Boat Stocks Slump After MasterCraft Outlook Fuels Demand Concerns

📆 30/08/2023 09:32 م
📰 BNNBloomberg

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Boat manufacturers and dealers dropped as MasterCraft Boat Holdings Inc.’s weaker-than-expected sales forecast stoked concern over waning consumer demand and elevated inventories.

The maker of powerboats tumbled as much as 23% on Wednesday, the most intraday since March 2020, as it projected a steep year-over-year decline in net sales. Boat manufacturers Malibu Boats Inc., Brunswick Corp. and Marine Products Corp. also slid, as did retailer MarineMax Inc.

Retail sales also slowed as MasterCraft’s fiscal fourth quarter progressed, leaving dealers with inventory levels that Brightbill described as higher than optimal.

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