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) has declared a quarterly cash dividend of $0.12 per share, payable on December 10, 2021. This dividend will benefit common stockholders of record by the close of business on November 10, 2021. As a leading manufacturer of fiberglass boats, including brands like Chaparral and Robalo, the company continues to diversify its product lines and leverage its robust dealer network. This financial move reflects Marine Products Corporation's commitment to enhancing shareholder value.
Marine Products Corporation (NYSE: MPX) reported Q3 2021 net sales of $75.84 million, up 10.3% from the prior year. Unit shipments increased by 5.3%, driven by strong demand for Chaparral SSi models. However, gross profit decreased to $16.04 million, with a margin drop to 21.2% due to rising costs and production inefficiencies related to supply chain issues. Net income slightly rose to $6.69 million, resulting in $0.20 diluted EPS. The company anticipates improved cash flow as critical supply issues ease while transitioning to higher-priced 2022 models in Q4.
Marine Products Corporation (NYSE: MPX) has announced its third-quarter financial results will be released on October 27, 2021, before the market opens. A conference call to discuss the results will follow at 8:00 a.m. Eastern Time on the same day. The company, known for its premium fiberglass boats under the Chaparral and Robalo brands, continues to innovate in product offerings to enhance market share and shareholder value. Interested parties can access the call via telephone or through a webcast.
Marine Products (NYSE: MPX) reported a significant 64.8% increase in net sales for Q2 2021, reaching $67.26 million, driven by a 58.8% rise in units sold. Gross profit soared 86.5% year-over-year, totaling $14.61 million, with a gross margin improvement to 21.7%. Operating profit increased 255% to $7.36 million, and net income rose 239.4% to $5.79 million. While demand remains strong, challenges include supply chain disruptions impacting production. The company anticipates these issues to lessen in the near term.
Marine Products Corporation (NYSE: MPX) announced a quarterly cash dividend of $0.12 per share, payable on September 10, 2021. To qualify, investors must hold shares at the close of business on August 10, 2021. The company, recognized for its premium fiberglass boats under brands like Chaparral and Robalo, emphasizes product innovation and market share growth. With a strong capital structure and dealer network, Marine Products aims to enhance long-term shareholder value.
Marine Products Corporation (NYSE: MPX) will release its Q2 2021 financial results on July 28, 2021, before market opening. A conference call to discuss these results will also occur on the same day at 8:00 a.m. ET. The company, known for its brands Chaparral and Robalo, focuses on manufacturing fiberglass boats and aims to enhance market share through product innovation and a robust dealer network. Interested parties can join the call by dialing (833) 968-2235 or accessing the webcast on the investor website.
Marine Products Corporation (NYSE: MPX) announced a 20% increase in its quarterly cash dividend, raising it from $0.10 to $0.12 per share. This dividend is payable on June 10, 2021, to shareholders of record by May 10, 2021. The company, known for its fiberglass boats under the Chaparral, Robalo, and Vortex brands, emphasizes its commitment to increasing market share and generating long-term shareholder value through product innovation and a solid capital structure.
Marine Products Corporation (NYSE: MPX) reported a net sales increase of 32.6% to $78.4 million for Q1 2021, compared to $59.1 million in Q1 2020. This growth is driven by a 17.9% rise in units sold and a 15.5% increase in average selling price. Gross profit surged 52.5% to $18.5 million, with gross margin improving to 23.6%. Operating profit jumped 106.5% to $10 million, while net income increased 92.4% to $8.1 million, resulting in diluted EPS of $0.24. However, supply chain disruptions may affect future production.
Marine Products Corporation (NYSE: MPX) will release its financial results for Q1 2021 on April 28, 2021, before the market opens. A conference call to discuss these results is scheduled for the same day at 8:00 a.m. ET. The company, known for its fiberglass boats under brands like Chaparral, Robalo, and Vortex, aims to increase market share and provide long-term shareholder value through product innovation and a strong dealer network.
Marine Products Corporation (NYSE: MPX) reported a robust fourth quarter for 2020, with net sales of $71.1 million, a significant 47.6% increase from $48.2 million year-over-year, driven by a 27.8% rise in unit sales and a 14.1% uptick in average selling prices. Gross profit rose to $17.4 million, reflecting a 65.7% increase, while net income reached $7 million, up from $3.5 million in Q4 2019. However, full-year net sales declined by 17.9% to $239.8 million, and net income fell to $19.4 million from $28.2 million in the prior year. The company is optimistic about continued consumer interest in boating despite challenges from the pandemic.
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