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By Will Feuer
Shares of boat stocks fell after manufacturer MasterCraft Boat Holdings forecast a steep drop in profit and sales for the year ahead and warned of soft consumer demand.
Shares of MasterCraft and rival powerboat maker Marine Products led the declines, with shares down 13% and 8%, respectively, in morning trading.
Shares of Brunswick, the largest publicly-listed U.S. boatmaker, and retailer MarineMax fell 2%. Shares of Malibu Boats, which reported fiscal fourth quarter results on Tuesday, fell nearly 2%.
MasterCraft headed into its fiscal fourth quarter, its biggest selling period, optimistic about demand for new boats, but retail sales deteriorated throughout the quarter, Chief Executive Fred Brightbill told analysts on a conference call. The company has throttled production in response, he said, but MasterCraft is now kicking off a new fiscal year with too much inventory on dealership lots.
MasterCraft forecast a steep drop in profit and sales for fiscal 2024, saying higher interest rates and mounting inventory will weigh on demand. The company said it is being conservative about its production plans for the year.
Write to Will Feuer at [email protected]
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