MasterCraft (MCFT) Misses Q3 EPS by 4c, Withdraws Guidance

MasterCraft (NASDAQ: MCFT) reported Q3 EPS of $0.46, $0.04 worse than the analyst estimate of $0.50. Revenue for the quarter came in at $102.6 million versus the consensus estimate of $104.38 million.

Outlook:

Concluded Brightbill, “While COVID-19 presented many challenges for MasterCraft in the third quarter, we believe that we have implemented a plan to manage through the near-term headwinds, and position the Company for success as the economy begins to re-open. We firmly believe the steps we have taken during the pandemic, including the enhanced financial flexibility gained from our cost-cutting measures and a proposed amendment to our credit facility will position MasterCraft for success throughout the transition and beyond. We anticipate that we will finalize the proposed credit amendment later this week, which will include temporary relief under our financial covenants.”

As previously disclosed, given the economic uncertainty around the business impact of the COVID-19 pandemic, the Company has withdrawn the fiscal 2020 guidance contained in its second-quarter earnings press release and conference call on February 5, 2020. The Company will revisit its decision to provide detailed sales and earnings guidance when visibility to accurately estimate its future results improves.

For earnings history and earnings-related data on MasterCraft (MCFT) click here.

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