Malibu Boats, Inc. (NASDAQ:MBUU) reported mixed second-quarter financial results on Tuesday.
Malibu Boats posted adjusted earnings of 57 cents per share, beating market estimates of 47 cents per share. The company’s quarterly sales came in at $211.07 million versus expectations of $219.70 million, according to data from Benzinga Pro.
“Our second quarter results, historically our slowest time of the year, were impacted by weak retail demand,” commented Jack Springer, Chief Executive Officer of Malibu Boats, Inc. “We are recalibrating wholesale production to match retail demand as seasonality, along with continued interest rate pressures has resulted in elevated inventory levels. While the current macroeconomic outlook creates uncertainty, we are starting to see some positive signs following our Year End Sales event for Malibu, demonstrating the resiliency of our brands. The upcoming boat show season will serve as an additional indicator of retail recovery, as we believe it will reflect the continuing consumer interest for our larger, feature-rich boats.”
Malibu Boats shares fell 18.6% to close at $41.56 on Tuesday.
These analysts made changes to their price targets on Malibu Boats after the company reported quarterly results.
- Keybanc cut the price target on Malibu Boats from $58 to $50. Keybanc analyst Noah Zatzkin maintained an Overweight rating.
- Raymond James slashed Malibu Boats price target from $59 to $46. Raymond James analyst Joseph Altobello maintained an Outperform rating.
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