MasterCraft Boat Holdings, Inc. Reports Record Results for Fiscal 2022 Third Quarter

About this update from Mastercraft Boat Holdings, Inc.

[{"type":"text","content":"VONORE, Tenn., May 11, 2022 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2022 third quarter ended April 3, 2022. Highlights: Delivered the most profitable quarter in the Company’s history; the sixth consecutive record-setting quarter.Net sales for the third quarter increased to $186.7 million, up 26.3% from the prior-year period.Net income was $20.9 million, up 19.2%.Diluted Net Income per share was $1.13, up 21.5%.Diluted Adjusted Net Income per share, a non-GAAP measure, was $1.21, up 19.8%.Adjusted EBITDA, a non-GAAP measure, increased to $32.1 million, up 16.4%.Share repurchases of $10.1 million during the quarter. Fred Brightbill, Chief Executive Officer and Chairman, commented, “Once again, our business performed extremely well during the third quarter as we delivered the highest net sales, diluted adjusted earnings per share, and adjusted EBITDA for any quarter in the Company’s history. This momentous achievement would not have been possible without the hard work and determination of our team in the face of a continued challenging environment. With these results, we achieved a record-setting performance for the sixth consecutive quarter.” Brightbill continued, “During the quarter we increased production, continued to execute our consumer-centric strategy by prioritizing product availability and quality, and once again, increased market share based on the preliminary rolling twelve-month data through March. In addition to fully funding our growth initiatives, we have now spent more than 40% of the $50 million authorized under our share repurchase program, as we believe our stock represents an incredible value at recent prices.” Third Quarter Results For the third quarter of 2022, MasterCraft Boat Holdings, Inc. reported consolidated net sales of $186.7 million, up $38.9 million from the third quarter of 2021. The increase was primarily due to higher prices and favorable model mix. Higher option sales and increased volumes also contributed to higher net sales. Gross margin declined 270 basis points to 22.5 percent in the third quarter 2022 from 25.2 percent in third quarter 2021. Lower margins were the result of supply chain disruptions and inflationary pressures that drove material and overhead costs higher and were most pronounced at our NauticStar seg...

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