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MasterCraft Reports Most Profitable Q1 in Company History

MasterCraft’s “nicely equipped” XT23 retails for around $124,000.

MasterCraft’s “nicely equipped” XT23 retails for around $124,000.

While net sales at MasterCraft Boat Holdings Inc. declined 5.5 percent in the first quarter of the 2021 fiscal year — the $103.7 million in sales beat Wall Street’s $96 million expectation for the company’s most profitable first quarter in company history.

Net income was $9.6 million, or $0.51 per diluted share, a 10.9 percent increase from $0.46 in the prior-year period.

The company has raised its guidance for fiscal 2021, and now expects consolidated net sales to grow in the mid 30 percent range year-over-year, with adjusted EBITDA margins approaching 15 percent, and adjusted earnings per share growth in the mid 80 percent range year-over-year.

“MasterCraft delivered a strong performance highlighted by record profit and consistent execution on our key strategic priorities in what continues to be a challenging and dynamic operating environment,” said MasterCraft chairman and CEO Fred Brightbill in a statement. “Our results reflect progress on scaling and accelerating production while efficiently managing our supply chain to meet increased demand.”

The X22 starts at $147,995.

The X22 starts at $147,995.

Although management expects to continue to increase production throughout the year—especially as Aviara moves into the new Merritt Island manufacturing facility — it may not be until FY22 before dealer inventories return to more optimal levels as inventory turns are expected to remain elevated.

“While our results are a testament to the strong retail demand for our leading brands, they are also a function of our continued execution on our strategy to drive sustainable, accelerated growth,” said Brightbill. “The strength of our order book and increased consumer interest in recreational boating give us confidence in our outlook and ability to create shareholder value.”



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1. 2023 new boat retail outlook

Too Many High-Priced Boats

To wrap up 2022, marine retailers reported lower demand, expressed more negative sentiment and voiced concerns about rising inventory. Boat prices and the economy remained top of mind for dealers in December.

Soundings Nov 2022

New-Boat Registrations Continue to Slide

As the gaudy sales figures from the pandemic continue to return to more realistic numbers, the main segments of the recreational boating industry saw new-model registrations of 4,421 in November, a 30.3% drop from 6,340 during the same time in 2021. .