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) appointed Patrick J. Gunning to its Board of Directors effective January 1, 2021. Gunning, with a robust background in financial leadership, retired from EY in 2020 after 40 years, where he served as Partner and Southeast Region Leader. He replaces James B. Williams, who has been on the Board since 2001. CEO Richard A. Hubbell expressed optimism regarding Gunning's strategic insights to enhance the company. Marine Products specializes in fiberglass boats, boasting a diverse product line and a strong market position.
Marine Products Corporation (NYSE: MPX) announced the appointment of Susan Bell to its Board of Directors, effective January 1, 2021. Bell brings over 36 years of public accounting experience from Ernst and Young, where she held leadership positions and advised on various financial matters. She fills a vacancy left by Bill Dismuke, who served on the board since 2005. The company continues to focus on product innovation and market growth, leveraging its premium brands and strong dealer network to boost long-term shareholder value.
Marine Products Corporation (NYSE: MPX) announced a quarterly cash dividend of $0.08 per share and a special year-end cash dividend of $0.04 per share. Both dividends will be paid on December 10, 2020, to stockholders on record as of November 10, 2020. The company, a leader in manufacturing fiberglass boats under brands like Chaparral and Robalo, is focused on product innovation and market expansion to enhance shareholder value.
Marine Products Corporation (NYSE: MPX) reported third-quarter 2020 results with net sales of $68.8 million, down 4.8% from $72.2 million year-over-year, attributed to a 10.4% drop in unit sales, partially offset by a 7.8% rise in average selling prices. Gross profit increased by 3.1% to $16.2 million, with a gross margin of 23.6%. Operating profit fell 14% to $8.35 million, while net income decreased by 16.8% to $6.54 million. The effective tax rate rose to 21.8%. The company noted a strong consumer demand for recreational boating amid the COVID-19 pandemic and plans to evaluate production increases.
Marine Products Corporation (NYSE: MPX) announced it will release its financial results for Q3 2020 on October 28, 2020, before the market opens. A conference call will follow at 8:00 a.m. ET to discuss these results. As a leading manufacturer of fiberglass boats, Marine Products operates under the brands Chaparral, Robalo, and Vortex. The company emphasizes product innovation and has a robust dealer network, positioning it for growth and long-term shareholder value.
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.
Marine Products Corporation (NYSE: MPX) appointed Gary W. Rollins as the new Chairman of the Board, following the passing of R. Randall Rollins on August 17, 2020. Gary Rollins, who joined the board in 2001, has broad industry experience, having held several executive roles, including at Orkin. Additionally, Harry J. Cynkus and Jerry W. Nix were appointed to the Board, both bringing extensive financial and operational backgrounds. Marine Products is a leading manufacturer of fiberglass boats, focusing on product innovation and a strong dealer network to improve market share and shareholder value.
Marine Products Corporation (NYSE: MPX) announced the passing of its Chairman of the Board, R. Randall Rollins, on August 17, 2020, at age 88. He served in this position since 2001, guiding the company as a top fiberglass boat manufacturer in the U.S. Rollins' leadership emphasized quality and innovation, significantly contributing to Marine Products' growth. Following his death, Henry B. Tippie and Richard A. Hubbell will continue their roles until succession plans are established. The company remains committed to enhancing its product offerings and market share amidst this transition.
Marine Products Corporation (NYSE: MPX) has declared a regular quarterly cash dividend of $0.08 per share, payable on September 10, 2020 to stockholders of record as of August 10, 2020. The company continues to innovate its product lines, manufacturing fiberglass boats under well-known brands like Chaparral, Robalo, and Vortex. With a strong capital structure and an independent dealer network, Marine Products aims to enhance its market share and deliver superior financial performance to create long-term value for shareholders.
Marine Products Corporation (NYSE: MPX) reported a significant decline in net sales, totaling $40.8 million, a 54% decrease from $88.7 million in Q2 2019. This decline was attributed to a 57.9% drop in units sold, following a five-week suspension of manufacturing due to COVID-19. Despite a 7.8% increase in average selling price, gross profit fell 61.7% to $7.8 million, with a gross margin decline to 19.2%. Net income decreased by 81.8% to $1.7 million, and diluted EPS dropped to $0.05.
The company noted a surge in demand and plans to boost production in Q3.
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