MasterCraft Sales More Than Double After Marine Products Deal

MasterCraft Boat Holdings reported quarterly revenue of $154.1 million, more than twice the year-earlier level, as the Marine Products acquisition and growth in its existing business lifted sales. The company also raised its outlook for the six-month period created by a change to its fiscal year-end.

Today, 17:05· Money Talk· 1,676 reads

MasterCraft Sales More Than Double After Marine Products Deal

For the three months ended Oct. 4, the recreational powerboat maker earned $12.1 million, or 50 cents a share, compared with $3.6 million, or 22 cents a share, a year earlier. Adjusted earnings were also 50 cents a share, below the 52 cents analysts expected, according to FactSet. Revenue topped the $152.6 million analyst estimate.

The merger with Marine Products closed in May. Excluding its contribution, sales rose 37% from a year earlier. Chief Executive Brad Nelson said the results reflected efforts to shift the business toward more premium offerings and reduce costs.

MasterCraft is moving its fiscal year-end to Dec. 31 from June 30. For the transition period covering July 1 to Dec. 31, it now expects net sales of $293 million to $297 million, up from its previous forecast of $287 million to $291 million. Its adjusted earnings-per-share outlook increased to 75 cents to 80 cents, from 66 cents to 76 cents.

MasterCraft Sales More Than Double After Marine Products Deal

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