few years ago. I hate to hear about plant-layoffs for any brand.
Malibu Fourth Quarter Fiscal 2024 Highlights Compared to Fourth Quarter Fiscal 2023:
* Net sales decreased 57.4% to $158.7 million
* Unit volume decreased 59.0% to 1,045 units
* Gross profit decreased 87.8% to $12.5 million
* General and administrative expenses decreased to $21.6 million
* Net loss increased 8.6% to a net loss of $19.6 million
* Adjusted EBITDA decreased 104.5% to $(4.1) million
* Net loss available to Class A Common Stock per share (diluted) increased 9.3% to a net loss of $0.94 per share
* Adjusted fully distributed net income per share decreased 113.1% to $(0.39) per share on a fully distributed weighted average share count of 21.0 million shares of Class A Common Stock
Malibu Fiscal Year 2024 Highlights Compared to Fiscal Year 2023:
* Net sales decreased 40.3% to $829.0 million
* Unit volume decreased 45.4% to 5,385 units
* Gross profit decreased 58.1% to $147.1 million
* General and administrative expenses decreased to $76.3 million
* Net income decreased 152.3% to a net loss of $56.4 million
* Adjusted EBITDA decreased 71.0% to $82.2 million
* Net income available to Class A Common Stock per share (diluted) decreased 154.2% to net loss of $2.74 per share
* Adjusted fully distributed net income per share decreased 79.1% to $1.92 on a fully distributed weighted average share count of 21.1 million shares of Class A Common Stock
Malibu Fiscal 2025 Guidance - For the full fiscal year 2025, Malibu anticipates net sales increase percentage in the low single digits year-over-year and Adjusted EBITDA margin ranging from 10%-12%.
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Mastercraft Fourth Quarter Overview:
* Net sales for the fourth quarter were $67.2 million, down 59.7% from the prior-year period
* Non-cash impairment charges of $9.8 million related to our Aviara segment
* Net loss from continuing operations was ($8.1) million, or ($0.49) per diluted share
* Diluted Adjusted Net Income (Loss) per share, a non-GAAP measure, was ($0.04), down from $1.37 in the prior-year period
* Adjusted EBITDA, a non-GAAP measure, was $0.8 million, down 97.4% from the prior-year period
* Share repurchases of $4.5 million during the quarter
Mastercraft Full Year Overview:
* Net sales were $366.6 million, down 44.6% from the prior-year
* Net income from continuing operations was $8.7 million, or $0.51 per diluted share
* Diluted Adjusted Net Income per share, a non-GAAP measure, was $1.22, down from $5.35 in the prior-year
* Adjusted EBITDA, a non-GAAP measure, was $32.9 million, down 74.9% from the prior-year
* Share repurchases of $16.3 million during the year
* Ended the year with cash and investments of $86.2 million, and total debt of $49.3 million
Mastercraft Outlook 2025 - “Looking forward, although current market uncertainties have short-term implications for wholesale shipments, our destocking efforts are positive for dealer health and in the best long-term interest of our business. In fiscal 2025, we will continue to prioritize a healthy distribution network, and our production plan optimizes dealer inventory levels to position us well to capitalize on the next market upswing.”
The Company’s outlook is as follows:
* For full year fiscal 2025, we expect consolidated net sales to be between $265 million and $300 million, with Adjusted EBITDA between $15 million and $26 million, and Adjusted Earnings per share of between $0.36 and $0.87. Capital expenditures are projected to be approximately $12 million for the full year.
* For fiscal first quarter 2025, consolidated net sales are expected to be approximately $61 million, with Adjusted EBITDA of approximately $2 million, and Adjusted Earnings per share of approximately $0.04
