MasterCraft Boat Holdings, Inc. reported consolidated net sales of $65.4 million for the first quarter of fiscal 2025, a decrease of $28.9 million from the prior-year period. Diluted income from continuing operations per share was $0.06, down from $0.50 in the first quarter of fiscal 2024.
Adjusted net income per diluted share was $0.12, compared to $0.60 in the prior-year period, while Adjusted EBITDA was $3.8 million, down from $14.0 million. The gross margin percentage declined by 570 basis points to 18.1%, primarily due to lower cost absorption from decreased production volume and higher dealer incentives.
Despite the declines, the company raised the lower end of its full-year guidance, now expecting net sales between $270 million and $300 million, adjusted EBITDA between $17 million and $26 million, and adjusted earnings per share between $0.55 and $0.95. The sale of the Aviara manufacturing facility for $26.5 million is expected to be completed in the fiscal 2025 second quarter, and the company drew $49.5 million on its Revolving Credit Facility on September 27, 2024.
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