Shares of MasterCraft Boat Holdings Inc. ran up 4.9% in premarket trading Thursday, after the recreational powerboat company swung to a fiscal fourth-quarter profit that was well above expectations, as sales tripled to a record, and provided an upbeat full-year outlook. Net income for the quarter to June 30 was $16.5 million, or 87 cents a share, after a loss of $2.8 million, or 15 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 98 cents, above the FactSet consensus of 78 cents, after a per-share loss of 10 cents last year. Sales grew 204.4% to $155.5 million, beating the FactSet consensus of $142.3 million. Gross margin improved to 23.9% from 14.5%, citing overhead absorption from higher sales volume, lower warranty costs and lower dealer incentives. For fiscal 2022, the company expects adjusted EPS to grow in the high-teens percentage range, while the FactSet EPS consensus of $3.51 implies a 6.0% rise, and sales are expected to increase in the high-teens range, while the FactSet consensus of $586.9 million implies 11.6% growth. The stock has declined 6.2% over the past three months through Wednesday, while the S&P 500 has gained 7.5%.
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