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Oct 04, 2020
MasterCraft Q1 2021 Earnings Report
MasterCraft delivered record profit and consistent execution on key strategic priorities.
Key Takeaways
MasterCraft Boat Holdings, Inc. reported a decrease in net sales for the first quarter to $103.7 million, a 5.5 percent decrease compared to the prior-year period. However, net income increased 10.9 percent to $9.6 million, or $0.51 per share. The company raised its full-year fiscal 2021 guidance due to strong retail demand and wholesale production ramp up.
Most profitable first quarter in the Company’s history
Purchase of Merritt Island, Florida facility completed on October 26, 2020, increasing production capacity for the MasterCraft and Aviara brands
Revolving credit facility was fully repaid, and the Company ended the quarter approaching $45.0 million of liquidity
Current production rates exceed pre-COVID levels at all brands
Revenue by Segment
Forward Guidance
Due to a continuation of strong retail demand trends, historically low dealer inventory, the strength of our order book across our brands, and the increasing production rates we delivered in each segment over the course of the quarter, we are raising our guidance for fiscal 2021.
Positive Outlook
- Consolidated net sales is expected to grow in the mid 30 percent range year-over-year
- Adjusted EBITDA margins approaching 15 percent
- Adjusted Earnings per share growth in the mid 80 percent range year-over-year
- Consolidated net sales is expected to be up in the mid-teens percent range year-over-year for the fiscal second quarter
- Adjusted Earnings per share growth approaching 20 percent for the fiscal second quarter
Historical Earnings Impact
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Avg. Return Before/After Earnings
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