MasterCraft Boat Holdings Inc · Q1 2024 earnings

Briefing

Reported a decrease in net sales and earnings due to lower unit volume and increased dealer incentives, but performed better than expected amid macroeconomic uncertainty.

MasterCraft Boat Holdings, Inc. reported a decrease in net sales to $104.2 million, a 38.5% decrease from the prior-year period. Net income from continuing operations was $7.1 million, or $0.41 per diluted share. The company focused on rebalancing dealer inventories with anticipated retail demand and maintained a disciplined approach to capital allocation, including share repurchases of $5.8 million during the quarter.

• Net sales decreased to $104.2 million, a 38.5% decrease from the prior-year period.
• Net income from continuing operations was $7.1 million, or $0.41 per diluted share.
• Diluted Adjusted Net Income per share was $0.47, a 67.1% decrease.
• The company ended the quarter with cash and investments of $90.0 million.

Headline financials

Revenue & EPS history

For the second quarter of fiscal 2024, consolidated net sales is expected to be approximately $96 million, with Adjusted EBITDA of approximately $7 million, and Adjusted Net Income per diluted share of approximately $0.22. For full year fiscal 2024, the company continues to expect consolidated net sales to be between $390 million and $420 million, with Adjusted EBITDA between $42 million and $52 million, and Adjusted Net Income per diluted share of between $1.46 and $1.88. We continue to expect capital expenditures to be approximately $22 million for the full year.