Business
MasterCraft Boat Holdings, Inc. Updates Guidance for Fiscal First Quarter 2022
Reaffirms Full Year Fiscal 2022 Guidance VONORE, Tenn., Sept. 17, 2021 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) (the “Company”)
About this update from Mastercraft Boat Holdings, Inc.
[{"type":"text","content":"Reaffirms Full Year Fiscal 2022 Guidance\nVONORE, Tenn., Sept. 17, 2021 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) (the “Company”) today announced that it is revising its guidance for fiscal first quarter 2022 due principally to a temporary delay in the shipment of a key component from a single engine parts supplier for the Company’s MasterCraft brand. The timing of delivery of these delayed units will shift into the fiscal second quarter 2022. MasterCraft now expects fiscal first quarter 2022 consolidated net sales growth to be up approaching the 30 percent range, compared to the prior estimate of up in the mid-30 percent range; Adjusted EBITDA margins to be in the mid-11 percent range, compared to the prior estimate in the low-14 percent range; and Adjusted Earnings per share for the first quarter to decrease in the low-double digit percent range year-over-year, compared to the prior estimate of growth up in the low-20 percent range. “While we are experiencing a temporary delay in customer deliveries, importantly, our production starts have not been impacted, resulting in a build up of work in process inventory,” said Fred Brightbill, Chief Executive Officer and Chairman. “By working closely with our supplier to resolve this temporary delay, we expect shipments of these key parts to resume early in the fiscal second quarter, enabling us to reaffirm our full year guidance. We continue to see robust demand across all of our brands and the fundamentals of our business remain strong. We expect to achieve the targets we have set for the full year and continue capitalizing on the significant market demand.” The Company is today reaffirming its guidance for full year fiscal 2022. As previously announced on September 2, 2021, the Company expects consolidated net sales growth to be up in the high-teens percent range, with Adjusted EBITDA margins flat year-over-year, and Adjusted Earnings per share growth up in the high-teens percent range year-over-year. Driven by growth-oriented projects, the Company expects capital expenditures to be between $25 million and $30 million for the full year. About MasterCraft Boat Holdings, Inc. Headquartered in Vonore, Tenn., MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) is a leading innovator, designer, manufacturer and marketer of recreational powerboats through its four brand...