MasterCraft Boat Holdings Inc · Q2 2024 earnings

Briefing

MasterCraft reported a decrease in net sales and net income due to lower unit volume and increased dealer incentives, but exceeded previously issued guidance.

MasterCraft Boat Holdings, Inc. reported a decrease in net sales for the second quarter of fiscal year 2024, with a corresponding decrease in net income. The company exceeded its previously issued guidance despite macroeconomic uncertainty. They are focused on rebalancing dealer inventories with anticipated retail demand and investing in targeted initiatives. A new pontoon brand will be launched from the Crest facility.

• Net sales for the second quarter was $99.5 million, down 37.5% from the prior-year period.
• Net income from continuing operations was $5.9 million, or $0.35 per diluted share.
• Diluted Adjusted Net Income per share, a non-GAAP measure, was $0.37, down 69.2% from the prior-year period.
• Ended the quarter with cash and investments of $108.8 million.

Headline financials

Revenue & EPS history

The Company’s outlook is as follows: Consolidated net sales is now expected to be between $400 million and $412 million, with Adjusted EBITDA between $42 million and $47 million, and Adjusted Earnings per share between $1.53 and $1.78. For the third quarter of fiscal 2024, consolidated net sales is expected to be approximately $92 million, with Adjusted EBITDA of approximately $7 million, and Adjusted Earnings per share of approximately $0.23.