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MCFT

MasterCraft Boat Holdings

$18.25

0.65 (3.69%)

08:22
09/12/19
09/12
08:22
09/12/19
08:22

MasterCraft Boat Holdings sees FY20 adjusted EPS down high-single digit percent

Consensus $2.96. Sees net sales down low-single digit percent, consensus $516.48M. CEO Terry McNew said, "We remain bullish on the long-term prospects of both the markets we serve and the brands we own, irrespective of any near-term fluctuations. We firmly believe our long-tenured, industry-veteran leadership team and seasoned and dedicated employees, together with our low-fixed cost, highly-variable cost structure, best-in-class net working capital management, and strong balance sheet, position the company to perform in all economic environments. At MasterCraft, retail trends throughout the first nine months of our fiscal 2019 were running ahead of plan, with year-to-date internal warranty registrations up significantly year-over-year at the end of our fiscal third quarter. However, adverse weather conditions across the country during the all-important selling season, along with eroding dealer sentiment - driven by macro-economic and political uncertainty - resulted in a significant decline in retail activity. As such, our fiscal 2020 outlook contemplates lower wholesale shipments at MasterCraft compared to prior-year, particularly in the first half of our fiscal year. We believe it's prudent to holdback wholesale production to allow for healthy dealer pipelines at MasterCraft heading into the calendar 2020 selling season, in anticipation of continued growth in the overall performance sport segment. "At NauticStar, our quick reaction to the retail declines in the saltwater fishing market resulted in pulling back wholesale production earlier in the year, resulting in healthy dealer pipelines levels at fiscal 2019 year-end. We will continue to be disciplined with NauticStar's dealer pipeline, while beginning to realize the AUSP benefits from new, larger models introduced late last year. Similarly, our Crest brand was impacted by the adverse weather conditions and decline in dealer sentiment, wiping out the strong retail performance Crest experienced during our first six months of ownership. Accordingly, we are tempering our wholesale production at Crest for fiscal 2020 to allow for healthy dealer pipeline levels entering the calendar 2020 selling season. Recall Crest was acquired during our fiscal second quarter last year. We are very optimistic on Crest and the pontoon segment overall, and anticipate that the product development and operational initiatives we are driving will contribute to long-term market share and profitability gains. "Beginning in fiscal 2020, our new Aviara brand began shipping to MarineMax dealers across the country. We are extremely excited about the response the brand has received from MarineMax dealers, consumers and industry experts alike. Aviara's financial results will be reported in our MasterCraft reporting segment. As previously disclosed, our preliminary expectation is for a net sales contribution from Aviara in the $10 to $15 million range in its first partial year of production. Aviara is expected to be slightly accretive to our MasterCraft reporting segment gross margin profile."

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MCFT MasterCraft Boat Holdings
$18.25

0.65 (3.69%)

07/22/19
RAJA
07/22/19
DOWNGRADE
RAJA
Market Perform
MasterCraft Boat Holdings downgraded to Market Perform at Raymond James
07/22/19
RAJA
07/22/19
DOWNGRADE
RAJA
Market Perform
MarineMax downgraded to Market Perform from Strong Buy at Raymond James
Raymond James analyst Joseph Altobello downgraded Marine Max (HZO) to Market Perform from Strong Buy and removed his prior price target. In a research note to investors, Altobello says weak trends in the boat space are getting worse within the U.S. market, and notes the double-digit decline in registrations in June which was reported Friday, with registrations down ~14% for the month and down ~6% year-to-date, and says he fears the "late cycle" concerns that have weighed on many marine stocks so far this year are beginning to manifest themselves on the demand side, which he feels is likely to continue and is the beginning of "viscous cycle." The analyst also downgraded Malibu Boats (MBUU) and MasterCraft (MCFT) to Market Perform from Strong Buy.
07/22/19
RAJA
07/22/19
DOWNGRADE
RAJA
Market Perform
Malibu Boats downgraded to Market Perform from Strong Buy at Raymond James
Raymond James analyst Joseph Altobello downgraded Malibu Boats (MBUU) to Market Perform from Strong Buy and removed his prior price target. In a research note to investors, Altobello says weak trends in the boat space are getting worse within the U.S. market, and notes the double-digit decline in registrations in June which was reported Friday, with registrations down ~14% for the month and down ~6% year-to-date, and says he fears the "late cycle" concerns that have weighed on many marine stocks so far this year are beginning to manifest themselves on the demand side, which he feels is likely to continue and is the beginning of "viscous cycle." The analyst also downgraded Marine Max (HZO) and MasterCraft (MCFT) to Market Perform from Strong Buy.
07/22/19
RAJA
07/22/19
DOWNGRADE
RAJA
Market Perform
MasterCraft Boat Holdings downgraded to Market Perform from Strong Buy at Raymond James
Raymond James analyst Joseph Altobello downgraded MasterCraft (MCFT) to Market Perform from Strong Buy and removed his prior price target. In a research note to investors, Altobello says weak trends in the boat space are getting worse within the U.S. market, and notes the double-digit decline in registrations in June which was reported Friday, with registrations down ~14% for the month and down ~6% year-to-date, and says he fears the "late cycle" concerns that have weighed on many marine stocks so far this year are beginning to manifest themselves on the demand side, which he feels is likely to continue and is the beginning of "viscous cycle." The analyst also downgraded Marine Max (HZO) and Malibu Boats (MBUU) to Market Perform from Strong Buy.

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