Q4 2024 Mastercraft Boat Holdings Inc Earnings Call Transcript
Key Points
- MasterCraft Boat Holdings Inc (MCFT) delivered results ahead of expectations despite a challenging economic environment.
- Field inventories improved by approximately 20% from fiscal 2023, nearing the low end of the targeted range.
- The launch of the new premium Pontoon brand Balise has been well-received, with 11 new dealers onboarded in 26 markets.
- The company generated $33 million of adjusted EBITDA, excluding Aviara, which amounted to $40 million.
- MasterCraft Boat Holdings Inc (MCFT) maintains a strong balance sheet with more than $86 million in cash and short-term investments, and no net debt.
- Net sales for the fiscal year decreased by $295.5 million or 45% from the prior year, primarily due to lower unit sales volume and increased dealer incentives.
- Gross margin declined to 18.3% from 25.6% in the prior year due to lower cost absorption and higher dealer incentives.
- Operating expenses increased by $6.7 million, largely due to a $9.8 million non-cash impairment related to the Aviara business.
- The company expects continued destocking trends in fiscal 2025 due to economic and industry headwinds.
- Adjusted EBITDA margin dropped to 9% from 19.9% in the prior year, reflecting the challenging market conditions.
Ladies and gentlemen, thank you for standing by. Welcome to the MasterCraft Boat Holdings, Inc. fiscal fourth quarter and full year 2024 earnings conference call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tim Oxley, Chief Financial Officer. Please go ahead, sir.
Thank you, operator, and welcome, everyone thank you for joining us today as we discuss MasterCraft's fiscal fourth quarter and full year performance for 2024. As a reminder, today's call is being webcast live, will also be archived on our website for future listening. With me on this morning's call is Brad Nelson, Chief Executive Officer, who will begin with an overview of our operational performance from the fourth quarter and full year.
I will then discuss our financial performance. Then Brad will provide some closing remarks before we open the call for questions. Before we begin, we'd like to remind participants
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