: MasterCraft Boat stock plunges after profit outlook comes in at less than half of forecasts
Shares of MasterCraft Boat Holdings Inc. MCFT took a 15.7% dive toward a 10-month low in premarket trading Wednesday, after the powerboat maker provided a fiscal 2024 outlook that was well below forecasts, citing “significant uncertainty” regarding retail demand given expectations of a economic downturn. The company said it expects adjusted earnings per share, for the fiscal year that ends in June 2024, of between $1.46 and $1.88, below the FactSet consensus of $4.00. The company expects sales of between $390 million and $420 million, compared with the FactSet consensus of $573.1 million. Meanwhile, the company reported fiscal fourth-quarter net income that more than doubled to $22.7 million, or $1.30 a share, from $11.5 million, or 63 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted EPS of $1.37 beat the FactSet consensus of $1.07. Sales fell 15.5% to $166.6 million but was above expectations of $162.1 million. The stock has lost 3.5% year to date through Tuesday, while the S&P 500 SPX has gained 17.1%.
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