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MasterCraft Boat's Q4 Earnings Beat Estimates, Stock Down
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MasterCraft Boat Holdings, Inc. (MCFT - Free Report) reported fourth-quarter fiscal 2024 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, the stock dropped 6% during trading hours on Aug 29. Negative investor sentiments were witnessed as the company reported lower-than-expected demand activity at the retail level. Management stated concerns about elevated interest rates and lingering competitor dealer disruptions.
Earnings & Revenue Details
During the fiscal fourth quarter, the company reported an adjusted loss per share of 4 cents narrower than the Zacks Consensus Estimate of a loss of 22 cents. In the prior-year quarter, MCFT reported an adjusted earnings per share (EPS) of $1.37.
MASTERCRAFT BOAT HOLDINGS, INC. Price, Consensus and EPS Surprise
Quarterly revenues of $67.2 million beat the Zacks Consensus Estimate of $64 million by 5.5%. However, the top line declined 59.7% on a year-over-year basis. The downside was primarily caused by lower unit volume and unfavorable model mix and options.
During the fiscal fourth quarter, net sales in the MasterCraft segment came in at $44.4 million compared with $129.3 million reported in the prior-year quarter. Net sales in the Pontoon segment declined 59.8% year over year to $9.9 million. During the quarter, revenues from the Aviara segment increased 2.3% year over year to $12.9 million.
Operating Highlights
During the fiscal fourth quarter, Selling and marketing expenses declined 5.5% year over year to $2.9 million. General and administrative expenses came in at $7 million compared with 10.2 million reported in the prior-year quarter.
Gross margin during the quarter declined 1360 basis points year over year to 12.2%. The downside was primarily driven by lower cost absorption resulting from planned reductions in unit volume and an unfavorable mix of models and options. However, this was partially offset by increased pricing.
Adjusted EBITDA during the quarter came in at $0.8 million compared with $32.7 million reported in the prior-year quarter. Adjusted EBITDA margin in the fiscal fourth quarter came in at 1.3% compared with 19.6% reported in the year-ago period.
Balance Sheet
As of June 30, 2024, cash and cash equivalents totaled $7.4 million compared with $19.8 million on June 30, 2023.
Inventory during the quarter came in at $44.3 million compared with $58.3 million reported in the prior-year period.
As of June 30, long-term debt (net of unamortized debt issuance costs) stood at $44.9 million compared with $49.3 million reported in the prior-year quarter.
Fiscal 2024 Highlights
Total revenues in the fiscal 2024 amounted to $366.6 million compared with $662 million in the fiscal 2023.
Adjusted EBITDA in the fiscal 2024 came in at $32.9 million compared with $131.5 million in the fiscal 2023.
In the fiscal 2024, adjusted EPS came in at $1.22 per share compared with $5.35 reported in the previous year.
Fiscal 2025 Outlook
For first-quarter fiscal 2025, the company expects net sales to be approximately $61 million. During the quarter, adjusted EBITDA is anticipated at approximately $2 million. During the fiscal first quarter, the company expects adjusted EPS to be approximately 4 cents.
For the fiscal 2025, the company expects net sales to be $265-$300 million. The company expects adjusted EBITDA to be $15-$26 million. Capital expenditures during the year are projected at $12 million. The company expects adjusted EPS to be between 36 cents and 87 cents in the fiscal 2025.
Zacks Rank & Key Picks
MasterCraft Boat currently has a Zacks Rank #5 (Strong Sell).
Royal Caribbean Cruises Ltd. (RCL - Free Report) currently sports a Zacks Rank of 1 (Strong Buy). RCL has a trailing four-quarter earnings surprise of 18.5%, on average. The stock has rallied 68.7% 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 2024 sales and EPS calls for growth of 18.1% and 69.9%, respectively, from the year-ago levels.
DoubleDown Interactive Co., Ltd. (DDI - Free Report) currently flaunts a Zacks Rank of 1. DDI has a trailing four-quarter earnings surprise of 22.1%, on average. The stock has surged 48.1% in the past year.
The Zacks Consensus Estimate for DDI’s 2024 sales and EPS indicates an increase of 12.6% and 15.8%, respectively, from the year-ago levels.
Monarch Casino & Resort, Inc. (MCRI - Free Report) carries a Zacks Rank #2 (Buy). MCRI has a trailing four-quarter negative earnings surprise of 3.5%, on average. The stock has increased 11.8% in the past year.
The Zacks Consensus Estimate for MCRI’s 2024 sales and EPS indicates an increase of 2.3% and 10%, respectively, from the year-ago levels.
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MasterCraft Boat's Q4 Earnings Beat Estimates, Stock Down
MasterCraft Boat Holdings, Inc. (MCFT - Free Report) reported fourth-quarter fiscal 2024 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, the stock dropped 6% during trading hours on Aug 29. Negative investor sentiments were witnessed as the company reported lower-than-expected demand activity at the retail level. Management stated concerns about elevated interest rates and lingering competitor dealer disruptions.
Earnings & Revenue Details
During the fiscal fourth quarter, the company reported an adjusted loss per share of 4 cents narrower than the Zacks Consensus Estimate of a loss of 22 cents. In the prior-year quarter, MCFT reported an adjusted earnings per share (EPS) of $1.37.
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 $67.2 million beat the Zacks Consensus Estimate of $64 million by 5.5%. However, the top line declined 59.7% on a year-over-year basis. The downside was primarily caused by lower unit volume and unfavorable model mix and options.
During the fiscal fourth quarter, net sales in the MasterCraft segment came in at $44.4 million compared with $129.3 million reported in the prior-year quarter. Net sales in the Pontoon segment declined 59.8% year over year to $9.9 million. During the quarter, revenues from the Aviara segment increased 2.3% year over year to $12.9 million.
Operating Highlights
During the fiscal fourth quarter, Selling and marketing expenses declined 5.5% year over year to $2.9 million. General and administrative expenses came in at $7 million compared with 10.2 million reported in the prior-year quarter.
Gross margin during the quarter declined 1360 basis points year over year to 12.2%. The downside was primarily driven by lower cost absorption resulting from planned reductions in unit volume and an unfavorable mix of models and options. However, this was partially offset by increased pricing.
Adjusted EBITDA during the quarter came in at $0.8 million compared with $32.7 million reported in the prior-year quarter. Adjusted EBITDA margin in the fiscal fourth quarter came in at 1.3% compared with 19.6% reported in the year-ago period.
Balance Sheet
As of June 30, 2024, cash and cash equivalents totaled $7.4 million compared with $19.8 million on June 30, 2023.
Inventory during the quarter came in at $44.3 million compared with $58.3 million reported in the prior-year period.
As of June 30, long-term debt (net of unamortized debt issuance costs) stood at $44.9 million compared with $49.3 million reported in the prior-year quarter.
Fiscal 2024 Highlights
Total revenues in the fiscal 2024 amounted to $366.6 million compared with $662 million in the fiscal 2023.
Adjusted EBITDA in the fiscal 2024 came in at $32.9 million compared with $131.5 million in the fiscal 2023.
In the fiscal 2024, adjusted EPS came in at $1.22 per share compared with $5.35 reported in the previous year.
Fiscal 2025 Outlook
For first-quarter fiscal 2025, the company expects net sales to be approximately $61 million. During the quarter, adjusted EBITDA is anticipated at approximately $2 million. During the fiscal first quarter, the company expects adjusted EPS to be approximately 4 cents.
For the fiscal 2025, the company expects net sales to be $265-$300 million. The company expects adjusted EBITDA to be $15-$26 million. Capital expenditures during the year are projected at $12 million. The company expects adjusted EPS to be between 36 cents and 87 cents in the fiscal 2025.
Zacks Rank & Key Picks
MasterCraft Boat currently has a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the Zacks Consumer Discretionary sector are:
Royal Caribbean Cruises Ltd. (RCL - Free Report) currently sports a Zacks Rank of 1 (Strong Buy). RCL has a trailing four-quarter earnings surprise of 18.5%, on average. The stock has rallied 68.7% 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 2024 sales and EPS calls for growth of 18.1% and 69.9%, respectively, from the year-ago levels.
DoubleDown Interactive Co., Ltd. (DDI - Free Report) currently flaunts a Zacks Rank of 1. DDI has a trailing four-quarter earnings surprise of 22.1%, on average. The stock has surged 48.1% in the past year.
The Zacks Consensus Estimate for DDI’s 2024 sales and EPS indicates an increase of 12.6% and 15.8%, respectively, from the year-ago levels.
Monarch Casino & Resort, Inc. (MCRI - Free Report) carries a Zacks Rank #2 (Buy). MCRI has a trailing four-quarter negative earnings surprise of 3.5%, on average. The stock has increased 11.8% in the past year.
The Zacks Consensus Estimate for MCRI’s 2024 sales and EPS indicates an increase of 2.3% and 10%, respectively, from the year-ago levels.