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Shares sank 23% in response.
The company expects net sales for the full year to be in the range of $390 million to $420M. This outlook is notably below the consensus estimate of $657.6M.
MasterCraft Boat also projects adjusted EPS to range from $1.46 to $1.88, while analysts were looking for a profit of $5.06 per share.
“As our fiscal fourth quarter progressed, retail sales slowed significantly and fell short of our expectations. Although we reduced production plans in response, dealer inventories ended fiscal 2023 at levels higher than we would now consider optimal,” Fred Brightbill, chief executive officer and chairman, said.
For the first quarter of 2024, the company anticipates net sales of $98M, considerably lower than the estimated $133.6M. The adjusted EPS for the first quarter is projected to be 41 cents, while analysts were looking for 95 cents.
For FQ4, MasterCraft Boat reported an adjusted EPS of $1.37 on sales of $166.6M, ahead of the consensus for earnings of $1.07 on sales of the estimated $162.1M.
