Saltwater fishing boats net Malibu a sales saviour

The fall in revenue saw Malibu announce a $US20.3 million ($A32.0 million) profit for the quarter on the back of earnings that hit $US255.8 million ($A403.6 million).

While its recreational boats made under the Malibu, Axis and Cobalt brand names all saw revenue slide in the three months to the end of September, its saltwater fishing boat sales under brands such as Pursuit, Maverick, Cobia and Pathfinder held ground.

Malibu reported fewer people ventured into its showrooms over the three-month reporting period, with sales down 27 percent compared with the same period last year. 

Singling out the Malibu brand on its own, the group’s sales – which includes its NSW-based manufacturing facility in Australia – went backwards by almost 28 per cent or 414 boats.

According to Malibu, the drop in sales was entirely down to “lower retail activity” and pricing pressures from rising inflation.

Likewise, leisure brand Cobalt’s sales slid 10 percent for the quarter, although those buyers that did pull the trigger on a new boat tended to buy them from the more expensive side of the showroom to help partially offset the lower volume.

The jewel in Malibu’s crown for the quarter, though, was its saltwater fishing division, which held on to hold steady compared with the previous year. Malibu earns almost as much from its saltwater fishing segment as it does its Malibu and Axis ski and wakeboard boats.

The saltwater fishing segment also reaped the highest sales return for the company, with the average price paid by customers levelling out at $US188,640 ($A297,000) per boat, with inflation contributing to the higher margins. Cobalt’s sales reaped an average of $144,424 ($A227,870) while for Malibu the figure averaged $US130,603 ($A206,100).