MasterCraft’s sales rebound, but acquisition costs weigh on reported earnings

MasterCraft Boat Holdings ($MCFT) reported fiscal-year sales of $348.9 million, up 22.8%, with growth of 11% excluding the acquired Marine Products business. Adjusted EBITDA increased to $45.6 million from $24.4 million. However, continuing operations recorded a $1.6 million net loss as acquisition-related expenses and an impairment charge offset the improvement in adjusted operating performance.

The company’s next outlook covers a six-month transition period because it is changing its fiscal year-end; it is not a forecast for a full 12-month year. Management expects transition-period revenue of $287–291 million, adjusted EBITDA of $29–32 million and adjusted earnings of $0.66–0.76 per share. The distinction is important when comparing those figures with the newly reported annual results or calculating apparent growth rates.

Sources:

• MasterCraft — annual results, Business Wire