MCFT - MasterCraft Boat shares sink as light guide overshadows record-setting' yearly sales

MasterCraft Boat Holdings ( NASDAQ: MCFT ) record sales and profits in the past year was not enough to buoy shares in pre-market trading as light guidance overshadowed the largely positive report .

For its fiscal fourth quarter, the Tennessee-based powerboat manufacturer posted adjusted EPS well above the analyst consensus and notched a 39.9% jump in sales from the prior year to also best expectations. For the full year, management noted the results reflected “the most profitable fiscal year in the company’s history.”

"We delivered record-setting performances for each quarter, which culminated in record net sales and adjusted earnings for the full year,” CEO Fred Brightbill said. “We grew our net sales by nearly 35% and our diluted adjusted earnings per share by more than 37% year-over-year, all on an organic basis.”

That said, Birghtbill was less confident on the company’s ability to sustain record-setting sales into the current fiscal year. Net sales are expected to come in between $580M and $615M for the full-year, below the expectation of $711.8M while adjusted EPS forecasts between $3.89 and $4.31 also fell short of the consensus estimate set at $4.87. “

Looking forward, the potential for a weakening economy has caused the company to approach its wholesale production plan for fiscal 2023 with a prudent level of conservatism, he explained.

"Even so, if our business performs to the lower end of our guidance range, we will deliver the second-best year in the history of our Company in terms of both revenue and earnings.”

Shares fell 4.21% in premarket trading on Thursday.

Read more on the closure of the company’s sale of its NauticStar business.

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