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MasterCraft Boat's (MCFT) fiscal fourth-quarter top line reflects lower sales volumes, a less favorable model mix and increased dealer incentives.
Shares of MasterCraft Boat Holdings Inc. tumbled Wednesday but bounced well off their worst levels of the day, as the recreational-powerboat maker suggested there could be upside to its disappointing full-year outlook.
Net sales fell 15% in the fiscal fourth quarter of 2023. The number of unsold boats at dealers will weigh on sales in the near term.
MasterCraft Boat Holdings (NASDAQ:MCFT) stock plunged in Wednesday's early deals after the speedboat maker warned investors of significant uncertainty over demand amidst the economic downturn. The company - which typically sells no models of its flagship XStar speedboat for around $300,000 apiece – said sales for the fourth quarter were down 15.5% at $166.6 million, ahead of market expectations pitched at $162.1 million.
Shares of MasterCraft Boat Holdings Inc. MCFT, took a 15.7% dive toward a 10-month low in premarket trading Wednesday, after the powerboat maker provided a fiscal 2024 outlook that was well below forecasts, citing “significant uncertainty” regarding retail demand given expectations of a economic downturn. The company said it expects adjusted earnings per share, for the fiscal year that ends in June 2024, of between $1.46 and $1.88, below the FactSet consensus of $4.00.
MasterCraft Boat's (MCFT) fiscal fourth-quarter performance is likely to have been impacted by inflationary cost increases, higher interest rates and supply chain disruptions.
MasterCraft Boat Holdings has shown strong financial growth, with after-tax operating profit and free cash flow compounding at nearly 12% and 11% respectively since 2018. Despite this growth, the company's share price has only appreciated by just over 5% compared to 57% for the S&P 500. MCFT's returns on invested capital have rebounded to 57% in the last twelve months, indicating the success of management's strategies.
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MasterCraft Boat's (MCFT) focus on MasterCraft Segment bodes well, unveils extensive product lineup and enhancements for its 2024 Models.
MasterCraft Boat Holdings, Inc. (MCFT) came out with quarterly earnings of $1.36 per share, beating the Zacks Consensus Estimate of $1.04 per share. This compares to earnings of $1.21 per share a year ago.