Malibu Boats (MBUU) Q1 2027 earnings summary

Executive summary

• Net sales rose 29.9% YoY to $252.9M and unit volume increased 15.1% to 1,299, with Saxdor, Cobalt and Saltwater growth offset by weaker ski/wake demand.

• Softer retail activity and disciplined wholesale shipments constrained legacy results and earnings while supporting dealer health.

Financial highlights

• Gross profit rose 35.5% to $37.8M; gross margin increased 70 bps to 15.0%, partly reflecting Saxdor’s contribution.

• Adjusted EBITDA rose 21.7% to $14.3M, while margin declined to 5.7% from 6.1%; adjusted EPS was unchanged at $0.15.

• GAAP net income was $6.1M versus a $0.7M loss, and diluted EPS was $0.30 versus a $0.04 loss.

• Operating income was $13.2M versus an operating loss of $0.8M; G&A fell 43.9% to $11.6M, including a $15.0M insurance credit.

• Legacy net sales increased 3.6% to $201.8M; Saxdor contributed $51.1M.

Outlook and guidance

• December 2026 quarter guidance: net sales of $236M-$248M and Adjusted EBITDA of $13M-$15M.

• July-December 2026 transition-period guidance: net sales of $489M-$501M and Adjusted EBITDA of $27.3M-$29.3M; the seasonal period should not be annualized.

• Outlook assumes subdued retail demand, disciplined wholesale shipments, elevated promotions and modest dealer inventory reductions through December 2026 and into 2027.

• Enacted tariffs are expected to add costs equal to 1.5%-3% of cost of sales; recent pricing actions are expected to largely offset them.

• Saxdor margins are expected to reach 10%-11% as U.S. production scales and mix shifts to larger boats; initial calendar 2027 outlook is planned for March.