Marine Products Corporation Announces Third Quarter 2020 Share Repurchases

Rhea-AI Summary

Marine Products Corporation (NYSE: MPX) announced the purchase of 97,940 shares as part of its share repurchase program during Q3 2020. The company is recognized for its fiberglass boats, marketed under brands like Chaparral, Robalo, and Vortex. Marine Products aims to enhance market share and shareholder value through product innovation and a robust dealer network, positioning itself for superior financial performance. This buyback may signal confidence in the company's financial health and commitment to returning value to investors.

Positive

• Share repurchase of 97,940 shares may enhance shareholder value.
• Sign of confidence in company's financial health and future performance.

Negative

• None.

ATLANTA, Oct. 1, 2020 /PRNewswire/ -- Marine Products Corporation (NYSE: MPX) announced today that during the third quarter of 2020 it purchased 97,940 shares under its share repurchase program. 

Marine Products Corporation (NYSE: MPX) is a leading manufacturer of fiberglass boats under three brand names: Chaparral, Robalo and Vortex. Chaparral's sterndrive models include SSi and SSX, along with the Chaparral Surf Series.  Chaparral's outboard offerings include various models, such as OSX Luxury Sportboats, the 257 SSX, and SunCoast Sportdecks. Robalo builds an array of outboard sport fishing boats, which include center consoles, dual consoles and Cayman Bay Boat models. Chaparral also offers jet powered boats under the Vortex brand name.  The Company continues to diversify its product lines through product innovation.  With premium brands, a solid capital structure, and a strong independent dealer network, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and to generate superior financial performance to build long-term shareholder value.  For more information on Marine Products Corporation visit our website at MarineProductsCorp.com.

For information contact:

BEN M. PALMER
Chief Financial Officer
(404) 321-7910
irdept@marineproductscorp.com 

JIM LANDERS
Vice President Corporate Services
(404) 321-2162
jlanders@marineproductscorp.com

View original content:http://www.prnewswire.com/news-releases/marine-products-corporation-announces-third-quarter-2020-share-repurchases-301142383.html

SOURCE Marine Products Corporation

FAQ

What was the purpose of the share repurchase by Marine Products Corporation (MPX) in Q3 2020?

The share repurchase aims to enhance shareholder value and demonstrates confidence in the company's financial health.

How many shares did Marine Products repurchase in the third quarter of 2020?

Marine Products Corporation repurchased 97,940 shares during Q3 2020.

What brands does Marine Products Corporation (MPX) manufacture?

Marine Products manufactures boats under the brands Chaparral, Robalo, and Vortex.

What impact could the share buyback have on Marine Products' stock price?

The share buyback could potentially increase the stock price by reducing the number of shares in circulation, which may boost earnings per share.