MasterCraft Delivers Third Consecutive Record Quarter

Author:
Publish date:
1_Mastercraft

For the third consecutive quarter, MasterCraft Boat Holdings reported record results, with its fiscal Q3 delivering the most profitable quarter in company history.

Net sales were up 44 percent to an all-time high of $147.9 million, from $102.6 million for the quarter in the previous year.

Driven by robust sales volumes, higher prices and a relative lack of dealer incentives due to strong demand, MasterCraft said gross profit for the quarter surged 75 percent to $37.2 million, compared with $21.3 million for third quarter a year prior.

Moving Aviara production to Merritt Island opened up capacity at the MasterCraft facility.

Moving Aviara production to Merritt Island opened up capacity at the MasterCraft facility.

MasterCraft also reported a 122 percent jump in adjusted net income to $19.1 million ($1.01 per diluted share), up from $8.6 million ($0.46 per diluted share) in the prior-year period.

“We are pleased by the progress we made during the first three quarters of fiscal 2021 to accelerate production, efficiently manage our supply chain to meet increased consumer demand, and to generate record earnings in each of our first three quarters of fiscal 2021,” chairman and CEO Fred Brightbill said during a conference call to discuss the results.

Brightbill cited concerns with labor and the supply chain that MasterCraft was mostly able to avoid, and he expects these issues to ease through the summer and into next year.

3_MasterCraft

“We did not have to shut down any of our facilities as a result of the resin shortage that has impacted the boating industry,” Brightbill said. “At each of our facilities, we are running at record production rates and will continue to increase production to meet the robust retail demand.”

MasterCraft said the costs associated with moving its Aviara brand to a new Merritt Island facility did impact gross margin for the quarter. However, Brightbill said, “Aviara’s retail performance continues to exceed expectations,” with an order book that’s sold out for the remainder of the year.

The company raised its outlook for the full fiscal year, forecasting robust sales to push its consolidated net sales growth to near 40 percent, with strong increases in adjusted earnings per share and EBITDA margins.

“Strong retail demand across all our brands continued in our fiscal third quarter, resulting in a record wholesale backlog that provides us with great confidence in our outlook and ability to create long-term shareholder value,” Brightbill said.

Related

Suzuki Powers Forest River’s New Nepallo Pontoon Boats

The new Nepallo line of pontoon boats with Suzuki engines will be sold at select Camping World and Gander RV & Outdoors stores.

West Marine CEO to Keynote Annual MRA Event

With a “Climate for Change” theme, the Marine Recreation Association’s Educational Conference and Trade Show is set for Oct. 11-13.

Skeeter Owner’s Tourney Held on Lake Fork

A field of 2,000 anglers in 1,000 boats saw a nearly 10-pound bass capture first place in the annual Skeeter owner’s tournament.

Email Remains a Vital Marketing Tool for Dealers

A content marketing staple, emails can consistently deliver valuable and relevant information, if done correctly.

ABYC to Publish Largest-Ever Standards Manual

The nonprofit is offering pre-orders until June 18 of its updated standards manual, with a publication date of July 31.

Furuno, Simrad Add SiriusXM Fish Mapping Suite

The subscription-based service offers offshore anglers a suite of technology with which to locate and catch more fish.