MasterCraft Boat Holdings said fiscal fourth quarter revenue rose and the company posted its most profitable year ever, but the new fiscal year may not match 2022.
Sales in the quarter ended June 30 increased 39.9 percent to $217.7 million, the Vonore, Tenn.-based company said in a statement yesterday.
Net income slipped to $11.5 million, from $16.5 million in the fourth quarter of 2021. However, adjusted earnings before interest, taxes, depreciation and amortization leaped 65.6 percent in the quarter to $44.6 million.
“For the second consecutive year, we achieved record-setting results, introduced an array of new and innovative products across our brands, produced industry-leading organic sales growth, and gained market share, all while navigating arguably one of the most challenging business environments in recent history,” CEO and chairman Fred Brightbill said in the statement.
MasterCraft then offered an outlook for fiscal 2023 that it said could “deliver the second-best year in the history of our company in terms of both revenue and earnings,” meaning potentially lower than 2022 but higher than the previous record year, 2021.
The company expects sales for fiscal 2023 in the range of $580 million to $615 million, and adjusted EBITDA of $105 million to $115 million.
“The potential for a weakening economy has caused us to approach our wholesale production plan for fiscal 2023 with a prudent level of conservatism,” Brightbill said. “Even so, if our business performs to the lower end of our guidance range, we will deliver the second-best year in the history of our company in terms of both revenue and earnings.
“Furthermore … our highly flexible business model will allow us to adjust our production plan and generate outstanding financial results should retail demand outpace our initial expectations,” he added.
