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MasterCraft Boat (MCFT) Q4 Earnings Beat Estimates, Stock Down
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MasterCraft Boat Holdings, Inc. (MCFT - Free Report) reported fourth-quarter fiscal 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. However, the top and the bottom line declined on a year-over-year basis.
Following the results, shares of the company dropped 12.8% during trading hours on Aug 30. Negative investor sentiments were witnessed as the company reported lower-than-expected demand activity at the retail level. The management stated concerns about elevated interest rates and tightening of credit standards.
Earnings & Revenues Details
During the fiscal fourth quarter, the company reported adjusted earnings per share (EPS) of $1.37, beating the Zacks Consensus Estimate of $1.08. In the prior-year quarter, MCFT reported an adjusted EPS of $1.77.
MASTERCRAFT BOAT HOLDINGS, INC. Price, Consensus and EPS Surprise
Quarterly revenues of $166.6 million beat the Zacks Consensus Estimate of $162 million by 2.9%. However, the top line decreased 15.5% on a year-over-year basis. The downside was mainly attributed to decreased sales volumes, a less favorable model mix and increased dealer incentives.
During the fiscal fourth quarter, net sales in the MasterCraft segment decreased 12.2% year over year to $129.3 million. Net sales in the Crest segment declined $ 37.4% year over year to $24.7 million. During the quarter, revenues from the Aviara segment increased 19.4% year over year to $12.6 million.
Operating Highlights
During the fiscal fourth quarter, Selling and marketing expenses increased 5.4% year over year to $3.1 million. General and administrative expenses during the quarter came in at $10.2 million compared with 9.2 million reported in the prior-year quarter.
Gross profit during the quarter came in at $42.9 million against operating income of 57.2 million reported in the prior-year quarter. The downside was attributed to higher dealer incentives, higher costs from inflationary pressures, lower cost absorption and less favorable model mix. Gross margins during the quarter declined 320 basis points year over year to 25.8%.
Adjusted EBITDA during the quarter came in at $32.7 million compared with $47.6 million reported in the prior year quarter. Adjusted EBITDA margin in the fiscal fourth quarter came in at 19.6% compared with 24.1% reported in the year-ago period.
Balance Sheet
As of Jun 30, 2023, cash and cash equivalents totaled $19.8 million compared with $34.2 million on Jun 30, 2022.
Inventory during the quarter came in at $58.3 million compared with $58.6 million reported in the prior-year period.
As of Jun 30, 2023, Long-term debt (net of unamortized debt issuance costs) stood at $49.3 million compared with $53.7 million reported in the prior year quarter.
Fiscal 2023 Highlights
Total revenues in fiscal 2023 amounted to $662 million compared with $641.6 million in fiscal 2022.
Adjusted EBITDA in fiscal 2023 came in at $131.5 million compared with $130.5 million in fiscal 2022.
In fiscal 2023, adjusted EPS came in at $5.35 per share compared with $5.01 reported in the previous year.
Fiscal 2024 Outlook
For first-quarter fiscal 2024, the company expects net sales to be approximately $98 million. During the quarter, adjusted EBITDA is anticipated at approximately $11 million. During the fiscal first quarter, the company expects adjusted EPS to be approximately 41 cents.
For fiscal 2024, the company expects net sales to be $390-$420 million. The company expects adjusted EBITDA to be between $42-$52 million. Capital expenditures during the year are anticipated at $22 million. The company expects adjusted EPS to be between $1.46 and $1.88 in fiscal 2024.
Zacks Rank & Key Picks
MasterCraft Boat currently has a Zacks Rank #4 (Sell).
The Zacks Consensus Estimate for RCL’s 2023 sales and EPS indicates a rise of 54.5% and 180.3%, respectively, from the year-ago period’s levels.
Trip.com Group Limited (TCOM - Free Report) flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 147.9% on average. Shares of TCOM have increased 54.9% in the past year.
The Zacks Consensus Estimate for TCOM’s 2023 sales and EPS indicates a rise of 104.9% and 537.9%, respectively, from the year-ago period’s levels.
Skechers U.S.A., Inc. (SKX - Free Report) sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 39.1% on average. Shares of SKX have increased 33.5% in the past year.
The Zacks Consensus Estimate for SKX’s 2023 sales and EPS indicates a rise of 8.7% and 42%, respectively, from the year-ago period’s levels.
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MasterCraft Boat (MCFT) Q4 Earnings Beat Estimates, Stock Down
MasterCraft Boat Holdings, Inc. (MCFT - Free Report) reported fourth-quarter fiscal 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. However, the top and the bottom line declined on a year-over-year basis.
Following the results, shares of the company dropped 12.8% during trading hours on Aug 30. Negative investor sentiments were witnessed as the company reported lower-than-expected demand activity at the retail level. The management stated concerns about elevated interest rates and tightening of credit standards.
Earnings & Revenues Details
During the fiscal fourth quarter, the company reported adjusted earnings per share (EPS) of $1.37, beating the Zacks Consensus Estimate of $1.08. In the prior-year quarter, MCFT reported an adjusted EPS of $1.77.
MASTERCRAFT BOAT HOLDINGS, INC. Price, Consensus and EPS Surprise
MASTERCRAFT BOAT HOLDINGS, INC. price-consensus-eps-surprise-chart | MASTERCRAFT BOAT HOLDINGS, INC. Quote
Quarterly revenues of $166.6 million beat the Zacks Consensus Estimate of $162 million by 2.9%. However, the top line decreased 15.5% on a year-over-year basis. The downside was mainly attributed to decreased sales volumes, a less favorable model mix and increased dealer incentives.
During the fiscal fourth quarter, net sales in the MasterCraft segment decreased 12.2% year over year to $129.3 million. Net sales in the Crest segment declined $ 37.4% year over year to $24.7 million. During the quarter, revenues from the Aviara segment increased 19.4% year over year to $12.6 million.
Operating Highlights
During the fiscal fourth quarter, Selling and marketing expenses increased 5.4% year over year to $3.1 million. General and administrative expenses during the quarter came in at $10.2 million compared with 9.2 million reported in the prior-year quarter.
Gross profit during the quarter came in at $42.9 million against operating income of 57.2 million reported in the prior-year quarter. The downside was attributed to higher dealer incentives, higher costs from inflationary pressures, lower cost absorption and less favorable model mix. Gross margins during the quarter declined 320 basis points year over year to 25.8%.
Adjusted EBITDA during the quarter came in at $32.7 million compared with $47.6 million reported in the prior year quarter. Adjusted EBITDA margin in the fiscal fourth quarter came in at 19.6% compared with 24.1% reported in the year-ago period.
Balance Sheet
As of Jun 30, 2023, cash and cash equivalents totaled $19.8 million compared with $34.2 million on Jun 30, 2022.
Inventory during the quarter came in at $58.3 million compared with $58.6 million reported in the prior-year period.
As of Jun 30, 2023, Long-term debt (net of unamortized debt issuance costs) stood at $49.3 million compared with $53.7 million reported in the prior year quarter.
Fiscal 2023 Highlights
Total revenues in fiscal 2023 amounted to $662 million compared with $641.6 million in fiscal 2022.
Adjusted EBITDA in fiscal 2023 came in at $131.5 million compared with $130.5 million in fiscal 2022.
In fiscal 2023, adjusted EPS came in at $5.35 per share compared with $5.01 reported in the previous year.
Fiscal 2024 Outlook
For first-quarter fiscal 2024, the company expects net sales to be approximately $98 million. During the quarter, adjusted EBITDA is anticipated at approximately $11 million. During the fiscal first quarter, the company expects adjusted EPS to be approximately 41 cents.
For fiscal 2024, the company expects net sales to be $390-$420 million. The company expects adjusted EBITDA to be between $42-$52 million. Capital expenditures during the year are anticipated at $22 million. The company expects adjusted EPS to be between $1.46 and $1.88 in fiscal 2024.
Zacks Rank & Key Picks
MasterCraft Boat currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the Zacks Consumer Discretionary sector are:
Royal Caribbean Cruises Ltd. (RCL - Free Report) sports a Zacks Rank #1 (Strong Buy). RCL has a trailing four-quarter earnings surprise of 28.5% on average. Shares of RCL have gained 141.7% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RCL’s 2023 sales and EPS indicates a rise of 54.5% and 180.3%, respectively, from the year-ago period’s levels.
Trip.com Group Limited (TCOM - Free Report) flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 147.9% on average. Shares of TCOM have increased 54.9% in the past year.
The Zacks Consensus Estimate for TCOM’s 2023 sales and EPS indicates a rise of 104.9% and 537.9%, respectively, from the year-ago period’s levels.
Skechers U.S.A., Inc. (SKX - Free Report) sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 39.1% on average. Shares of SKX have increased 33.5% in the past year.
The Zacks Consensus Estimate for SKX’s 2023 sales and EPS indicates a rise of 8.7% and 42%, respectively, from the year-ago period’s levels.