Marine Products Corporation Reports First Quarter 2026 Financial Results

Rhea-AI Summary

Marine Products Corporation (NYSE: MPX) reported 1Q 2026 results: net sales $66.5M (+13% YoY), GAAP net loss $(2.1)M (EPS $(0.06)) and adjusted net income $1.8M (adjusted EPS $0.05).

The quarter included $5.0M pretax merger-related costs; cash was $45.8M with no debt. The MasterCraft merger remains expected to close in Q2 2026.

Positive

• Net sales +13% YoY to $66.5M
• Adjusted net income $1.8M
• Cash $45.8M and no debt
• Net cash from operations $9.1M YTD
• Free cash flow $8.6M YTD

Negative

• GAAP net loss $(2.1)M (EPS $(0.06))
• $5.0M pretax merger-related costs
• Gross margin down 200 bps to 16.6%
• (LBITDA) EBITDA $(1.9)M, margin (2.9%)

News Market Reaction – MPX

+4.19% 1.9x vol

12 alerts

+4.19% Session close to close

+4.1% Peak in 24 hr 50 min

$316.76M Market Cap

1.9x Rel. Volume

In the May 7 session, MPX gained 4.19%, reflecting a moderate positive market reaction. Argus tracked a peak move of +4.1% during that session. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. Trading volume was above average at 1.9x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement reports 13% net sales growth to $66.5M but a swing to a $(2.1)M net loss, heavily ...

Analysis

This announcement reports 13% net sales growth to $66.5M but a swing to a $(2.1)M net loss, heavily influenced by $5.0M in merger-related costs. Adjusted net income of $1.8M, positive operating cash flow of $9.1M, cash of $45.8M, and a $0.14 dividend support the balance sheet. Investors may track future margins, integration of the MasterCraft transaction, and any changes in demand or pricing power.

Key Figures

Net sales: $66.5M Net (loss) income: $(2.1)M Adjusted net income: $1.8M +5 more

8 metrics

Net sales $66.5M 1Q:26 net sales, up 13% year-over-year

Net (loss) income $(2.1)M 1Q:26 vs $2.2M net income in 1Q:25

Adjusted net income $1.8M 1Q:26 adjusted result excluding merger costs

EBITDA (LBITDA) $(1.9)M 1Q:26 vs $3.4M EBITDA in prior-year quarter

Cash and cash equivalents $45.8M Quarter-end 1Q:26 cash balance, no debt

Operating cash flow $9.1M Net cash provided by operating activities YTD 1Q:26

Quarterly dividend $0.14/share Regular cash dividend payable May 14, 2026

Merger-related costs $5.0M Pretax merger costs incurred in 1Q:26

Previous Earnings Reports

1 past event · Latest: Feb 05 (Negative)

Same Type Pattern 1 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 05	Earnings and merger	Negative	-17.0%	Q4:25 results with weaker earnings and initial MasterCraft merger disclosure.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent tagged earnings news showed a negative share price reaction despite revenue growth, suggesting sensitivity to profitability and merger-related context.

Recent Company History

Over recent months, Marine Products has combined routine corporate actions with major strategic steps. A prior earnings release on Feb 5, 2026 highlighted strong Q4:25 sales but weaker net income, alongside disclosure of the pending MasterCraft merger, and the stock fell 17%. Subsequent filings and communications focused on detailing the stock‑and‑cash merger terms, executive incentives, and governance, setting the backdrop for today’s 1Q:26 financial update.

Key Terms

non-gaap, ebitda, free cash flow, basis points, +3 more

7 terms

non-gaap financial

"Non-GAAP measures, including adjusted net income, adjusted net income margin..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

ebitda financial

"(Loss) Earnings Before Interest, Taxes, Depreciation and Amortization (LBITDA) EBITDA..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

free cash flow financial

"Net cash provided by operating activities and free cash flow were $9.1 million..."

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

View in glossary

basis points financial

"Net income margin decreased 680 basis points to (3.1%)."

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

stock-and-cash transaction financial

"provides for the combination of MasterCraft and Marine Products in a stock-and-cash transaction..."

A stock-and-cash transaction is a deal in which the buyer pays the seller partly with cash and partly with shares in the buyer’s company, so the seller receives both immediate money and an ownership stake. Investors pay attention because it changes who owns the company and how much cash the buyer keeps on hand; it can dilute existing shareholders but also align sellers’ incentives with future performance, like accepting part cash and part trade-in when buying a car.

forward-looking statements regulatory

"Certain statements and information included in this press release constitute "forward-looking statements"..."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

income tax (benefit) provision financial

"Income tax (benefit) provision was ($329.0) thousand, or 13.7% of loss..."

The income tax (benefit) provision is the amount a company records on its financial statements to reflect taxes it expects to owe or to receive back for the reporting period — like a household setting aside money for a tax bill or noting an expected refund. It affects reported profit and hints at real cash taxes and future obligations, so investors use it to judge earnings quality, tax efficiency and the sustainability of reported profits.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ATLANTA, May 7, 2026 /PRNewswire/ -- Marine Products Corporation (NYSE: MPX) (the "Company"), a leading manufacturer of fiberglass boats, announced its unaudited results for the first quarter ended March 31, 2026.

* Non-GAAP measures, including adjusted net income, adjusted net income margin, adjusted diluted earnings per share, (LBITDA) EBITDA, (LBITDA) EBITDA margin, adjusted EBITDA margin, and free cash flow are reconciled to the most directly comparable GAAP measures in the appendices of this earnings release.

* All comparisons are year-over-year to 1Q:25 unless stated otherwise.

First Quarter 2026 Results

• Net sales increased 13% year-over-year to $66.5 million.
• Net (loss) income was ($2.1) million, versus $2.2 million in the prior year period, and Diluted Earnings (Loss) Per Share (EPS) was ($0.06); Net income margin decreased 680 basis points to (3.1%). Net Income was negatively impacted by $5.0 million of pretax merger related costs.
• Adjusted net income was $1.8 million, and adjusted diluted Earnings Per Share (EPS) was $0.05.
• (Loss) Earnings Before Interest, Taxes, Depreciation and Amortization (LBITDA) EBITDA was ($1.9) million, versus $3.4 million in the prior year period; (LBITDA) EBITDA margin decreased 870 basis points to (2.9%).
• The Company ended the quarter with approximately $45.8 million in cash and no debt.

1Q:26 Consolidated Financial Results (year-over-year comparisons versus 1Q:25)

Net sales were $66.5 million, up 13%. The increase in net sales was primarily due to a price/mix increase of 15% offset slightly by a 1% decrease in the number of boats sold during the quarter. The Company's field unit inventory at the end of 1Q:26 was approximately 2% below 1Q:25.

Gross profit was $11.1 million, up 1%. Gross margin was 16.6%, down 200 basis points from the prior year period. Gross margin decreased due primarily to higher labor and overhead costs.

Selling, general and administrative expenses were $8.8 million, up 6%, and represented 13.3% of net sales, down 80 basis points versus 1Q:25.

Merger related costs for the three months ended March 31, 2026 were $5.0 million.

Interest income of $325 thousand decreased due to lower cash balances.

Income tax (benefit) provision was ($329.0) thousand, or 13.7% of loss before income taxes, down 1,410 basis points primarily due to the impact of detrimental discrete adjustments on a pretax loss in 2026 compared to a pretax income in 2025.

Net (loss) income and Diluted (Loss) Earnings Per Share were ($2.1) million and ($0.06) down from $2.2 million net income and $0.06 earnings per share, respectively, in 1Q:25. Net loss margin was (3.1%), down 680 basis points.

(LBITDA) EBITDA was ($1.9) million, down from $3.4 million. (LBITDA) EBITDA margin was (2.9%), down 870 basis points from last year's first quarter.

Balance Sheet, Cash Flow and Capital Allocation

Cash and cash equivalents were $45.8 million at the end of 1Q:26, with no outstanding borrowings under the Company's $20 million revolving credit facility.

Net cash provided by operating activities and free cash flow were $9.1 million and $8.6 million, respectively, year-to-date.

Payment of dividends totaled $4.9 million year-to-date through the end of 1Q:26. Additionally, the Board of Directors declared a regular cash quarterly dividend of $0.14 per share payable on May 14, 2026, to common stockholders of record at the close of business on May 8, 2026.

Proposed Transaction with MasterCraft

As previously announced, on February 5, 2026, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement"), by and among MasterCraft Boat Holdings, Inc., a Delaware corporation ("MasterCraft"), Titan Merger Sub 1, Inc., a Delaware corporation and a wholly owned, direct subsidiary of MasterCraft ("Merger Sub I"), Titan Merger Sub 2, LLC, a Delaware limited liability company and a wholly owned, direct subsidiary of MasterCraft ("Merger Sub II") and the Company. The Merger Agreement, among other things, provides for the combination of MasterCraft and Marine Products in a stock-and-cash transaction whereby (i) Merger Sub I will merge with and into Marine Products (the "First Merger"), with Marine Products surviving the First Merger as a direct wholly owned subsidiary of MasterCraft, and (ii) immediately following the First Merger, Marine Products will merge into Merger Sub II (the "Second Merger" and, together with the First Merger, the "Mergers"), with Merger Sub II surviving the Second Merger as a wholly owned subsidiary of MasterCraft. Shareholders of each company will vote to approve all of the proposals necessary for MasterCraft to complete its acquisition of the Company at their respective Special Meetings of Stockholders to be held on May 12, 2026. Additionally, the waiting period applicable to the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired on April 6, 2026. The transaction is expected to close in the second calendar quarter of 2026, subject to satisfaction of other customary closing conditions as described in the Merger Agreement.

Conference Call Information

Due to the pending transaction with MasterCraft, the Company does not intend to hold a quarterly conference call or webcast.

About Marine Products Corporation

Marine Products Corporation is a leading manufacturer of high-quality fiberglass boats under the brand names Chaparral and Robalo. Chaparral's sterndrive models include SSi Sportboats and SSX Luxury Sportboats, and the GTS SURF Series. Chaparral's outboard offerings include OSX Luxury Sportboats, the SSi Outboard Bowriders, and SSX Luxury Sportboats. Robalo builds an array of outboard sport fishing models, which include Center Consoles, Dual Consoles and Cayman Bay Boats. The Company continues to diversify its product lines through product innovation. For more information on Marine Products Corporation visit our website at www.marineproductscorp.com.

Forward Looking Statements

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements that look forward in time or express management's beliefs, expectations, hopes or strategies. In particular, such statements include, without limitation: that the Company continues to diversify its product lines through product innovation. Such forward-looking statements are based on certain assumptions and analyses made by our management in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes to be appropriate. We caution you that such statements are only predictions and not guarantees of future performance and that actual results, developments and business decisions may differ from those envisioned by the forward-looking statements. Risk factors that could cause such future events not to occur as expected include, but are not limited to, the following:  our manufacturing operations are conducted in a single location, and to support our operations, several of our suppliers have also established facilities close to our manufacturing facility to provide timely delivery of fabricated components to us; as a result, catastrophic weather, civil unrest or other unanticipated events beyond our control may disrupt both our and our suppliers' ability to conduct manufacturing operations or transport our finished boats to our dealer network, and we do not own or have access to alternate manufacturing locations, economic conditions, unavailability of credit and possible decreases in the level of consumer confidence impacting discretionary spending, business interruptions due to adverse weather conditions, increased interest rates, increased fuel costs, unanticipated changes in consumer demand and preferences, deterioration in the quality of Marine Products' network of independent boat dealers or availability of financing of their inventory, or in our relationships with them, continued lowering of consumer demand whether due to further increases to interest rates, overall impairment to the national and global economies, or because our designs fail to match evolving customer tastes and needs, the possibility that our strategy to increase sales in response to changing market conditions may not achieve the success we anticipate; our ability to further raise prices in the future may be limited, the ongoing conflict involving Iran, the blockage of the Strait of Hormuz and resulting elevated oil prices could materially adversely affect our business, financial condition and results of operations, Marine Products relies upon third-party dealer floor plan lenders which provide financing to its network of independent dealers, interest rates and fuel prices affect Marine Products' sales, Marine Products' dependence on its network of independent boat dealers may affect its operating results and sales, Marine Products' financial condition and operating results may be adversely affected by boat dealer defaults, Marine Products' sales are affected by weather conditions, which may involve long-term impact from global warming, Marine Products encounters intense competition which affects our sales and profits, because Marine Products relies on third-party suppliers, Marine Products may be unable to obtain adequate raw materials, engines and components at reasonable prices or at all, which could increase our working capital requirements and adversely affect sales and profit margins, increasing expectations from customers, investors and other stakeholders regarding our environmental, social and governance (ESG) practices may affect our business, may create additional costs for us, or expose us to related risks, Marine Products purchases materials and components for boat production, as well as conducts business internationally; these aspects of our business could be affected by tariffs in that higher tariffs could increase materials costs and/or result in higher inflation, which typically results in higher interest rates that could translate into an increased cost of boat ownership, causing prospective buyers to choose to forego or delay boat purchases, and in addition, the higher prices of materials caused by tariffs would increase the costs of manufacturing our products, and could negatively affect our profit margins, Marine Products has potential liability for personal injury and property damage claims, if Marine Products is unable to comply with environmental and other regulatory requirements, its business may be exposed to liability and fines, Marine Products' success will depend on its key personnel, and the loss of any key personnel may affect its powerboat sales, Marine Products' ability to attract and retain qualified employees is crucial to its results of operations and future growth, Marine Products' executive officers, directors and their affiliates together have a substantial ownership interest, and public stockholders may have no effective voice in Marine Products' management and the availability of Marine Products' common stock to the investing public may be limited, the controlling group could take actions that could negatively impact our results of operations, financial condition or stock price, provisions in Marine Products' certificate of incorporation and bylaws may inhibit a takeover of Marine Products, our operations rely on digital systems and processes that are subject to cyber-attacks or other threats that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition, risks related to artificial intelligence, increased usage of artificial intelligence and machine learning technologies could expose us to operational, safety, cybersecurity, legal and reputational risks and could adversely affect our ability to compete, our operating results and our cash flows, Marine Products' stock price has been volatile, the number of shares of MasterCraft common stock issuable in the First Merger in respect of one share of our common stock is fixed and will not be adjusted, failure to complete the Mergers, or a delay in the completion of the Mergers, could negatively impact our business, results of operations, financial condition, and stock price, uncertainties associated with the Mergers may cause a loss of key employees at either of the Company or MasterCraft, which could adversely affect the future business and operations of the combined company following the Mergers, current holders of our common stock will have a significantly reduced ownership and voting interest in the combined company after the Mergers and will therefore have less voting influence over the combined company, litigation against us or MasterCraft, or the members of our or MasterCraft's board of directors, could prevent or delay the completion of the Mergers, the Merger Agreement limits our ability to pursue alternatives to the Mergers and may discourage other companies from trying to acquire us, if the Mergers are consummated, the combined company may not perform as we or the market expects and may fail to realize the projected benefits and cost savings of the Mergers, which could adversely affect the value of MasterCraft common stock, which our current stockholders will own following the completion of the Mergers, if the Mergers were to fail to qualify as a "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended, the Company's stockholders may be required to pay additional U.S. federal income taxes, and our cash and cash equivalents are held primarily at a single financial institution. Additional factors that could cause the actual results to differ materially from management's projections, forecasts, estimates and expectations are contained in Marine Products' Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the "SEC") for the year ended December 31, 2025, as amended, and in the Company's subsequent filings with the SEC.

For information about Marine Products Corporation, please contact:

Joshua Large
Vice President, Corporate Finance and Investor Relations
(404) 321-2152
jlarge@marineproductscorp.com

Michael L. Schmit
Chief Financial Officer
(404) 321-7910
irdept@marineproductscorp.com

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share data)
			Three Months Ended
March 31,			2026			2025
				(Unaudited)
Net sales			$	66,533		$	59,002
Cost of goods sold				55,462			48,049
Gross profit				11,071			10,953
Selling, general and administrative expenses				8,824			8,340
Merger related costs				4,966			—
Operating (loss) income				(2,719)			2,613
Interest income, net				325			442
(Loss) income before income taxes				(2,394)			3,055
Income tax (benefit) provision				(329)			849
Net (loss) income			$	(2,065)		$	2,206
(LOSS) EARNINGS PER SHARE
Basic			$	(0.06)		$	0.06
Diluted			$	(0.06)		$	0.06
AVERAGE SHARES OUTSTANDING
Basic				35,167			34,877
Diluted				35,167			34,877

 

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
		(in thousands)
		March 31,			December 31,
		2026			2025
			(Unaudited)
ASSETS
Cash and cash equivalents		$	45,799		$	43,512
Accounts receivable, net			5,201			6,865
Inventories			55,103			54,691
Income taxes receivable			2,865			2,208
Prepaid expenses and other current assets			4,200			3,302
Total current assets			113,168			110,578
Property, plant and equipment, net			22,357			22,650
Goodwill			3,308			3,308
Other intangibles, net			465			465
Deferred income taxes			4,890			5,217
Other long-term assets			5,012			5,014
Total assets		$	149,200		$	147,232
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable		$	14,490		$	6,648
Accrued expenses and other liabilities			15,000			13,960
Total current liabilities			29,490			20,608
Other long-term liabilities			1,654			1,659
Total liabilities			31,144			22,267
Stockholders' Equity
Preferred stock			—			—
Common stock			3,523			3,500
Capital in excess of par value			—			—
Retained earnings			114,533			121,465
Total stockholders' equity			118,056			124,965
Total liabilities and stockholders' equity		$	149,200		$	147,232

 

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
		(in thousands)
Three Months Ended March 31,			2026			2025
			(Unaudited)			(Unaudited)
OPERATING ACTIVITIES
Net (loss) income		$	(2,065)		$	2,206
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			785			789
Working capital			8,579			6,693
Other operating activities			1,752			1,081
Net cash provided by operating activities			9,051			10,769
INVESTING ACTIVITIES
Capital expenditures			(496)			(96)
Net cash used for investing activities			(496)			(96)
FINANCING ACTIVITIES
Payment of dividends			(4,933)			(4,894)
Cash paid for common stock purchased and retired			(1,335)			(1,055)
Net cash used for financing activities			(6,268)			(5,949)
Net increase in cash and cash equivalents			2,287			4,724
Cash and cash equivalents at beginning of period			43,512			52,379
Cash and cash equivalents at end of period		$	45,799		$	57,103

Non-GAAP Measures

Marine Products Corporation has used the non-GAAP financial measures of adjusted net income, adjusted net income margin, adjusted diluted earnings per share, (LBITDA) EBITDA, (LBITDA) EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin and free cash flow in today's earnings release. These measures should not be considered in isolation or as a substitute for performance or liquidity measures prepared in accordance with GAAP. Management believes that presenting adjusted net income, adjusted net income margin, and adjusted diluted earnings per share enables investors to compare our core operating performance consistently over various time periods without regard to merger related costs. Management believes that presenting (LBITDA) EBITDA and (LBITDA) EBITDA margin enable investors to compare our core operating performance consistently over various time periods without regard to changes in our capital structure, while adjusted EBITDA and adjusted EBITDA margin enables investors to compare our core operating performance consistently over various time periods without regard to merger related costs and capital structure. Management believes that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating Marine Products' liquidity. Free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Additionally, Marine Products' definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, management believes it is important to view free cash flow as a measure that provides supplemental information to our Condensed Consolidated Statements of Cash Flows.

A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.

Set forth in the appendices below are reconciliations of these non-GAAP measures with their most directly comparable GAAP measures. These reconciliations also appear on Marine Products Corporation's investor website, which can be found on the Internet at www.marineproductscorp.com.

Appendix A
(Unaudited)			Three Months Ended
			March 31,			March 31,
(In thousands)			2026			2025
Reconciliation of Net (Loss) Income to Adjusted Net Income
Net (loss) income			$	(2,065)		$	2,206
Adjustments:
Merger related costs				4,966			—
Tax effect of merger related costs				(1,083)			—
Total adjustments, net of tax				3,883			—
Adjusted net income			$	1,818		$	2,206

(Unaudited)			Three Months Ended
			March 31,			March 31,
(In thousands)			2026			2025
Reconciliation of Diluted (Loss) Earnings Per Share to Adjusted Diluted Earnings Per Share
Diluted (loss) earnings per share			$	(0.06)		$	0.06
Adjustments:
Merger related costs				0.14			—
Tax effect of merger related costs				(0.03)			—
Total adjustments, net of tax				0.11			—
Adjusted diluted earnings per share			$	0.05		$	0.06
Weighted average shares outstanding (in thousands)				35,167			34,877

 

Appendix B
(Unaudited)			Three Months Ended
			March 31,			March 31,
(In thousands)			2026			2025
Reconciliation of Net (Loss) Income to (LBITDA) EBITDA and Adjusted EBITDA
Net (loss) income			$	(2,065)		$	2,206
Adjustments:
Add: Income tax (benefit) provision				(329)			849
Add: Depreciation and amortization				785			789
Less: Interest income, net				325			442
(LBITDA) EBITDA			$	(1,934)		$	3,402
Add: Merger related costs				4,966			—
Adjusted EBITDA			$	3,032		$	3,402
Net sales			$	66,533		$	59,002
Net (loss) income margin(1)				(3.1) %			3.7 %
Adjusted net income margin(1)				2.7 %			3.7 %
(LBITDA) EBITDA margin(1)				(2.9) %			5.8 %
Adjusted EBITDA margin(1)				4.6 %			5.8 %

(1)	Net (loss) income margin is calculated as Net (loss) income divided by Net sales. Adjusted net income margin is calculated as Adjusted net income divided by Net Sales. (LBITDA) EBITDA margin is calculated as (LBITDA) EBITDA divided by Net sales. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Net sales.

 

Appendix C
(Unaudited)			Three Months Ended
			March 31,			March 31,
(In thousands)			2026			2025
Reconciliation of Operating Cash Flow to Free Cash Flow
Net cash provided by operating activities			$	9,051		$	10,769
Capital expenditures				(496)			(96)
Free cash flow			$	8,555		$	10,673

 

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SOURCE Marine Products Corporation

FAQ

What were Marine Products (MPX) 1Q 2026 sales and EPS results?

MPX reported $66.5 million in net sales and a GAAP diluted loss per share of $0.06 for 1Q 2026. According to the company, adjusted diluted EPS was $0.05 after excluding specified non-GAAP items.

Why did Marine Products (MPX) report a net loss in 1Q 2026?

The company recorded a GAAP net loss of $2.1 million primarily due to $5.0 million of pretax merger-related costs. According to the company, higher labor and overhead also pressured gross margin in the quarter.

What is the status and expected timing of the MasterCraft acquisition of MPX?

The merger with MasterCraft is reported as expected to close in the second quarter of 2026, subject to customary conditions. According to the company, the HSR waiting period expired and shareholder votes are scheduled for May 12, 2026.

How strong is Marine Products' liquidity after 1Q 2026 results (MPX)?

MPX ended 1Q 2026 with $45.8 million in cash, no outstanding debt under its $20 million revolver, and reported $8.6 million free cash flow YTD. According to the company, cash balances support dividend and operations.

Did Marine Products (MPX) change its dividend after the 1Q 2026 results?

The Board declared a regular quarterly cash dividend of $0.14 per share, payable May 14, 2026 to holders of record on May 8, 2026. According to the company, year-to-date dividend payments totaled $4.9 million.