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VONORE, Tenn. - MasterCraft Boat Holdings, Inc. (NASDAQ:MCFT) announced today that Chief Financial Officer Tim Oxley is set to retire at the end of the year. Scott Kent, currently the Vice President of Finance, will take over as CFO starting July 1, 2025. Oxley will remain as a special advisor until his retirement to aid in the transition. The leadership change comes as the company, currently valued at $263 million, faces challenging market conditions with its stock trading near 52-week lows at $15.70. According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimate.
Kent brings over three decades of professional experience to his upcoming role, including significant tenure in the marine industry. Since joining MasterCraft in 2018, he has led various financial operations and contributed to strategic company advancements. Prior to MasterCraft, Kent held CFO roles at Brunswick Boat Group and Recreational Boat Group, among other positions at Brunswick and Sea Ray Boats. He is a licensed CPA and holds a bachelor’s degree in Accounting from Milligan College. Kent will face immediate challenges, as InvestingPro data shows revenue declined nearly 40% in the last twelve months, though the company maintains strong liquidity with a current ratio of 1.84.
The leadership transition is part of a carefully planned succession process. CEO Brad M. Nelson expressed gratitude for Oxley’s 18-year tenure, highlighting his role during critical periods such as the company’s public listing and the global pandemic. Nelson praised Oxley’s integrity and significant impact on the company’s brand development and financial strategies.
Kent, who is honored to step into the CFO role, is optimistic about driving value creation for MasterCraft as the market recovers. The company, headquartered in Vonore, TN, is recognized for its innovation and market leadership in the performance sport boats and pontoon boats segments through its brands: MasterCraft, Crest, and Balise.
This leadership announcement comes with forward-looking statements regarding the company’s business resilience and growth intentions. While MasterCraft acknowledges potential risks and uncertainties that could impact future performance, analysts tracked by InvestingPro expect the company to return to profitability this year, despite six analysts recently revising their earnings estimates downward. The company’s detailed financial metrics, along with 12 additional ProTips and comprehensive analysis, are available in the Pro Research Report.
The information in this article is based on a press release statement from MasterCraft Boat Holdings, Inc.
In other recent news, MasterCraft Boat Holdings reported earnings that exceeded expectations for the second quarter of fiscal year 2025, leading to a positive surprise for investors. Despite the earnings beat, DA Davidson analyst Brandon Rolle adjusted the company’s stock price target from $23.00 to $22.00, maintaining a Neutral rating. The adjustment reflects the company’s ongoing need to reduce field inventory and the current lukewarm retail environment. MasterCraft has also narrowed its guidance for the full fiscal year 2025, which factored into DA Davidson’s decision.
In a separate development, MasterCraft announced that Mike O’Connell has been appointed as the new President of its Pontoon Segment, following the departure of George Steinbarger. O’Connell, who joined MasterCraft in 2023, brings extensive experience from his previous roles at Godfrey pontoons, Hurricane deck boats, Brunswick, Genmar, and Yamaha. The company is optimistic about O’Connell’s leadership as it approaches the summer selling season. MasterCraft continues to navigate industry-specific challenges and remains focused on growth strategies.
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