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MasterCraft Boat stock rallies toward 21-month high after profit and sales rise to records and beat expectations

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Share of MasterCraft Boat Holdings Inc.
rallied 2.1% toward a 21-month high in premarket trading Wednesday, after the powerboats maker reported record fiscal second-quarter profit and revenue that beat expectations and raised its full-year outlook. Net income for the quarter to Jan. 1 rose to $19.7 million, or $1.11 a share, from $15.4 million, or 81 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.20 was well above the FactSet consensus of $1.01. Revenue grew 10.2% to $159.2 million, above the FactSet consensus of $150.8 million, as higher prices offset lower sales volume and increased dealer incentives. Cost of sales rose more than sales, up 12.0% to $121.0 million as gross margin contracted to 24.0% from 25.2%. For fiscal 2023, the company raised its guidance ranges for adjusted EPS to between $4.40 and $4.66 from between $4.20 and $4.60 and for sales to between $620 million and $640 million from between $590 million and $625 million. The stock, which closed Tuesday at the highest price since May 19, 2021, has rallied 36.4% over the past three months while the S&P 500
has gained 8.8%.


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