Welcome to our dedicated page for Marine Products news (Ticker: MPX), a resource for investors and traders seeking the latest updates and insights on Marine Products stock.
Marine Products Corporation (NYSE: MPX) is a prominent manufacturer of fiberglass motorized boats, headquartered at 3986 Pembroke Rd, Hollywood, FL, United States. The company focuses on producing and marketing high-quality boats through its independent dealer network, primarily under the renowned Chaparral and Robalo brands. Their operations are concentrated in the Powerboat Manufacturing segment, with facilities in Nashville, Georgia, and Valdosta, Georgia.
Chaparral boats cater to the family recreational market and include an array of sterndrive and outboard models. Their offerings feature the popular SSi and SSX series, the Surf Series, and the OSX Luxury Sportboats. On the other hand, Robalo specializes in outboard sport fishing boats, offering models such as center consoles, dual consoles, and the Cayman Bay Boats.
Marine Products Corporation has shown a strong commitment to product innovation, continuously diversifying its product lines to enhance their market presence. The company has maintained a solid capital structure and leveraged a robust independent dealer network to capture more market share and deliver superior financial performance.
Key highlights from recent financial reports include:
- For the second quarter of 2023, Marine Products reported net sales of $116.2 million, marking a 21% increase from the same quarter the previous year. This growth was driven by an 11% increase in boat units sold and a 10% rise in average selling prices.
- The second quarter gross profit was $28.7 million, with a gross margin of 24.7%. Operating profit was $16.5 million, a notable 26% increase compared to the prior year's second quarter.
- The third quarter of 2023 saw net sales of $77.8 million, reflecting a 22% decrease compared to the previous year, due to a 24% drop in the number of boats sold. However, the average selling price per boat increased by 5%, thanks to favorable model mixes and price adjustments to offset higher material costs.
- Despite a challenging fourth quarter of 2023, the year-end results showcased Marine Products' resilience, with net sales slightly down at $70.9 million. The company adjusted production schedules and cost structures to align with market demand and retained a strong cash balance of over $70 million.
Marine Products Corporation is poised for future growth, leveraging its premium brands, extensive dealer network, and strategic investments. The company's focus on innovation and maximizing shareholder value continues to drive its success in the competitive boating industry.
Chaparral and Robalo Boats, subsidiaries of Marine Products (NYSE: MPX), have announced an exclusive financing agreement with Yamaha Financial Services, effective January 1, 2025. This multi-year partnership will make Yamaha Financial Services the exclusive provider of dealer inventory finance and the preferred provider of retail finance for both boat brands in the U.S.A. and Canada.
The collaboration aims to enhance the customer experience by offering competitive financing options and protection products. Both Chaparral and Robalo are market leaders in their segments, having received the NMMA CSI Award for Customer Satisfaction for 16 consecutive years. This partnership is expected to drive incremental sales and increase brand loyalty for these premium boat manufacturers.
Marine Products (NYSE: MPX) has announced the release date for its third quarter 2024 financial results. The company will publish its results on Thursday, October 24, 2024, before the market opens. A conference call to review the financial and operating results will be held on the same day at 8:00 a.m. Eastern Time.
Interested parties can participate in the call by dialing (888) 660-6357 (toll-free) or (929) 201-6127 (international) using the conference ID 9979064. The call will also be broadcast and archived for 90 days on the company's investor website. Marine Products manufactures fiberglass boats under the Chaparral and Robalo brands, offering a diverse range of models including sportboats, luxury sportboats, and outboard sport fishing boats.
Marine Products (NYSE: MPX) reported a challenging second quarter 2024, with net sales decreasing 40% year-over-year to $69.5 million. Net income fell 61% to $5.6 million, with diluted EPS at $0.14. The company faced continued weakness in dealer ordering patterns due to high industry-wide channel inventories and soft consumer demand. Despite these challenges, Marine Products maintains a strong financial position with no debt and over $55 million in cash. The company is responding with cost reduction measures, adjusted production schedules, and retail incentives. Looking ahead, Marine Products is preparing for its 2025 model year launch and Chaparral's 60th anniversary celebration at the upcoming August dealer conference.
Marine Products (NYSE: MPX) will release its Q2 2024 financial results on July 25, 2024, before the market opens. The company will host a conference call the same day at 8:00 a.m. ET to discuss the results. Dial toll-free at (888) 660-6357, or (929) 201-6127 for international callers, with conference ID number 9979064. The call will also be webcast and archived on the company's investor website for 90 days. Marine Products manufactures high-quality fiberglass boats under the Chaparral and Robalo brands and aims to increase market share through product innovation and a strong dealer network. Contact CFO Michael L. Schmit or VP of Investor Relations Mark Chekanow for more information.
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