MasterCraft Boat Holdings Inc · Q3 2023 earnings

Briefing

MasterCraft reported a decrease in net sales and net income, but achieved record operating cash flow and matched its prior-year record for adjusted diluted net income per share.

MasterCraft Boat Holdings, Inc. announced its fiscal 2023 third quarter results, with net sales of $166.8 million, a decrease of 1.5% compared to the prior-year period. Net income from continuing operations was $22.8 million, down 6.3% from the prior-year period. Diluted Adjusted Net Income per share was $1.36, equaling the record from the prior-year period. The company raised its full-year guidance, expecting consolidated net sales of approximately $656 million and Adjusted EBITDA of approximately $125 million.

• Net sales for the third quarter were $166.8 million, down 1.5% from the prior-year period.
• Net income from continuing operations was $22.8 million, down 6.3% from the prior-year period.
• Diluted Adjusted Net Income per share was $1.36, which equaled the record in the prior-year period.
• Adjusted EBITDA was $33.0 million, down 5.8% from the prior-year period.

Headline financials

Revenue & EPS history

The Company’s outlook is as follows: For full year fiscal 2023, consolidated net sales is now expected to be approximately $656 million, with Adjusted EBITDA of approximately $125 million, and Adjusted Earnings per share of approximately $5.05. We continue to expect capital expenditures to be approximately $30 million for the full year.