MasterCraft Boat Holdings (NASDAQ: MCFT), the designer, manufacturer, and marketer of recreational powerboats, plummeted in pre-market trading after its weak FY24 guidance left investors disappointed. Looking forward, MasterCraft expects net revenues to be between $390 million and $420 million in FY24 while adjusted earnings are likely to be in the range of $1.46 to $1.88 per share. For reference, analysts were projecting earnings of $4 per share in FY24 on revenues of $573.1 million.
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In fiscal Q1, the company anticipates adjusted earnings of $0.41 per share on revenues of around $98 million.
Fred Brightbill, CEO and Chairman commented, “Macroeconomic factors, including elevated interest rates as well as tightening credit standards and availability, are creating significant uncertainty which is limiting our retail demand visibility. In addition, the general expectation for an economic downturn during fiscal 2024 will likely be a headwind for the industry.”
When it comes to MasterCraft’s fiscal Q4 and FY23 results, the company’s Q4 adjusted net earnings fell by 28.6% year-over-year to $1.37 per diluted share but were above consensus estimates of $1.06 per share.
The company’s net sales dropped by 15.5% year-over-year to $166.6 million but surpassed Street estimates of $161.9 million.
Analysts remain cautiously optimistic about MCFT stock with a Moderate Buy consensus rating based on one Buy and two Holds.
