MasterCraft Boat Holdings, Inc. Reports Record Results for Fiscal 2023 Second Quarter

About this update from Mastercraft Boat Holdings, Inc.

[{"type":"text","content":"VONORE, Tenn., Feb. 08, 2023 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2023 second quarter ended January 1, 2023. Highlights: Unless otherwise indicated, the highlights and commentary provided herein relate to our continuing operations, which exclude the NauticStar segment. Results for NauticStar are reported as discontinued operations. Net sales, diluted adjusted earnings per share, and Adjusted EBITDA were all the highest for any second quarter in the Company's historyNinth consecutive year-over-year record-setting quarterRecord net sales for the second quarter increased to $159.2 million, up 10.2% from the prior-year periodRecord net income from continuing operations was $20.0 million, or $1.12 per diluted share, up 11.9% and 19.1%, respectively, from the prior-year periodRecord Diluted Adjusted Net Income per share, a non-GAAP measure, was $1.20, up 18.8% from the prior-year periodRecord Adjusted EBITDA, a non-GAAP measure, increased to $29.8 million, up 9.8% from the prior-year periodShare repurchases of $4.8 million during the quarterRecord operating cash flow, driven by record earnings and diligent working capital management Fred Brightbill, Chief Executive Officer and Chairman, commented, “Our business has performed extremely well through the first half of fiscal 2023, delivering record financial results which have exceeded expectations. Our diligent approach to business planning and our best-in-class operating model have allowed us to operate efficiently and have provided us with the confidence and agility to respond to a range of potential retail demand scenarios. 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.” Brightbill continued, “Net sales, diluted adjusted earnings per share, and Adjusted EBITDA were all the highest for any second quarter in the Company’s history, and it is our ninth consecutive year-over-year record-setting quarter. Strong operating results and diligent working capital management also allowed us to generate the most cash flow from operations and free cash flow in the Company’s history. This exceptional operational and financial performance was enabled by our strategic focus on t...

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