MasterCraft Boat Holdings, Inc. announced it is revising its guidance for fiscal first quarter 2022 due principally to a temporary delay in the shipment of a key component from a single engine parts supplier for the company’s MasterCraft brand. The timing of delivery of these delayed units will shift into the fiscal second quarter 2022.
MasterCraft now expects fiscal first quarter 2022 consolidated net sales growth to be up approaching the 30% range, compared to the prior estimate of up in the mid-30% range; Adjusted EBITDA margins to be in the mid 11% range, compared to the prior estimate in the low-14% range; and Adjusted Earnings per share for the first quarter to decrease in the low-double digit percent range year-over-year, compared to the prior estimate of growth up in the low-20% range.
“While we are experiencing a temporary delay in customer deliveries, importantly, our production starts have not been impacted, resulting in a build up of work in process inventory,” said Fred Brightbill, Chief Executive Officer and Chairman. “By working closely with our supplier to resolve this temporary delay, we expect shipments of these key parts to resume early in the fiscal second quarter, enabling us to reaffirm our full year guidance. We continue to see robust demand across all of our brands and the fundamentals of our business remain strong. We expect to achieve the targets we have set for the full year and continue capitalizing on the significant market demand."