Posting record results, MasterCraft Boat Holdings saw net sales increase 39 percent to $144 million for its fiscal first quarter of 2022, its most profitable first quarter in company history.
Low dealer incentives and increased production volumes, with higher unit prices and option sales, were the chief factors for the rise in net sales for the quarter, the company said in a statement.
MasterCraft also posted records for net income at $10.4 million, or $0.55 per diluted share, and adjusted EBITDA, up 14.3 percent to $19.4 million.
Despite the continued demand, the company said significant supply chain disruptions, production inefficiencies — boats awaiting components for completion — and increased costs negatively impacted results.
“Our business performed extremely well during the first quarter in a very challenging and dynamic environment,” CEO Fred Brightbill said in the statement. “These results reflect a continuation of exceptional execution against our strategic and operational priorities as we delivered a record-setting performance for the fourth consecutive quarter.”
Brightbill said that while production rates will likely continue to be determined by suppliers’ ability to navigate the supply chain, the company is focused on mitigating these risks.
“We remain committed to making investments to further strengthen our competitive position, grow our brands and deliver shareholder value, guided by our long-term focus and strategic priorities,” Brightbill said. “Looking forward, we are raising our guidance for the full year on the strength of our operating performance and wholesale visibility.”