MasterCraft Boat Holdings saw net sales skyrocket by 204 percent to $155.5 million for its fiscal Q4 of 2021, which helped the manufacturer deliver its most profitable fiscal year in company history.
The fourth-quarter jump was the result of record sales volumes and low dealer incentives, as well as a comparison to last year’s Q4 which was heavily impacted by the Covid-19 pandemic.
Higher material costs as well as the fitting out of its facility in Merritt Island, Fla. for its Aviara brand, partially offset gains.
“Our record-setting performance was driven by year-over-year unit increases at each of our segments, including the most wholesale units ever sold by the Company in a fourth quarter,” said chairman and CEO Fred Brightbill in a statement. “To accelerate...and produce record-level units in arguably the most challenging supply-chain environment we’ve ever experienced in the boating industry is a clear demonstration of our disciplined execution, operational excellence, and the strength of our team.”
Other highlights of the fourth quarter include:
• A 403 percent increase in gross profit to a record $37.2 million
• Net income of $16.5 million, compared to a net loss of $2.8 million in Q4 of 2020.
For its fiscal 2021, MasterCraft reported a trifecta of records: $525.8 million in net sales, a 45 percent gain; gross profit increased by 72.5 percent to $130.0 million; and adjusted net Income was $62.8 million, or $3.31 per diluted share, compared to $25.1 million, or $1.34 per diluted share, in FY2020.
“In fiscal year 2021 we ramped up production aggressively while expertly managing our supply chain to drive sustainable, accelerated organic growth. We will look to build on that success in fiscal year 2022 as we remain committed to making investments to further strengthen our competitive position, grow our categories, and deliver shareholder value guided by our long-term focus and strategic priorities,” Brightbill said.
For the remainder of the year into it fiscal 2022, Brightbill was optimistic while weighing the continued strain on the supply chain as well as the prolonged impact of the Covid-19 pandemic.
“Given the current environment of continuing robust retail demand coupled with historically low dealer inventory, executing on our value-enhancing strategy should provide us with an opportunity to deliver another record-breaking year for net sales and earnings. Importantly, we face significant, ongoing risks from supply chain disruptions and the impact of Covid-19. We remain laser-focused on mitigating these headwinds,” Brightbill concluded.