MasterCraft Boat Holdings announced record financial results for its fiscal 2023 second quarter, which ended Jan. 1.
Sales for the quarter were $159.2 million, a 10.2% increase from the prior-year quarter. Net sales, diluted adjusted earnings per share and adjusted EBITDA were all the highest MasterCraft has posted for a second quarter.
“Our business has performed extremely well through the first half of fiscal 2023, delivering record financial results which have exceeded expectations,” chairman and CEO Fred Brightbill said in a statement. “Our robust portfolio of innovative products, healthy dealer inventory levels and our flexible production capabilities position us well to capitalize on the boat show and summer selling seasons.”
Record net income from continuing operations was $20.1 million, or $1.12 per diluted share, up 11.9% and 19.1%, respectively, from the prior-year period. Record diluted adjusted net income per share was $1.20, up 18.8% from the previous year. Adjusted EBITDA increased to $28.9 million, a record 9.8% increase from the prior year period. Share repurchases were $4.8 million during the quarter.
Gross profit for the quarter increased by $1.9 million, and gross profit margin decreased 120 basis points to 24%, compared to 25.2% in the second quarter of 2022. The company said this was mainly due to inflation, changes in the model mix, higher dealer incentives and increased warranty costs.
