MCFT - MasterCraft Boat stock sails higher on earnings beat raised forecast

MasterCraft Boat Holdings ( NASDAQ: MCFT ) shares surged on Wednesday after the company exceeded expectations for its fiscal second quarter.

The Tennessee-based powerboat manufacturer posted $1.11 in earnings per share for the second quarter, exceeding estimates by $0.16. Meanwhile, a 10.2% jump in revenue from the prior year to $159.18M came in $8.51M above expectations.

“Our business has performed extremely well through the first half of fiscal 2023, delivering record financial results which have exceeded expectations,” CEO Fred Brightbill said. “Our robust portfolio of innovative products, healthy dealer inventory levels, and our flexible production capabilities position us well to capitalize on the boat show and summer selling seasons.”

Moving forward, the company anticipates consolidated net sales between $620M and $640M, raised from a prior forecast of $590M to $625M and well above the consensus of $607.6M. Management expects adjusted earnings per share between $4.40 and $4.66 for the full year, up from a prior view of $4.20 and $4.60 and also above the Street consensus of $4.36.

Shares of MasterCraft Boat Holdings ( MCFT ) rose 7.18% shortly after Wednesday’s market open.

Dig into the details of the earnings results .

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