From Dow Jones & Company:

Malibu Boats Inc. reported a 72% drop in second-quarter profit due to high interest rates, causing the stock to fall by 8.2% in premarket trading. The company expects 2024 sales to drop from the mid-to-high thirties percentage but remains optimistic about future growth. Net income for the quarter ended Dec. 31 fell to $11.27 million, or 49 cents a share, from $36.35 million, or $1.72 a share in the year-ago quarter. Adjusted profit was 57 cents a share, beating the FactSet consensus estimate of 47 cents a share. Revenue dropped 37% from $338.7 million to $211.1 million. CEO Jack Springer stated that they are starting to see some positive signs amidst the macroeconomic uncertainty. They are looking toward the upcoming boat show season to serve as an indicator of retail recovery.



Read more: Malibu Boats’ stock takes on water as luxury yacht sales flounder