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) will release its financial results for the second quarter ended June 30, 2022 on July 27, 2022, before the market opens. A conference call to discuss the financials will be held on the same day at 8:00 a.m. Eastern Time. Interested participants can join via toll-free numbers or through a webcast. Marine Products is recognized for manufacturing fiberglass boats under the brands Chaparral and Robalo, aiming to enhance its market share and shareholder value through innovation and a strong dealer network.
Marine Products Corporation (NYSE: MPX) announced leadership changes effective immediately. Richard A. Hubbell transitions from President and CEO to Executive Chairman, while Ben M. Palmer, previously CFO, is now President and CEO. Gary W. Rollins steps down as Non-Executive Chairman but remains a Director. Michael L. Schmit is appointed as CFO and Corporate Secretary. The changes aim to ensure management continuity and leverage deep industry knowledge for strategic growth and shareholder returns.
Marine Products Corporation (NYSE: MPX) announced a quarterly cash dividend of $0.12 per share, payable on June 10, 2022, to shareholders of record as of May 10, 2022. The company, a leader in fiberglass boat manufacturing under brands like Chaparral and Robalo, emphasizes its commitment to product innovation and market share growth. With a solid capital structure and a robust dealer network, Marine Products aims to enhance long-term shareholder value.
Marine Products Corporation (NYSE: MPX) reported unaudited results for Q1 2022, revealing net sales of $76.6 million, a 2.2% decline from the previous year. The decrease stemmed from a 20.9% drop in boats sold, despite a 23.3% rise in average selling prices due to cost increases. Gross profit remained stable at $18.4 million, with a gross margin improvement to 24.0%. Operating profit and net income fell by 8.7% and 12.8% respectively, reflecting increased operating expenses. The company continues to face supply chain challenges but sees strong demand in the recreational boating sector.
Marine Products Corporation (NYSE: MPX) announced the appointment of John F. Wilson to its Board of Directors, effective April 26, 2022. Wilson, currently Vice Chairman at Rollins, Inc., brings extensive operational and leadership experience from his previous roles, including President of Rollins and Orkin, LLC. His addition to the board is expected to enhance strategic insights for the Company. Marine Products Corporation continues to innovate its product lines with premium brands such as Chaparral and Robalo, positioning itself for increased market share and long-term shareholder value.
Marine Products Corporation (NYSE: MPX) will release its financial results for Q1 2022 on April 27, 2022, before market open. A conference call will follow at 8:00 a.m. Eastern Time on the same day to discuss these results. The company, a manufacturer of fiberglass boats under the Chaparral and Robalo brands, emphasizes product innovation and plans to leverage its strong dealer network for market growth. Interested participants can join the call or access the archived webcast through the company's investor website.
Marine Products Corporation (NYSE: MPX) has announced a regular quarterly cash dividend of $0.12 per share, payable on March 10, 2022. The dividend will be distributed to stockholders of record as of the close of business on February 10, 2022. As a leading manufacturer of fiberglass boats under the Chaparral and Robalo brands, the company aims to enhance its market share and financial performance through product innovation and a robust dealer network.
Marine Products Corporation (NYSE: MPX) reported a 7.6% increase in net sales for Q4 2021, totaling $76.5 million, driven by a 21.1% rise in average selling prices despite an 11.1% decline in units sold due to supply chain issues. Q4 gross profit rose 9.9% to $19.2 million, with a gross margin of 25.0%. Net income grew 20.8% to $8.4 million, yielding diluted EPS of $0.25. For the fiscal year, net sales hit $298 million, up 24.3%, with record net income of $29 million and diluted EPS of $0.85.
Marine Products Corporation (NYSE: MPX) will release its financial results for the fourth quarter and full year ending December 31, 2021, on January 26, 2022, before the market opens. A conference call to discuss these results will follow at 8:00 a.m. Eastern Time on the same day. The company, known for its Chaparral and Robalo brands, emphasizes product innovation and has a solid capital structure and independent dealer network aimed at increasing market share and shareholder value.
Marine Products Corporation (NYSE: MPX) will present at the Southwest IDEAS Investor Conference in Dallas on November 18, 2021, at 4:00 PM ET. The presentation will cover a corporate overview, product highlights, and recent financial results. Access to management's remarks and presentation slides will be available in real-time on MarineProductsCorp.com and archived for 90 days. Marine Products Corporation is known for manufacturing high-quality fiberglass boats under the brands Chaparral and Robalo.
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