MCFT - Why MasterCraft Boat Stock Plunged to New Lows on Wednesday
2023-08-30 12:29:10 ET
Shares of MasterCraft Boat Holdings (NASDAQ: MCFT) were down 15% as of 10:22 a.m. ET after the company posted lower sales and a weaker outlook for the near term.
Net sales were down 15% versus the year-ago quarter as higher interest rates made it more expensive to finance a new boat. Weak top-line results weighed on profitability, with net income from continuing operations falling 31% year over year.
Compounding the concern for investors, management said industry retail unit sales could fall by a mid-teens percentage this year. The stock is down 17% year to date and hasn't moved higher from its share price five years ago.
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Why MasterCraft Boat Stock Plunged to New Lows on Wednesday