MasterCraft Boat Holdings Inc · Q4 2020 earnings

Briefing

MasterCraft's financial performance decreased due to COVID-19 shutdowns and supplier and workforce ramp up.

MasterCraft Boat Holdings Inc. reported a decrease in net sales for the fourth quarter to $51.1 million, a 58.4 percent decrease compared to the prior-year period. The company reported a net loss of $(2.8) million, or $(0.15) per diluted share. Adjusted EBITDA was $0.9 million, compared to $23.8 million in the prior-year period.

• Ended the year with stronger than anticipated retail demand across all brands.
• Dealer inventories were 40 percent to 50 percent lower vs. end of fiscal 2019.
• Manufacturing operations safely resumed, but production and sales were heavily impacted by COVID-19 shutdowns.
• Repaid $25.0 million on revolving credit facility and ended the quarter with a strong liquidity position.

Headline financials

Revenue & EPS history

The Company’s outlook is as follows: ▪ For full year fiscal 2021, consolidated net sales is expected to grow in the mid-20 percent range year-over-year, with Adjusted EBITDA margins in the 13 to 14 percent range, and Adjusted Earnings per share growth in the low-to-mid 40 percent range year-over-year. ▪ For the fiscal first quarter, consolidated net sales is expected to be down in the low-to-mid teens percent range year-over-year, with Adjusted EBITDA margins in the 11 to 12 percent range, and Adjusted Earnings per share down in the mid-to-high 30 percent range.