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Apr 02, 2023
MasterCraft Q3 2023 Earnings Report
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.
Key Takeaways
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.
MasterCraft
MasterCraft
Forward Guidance
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.
Positive Outlook
- Consolidated net sales is now expected to be approximately $656 million
- Adjusted EBITDA of approximately $125 million
- Adjusted Earnings per share of approximately $5.05
- Capital expenditures to be approximately $30 million for the full year.
- Raising guidance for the full year based on strong performance and incremental retail demand visibility
Challenges Ahead
- Potential downturn has been pushed into fiscal 2024
- Changes in interest rates
- Potential effects of supply chain disruptions and production inefficiencies
- General economic conditions
- Demand for our products