MasterCraft reports 4Q, year-end results

Author:
Publish date:

MasterCraft said it increased its fourth-quarter net sales to $58.3 million, up 9.3 percent from $53.4 million in the same quarter last year.

The increase reflected a rise in unit sales volume of 37 units, or 5.6 percent, and a favorable pricing and product mix, the company said.

Net sales for the fiscal year that ended June 30 rose to $228.6 million, up 3.2 percent from $221.6 million in the prior year.

MasterCraft said continued demand for performance sport boats drove its sales gains.

The growth was attributable to an increase in unit volume of 48 units, or 1.8 percent, and an increase in net sales per unit of 1.4 percent. This increase was attributable to price increases, as well as increased sales of higher content option packages.

Gross margin in the fourth quarter increased 190 basis points, to 28.2 percent, up from 26.3 percent in the prior-year period, and increased 20 basis points for the fiscal year, to 27.8 percent, from 27.6 percent in fiscal 2016.

Net income for the fourth quarter was $6.3 million, up from $4.8 million in the prior-year period. Net income totaled $19.6 million for the fiscal year, almost double from $10.2 million in the prior year.

“We delivered another strong quarter from both a top- and bottom-line perspective,” said MasterCraft CEO Terry McNew in a statement. “Continued growth in retail demand and our focus on operational efficiency drove results.”

“For the quarter and fiscal year, we delivered gains in net sales, reduced our dealer pipeline inventory, as well as continued to deliver on our industry-leading working capital management — which enabled us to reduce our total debt by $17.7 million during the fiscal year,” he added.

Diluted earnings per share increased to 34 cents for the fourth quarter from 26 cents in the prior-year period. Diluted earnings per share were $1.05 for the fiscal year, compared with 56 cents in the prior year.

Adjusted earnings before interest, tax, depreciation and amortization increased in the fourth quarter to $11.5 million from $9.9 million in the prior-year period and rose for the fiscal year to $43.5 million from $41.2 million in the prior year.

Gross profit for the fourth quarter increased by $2.5 million, or 17.3 percent, to $16.5 million, compared with $14 million in the prior-year period.

Gross profit for the fiscal year increased $2.4 million, or 3.9 percent, to $63.5 million, versus $61.1 million in the prior year. Gross margin rose to 27.8 percent from 27.6 percent in the prior year.

Related

NMMA to Hold State of the Industry Webinar

The March 4 webinar takes place at 11 a.m. and includes the presentation of the Marine Industry Customer Satisfaction Index Awards and the Alan J. Freedman Award.

Sanlorenzo Reports 2020 Financials

Gains in the Asia-Pacific and Americas markets offset losses for the Italian builder’s superyacht division.

Into the High Season

Our monthly Pulse Report survey asks dealers about restocking inventory and more, as the new season looms.

It Takes Two to Tango

The boom in boat sales we’re enjoying is a result of the combined efforts of the National Marine Manufacturers Association and the Recreational Boating and Fishing Foundation.

Besenzoni - for over 50 years ambassador of made in Italy in the world - designs and produces accessories for pleasure and commercial boating characterized by simple and functional design

Besenzoni constantly assists its customers in 90 countries with 187 representative points and a direct assistance network consisting of 164 operating units around the world coordinated by the headquarters.

Sea Tow Saves Cold-Stunned Turtles

Its Corpus Christi outfit is rescuing turtles that were affected by the deep freeze in Texas.