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Oct 02, 2022
MasterCraft Q1 2023 Earnings Report
Reported record results for the first quarter of fiscal year 2023.
Key Takeaways
MasterCraft Boat Holdings, Inc. reported a record first quarter for fiscal year 2023, with net sales increasing by 29.7% to $169.5 million and net income from continuing operations reaching $24.6 million, or $1.37 per diluted share. The company's performance was driven by increased volume and mix, along with price increases, and was supported by the mitigation of supply chain disruptions and efficient production.
Net sales for the first quarter increased 29.7% year-over-year to a record $169.5 million.
Net income from continuing operations was a record $24.6 million, or $1.37 per diluted share.
Adjusted EBITDA increased 72.8% to $35.9 million.
The company raised its full year fiscal 2023 guidance for consolidated net sales and Adjusted EBITDA.
MasterCraft
MasterCraft
MasterCraft Revenue by Segment
Revenue by Segment
MasterCraft Revenue
CapyFin.com Forward Guidance
MasterCraft raised its guidance for the full year based on strong performance. For full year fiscal 2023, consolidated net sales are now expected to be between $590 million and $625 million, with Adjusted EBITDA between $108 million and $118 million, and Adjusted Earnings per share of between $4.20 and $4.60. For the second quarter of fiscal 2023, consolidated net sales are expected to be approximately $150 million, with Adjusted EBITDA of approximately $26 million, and Adjusted Earnings per share of approximately $1.00.
Positive Outlook
- Consolidated net sales are expected to be between $590 million and $625 million for full year fiscal 2023.
- Adjusted EBITDA is expected to be between $108 million and $118 million for full year fiscal 2023.
- Adjusted Earnings per share is expected to be between $4.20 and $4.60 for full year fiscal 2023.
- Consolidated net sales are expected to be approximately $150 million for the second quarter of fiscal 2023.
- Adjusted EBITDA is expected to be approximately $26 million for the second quarter of fiscal 2023.
Challenges Ahead
- Guidance range reflects the potential for a range of retail demand scenarios.
- The company will continue to monitor the strength of retail demand and adjust production plans as appropriate to maintain healthy dealer inventories.
- Potential effects of supply chain disruptions and production inefficiencies.
- General economic conditions may impact results.
- Inflation may impact results.