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.
Marine Products Corporation (NYSE: MPX) announced its unaudited financial results for the quarter ending March 31, 2023, reporting record net sales of $118.9 million, a 55% increase from $76.6 million in Q1 2022. This growth was driven by a 40% rise in the number of boats sold and a 12% increase in average selling prices. Gross profit rose to $29.0 million from $18.4 million, while net income increased by 64% to $11.5 million, translating to diluted earnings per share of $0.34. Operating profit, including a pension settlement charge, was $14.5 million, up 58% from the previous year. Despite increased selling, general, and administrative expenses attributed to the pension charge, Marine Products remains optimistic about near-term demand, though monitoring consumer sentiment amidst higher interest rates.
Marine Products Corporation (NYSE: MPX) declared a regular quarterly cash dividend of $0.14 per share, payable on June 9, 2023, to shareholders on record by the close of business on May 10, 2023.
The company is a prominent manufacturer of fiberglass boats under the brands Chaparral and Robalo. Its product range includes sterndrive models, outboard offerings, and a variety of fishing boats. Marine Products Corporation is committed to diversifying its product lines through innovation, leveraging a solid capital structure and a strong dealer network to enhance its market share and financial performance, ultimately focusing on long-term shareholder value.
Marine Products Corporation (NYSE: MPX) will present at the 26th Annual Burkenroad Reports Investment Conference on April 28, 2023, at the Ritz Carlton New Orleans. This event, hosted by the A. B. Freeman Business School at Tulane University, allows institutional investors and the public to hear from executives of Gulf South public companies. The conference is free, but registration is required at freeman.tulane.edu/Burkenroad-conference. Marine Products Corporation manufactures fiberglass boats under the Chaparral and Robalo brands, continually innovating to expand its product lines. With a solid capital structure and a strong dealer network, the company aims to enhance market share and long-term shareholder value. For further information, visit MarineProductsCorp.com.
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