Stock Alert: MasterCraft Boat Slips 18%

(RTTNews) - Shares of recreational powerboats maker MasterCraft Boat Holdings, Inc. (MCFT) are down more than 18% Wednesday morning despite reporting narrower-than-expected loss.

In the fourth quarter, the company reported adjusted loss of $0.10 per share compared with adjusted earnings of $0.85 per share last year. On average, 5 analysts polled by Thomson Reuters expected the company to report loss of $0.26 per share for the quarter.

Net sales for the fourth quarter decreased 58.4 percent year-over-year to $51.1 million due to lost production as a result of the COVID-19 shutdowns and supplier and workforce ramp up. The consensus estimate was for $36.82 million.

For the first quarter, the company expects net sales to be down in the low-to-mid-teens percent range year-over-year. The consensus estimate is for 15% decline.

MCFT is currently trading at $18.40. It has traded in the range of $4.90- $23.53 in the last 52 weeks.