Marine Products Corporation Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Marine Products (NYSE: MPX) reported 4Q:25 net sales of $64.6M (+35% YoY) and full‑year 2025 net sales of $244.4M (+3% YoY). 4Q net income was $2.4M (EPS $0.07), down 45% YoY; adjusted 4Q net income was $3.4M (adjusted EPS $0.10). EBITDA for 4Q was $4.5M (7.0% margin). The company ended 4Q with $43.5M cash, no debt, free cash flow of $14.9M YTD, and paid $19.6M in dividends YTD. The company disclosed a pending combination with MasterCraft.
Positive
- Net sales +35% in 4Q:25 to $64.6M
- Ended 4Q with $43.5M cash and no debt
- YTD free cash flow of $14.9M through 4Q:25
- Paid $19.6M in dividends year-to-date through 4Q:25
Negative
- 4Q net income down 45% YoY to $2.4M (EPS $0.07)
- Full‑year net income down 36% YoY to $11.4M
- EBITDA for full year down 18% YoY to $17.2M
- Selling, general & administrative expense +61% in 4Q, reducing margins
Key Figures
Market Reality Check
Peers on Argus
MPX traded near its 52-week high with modest gains, while key peer MCFT showed a positive move of 3.35% and MBUU and WGO were also up. Another peer, MAMO, appeared in a momentum scan moving down 9.92%. These mixed peer moves point to company-specific dynamics rather than a uniform sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 28 | Dividend declaration | Positive | -2.7% | Announced regular quarterly cash dividend of $0.14 per share payable in March. |
| Jan 20 | Earnings call date | Neutral | -3.5% | Set release date and conference call details for 4Q 2025 financial results. |
| Oct 30 | Quarterly earnings | Negative | +0.3% | 3Q 2025 sales grew 7% but net income and EBITDA declined versus prior year. |
| Oct 07 | Earnings call date | Neutral | -0.8% | Announced timing and access details for upcoming 3Q 2025 earnings call. |
Recent news includes regular dividends and earnings updates where revenue held up but profit metrics softened; price reactions have been small and often moved opposite to dividend or earnings tone.
Over the past few months, Marine Products issued routine announcements on earnings timing, quarterly results, and regular dividends. In 3Q 2025, net sales rose but net income and EBITDA fell, similar to the mixed pattern in this release. Dividend declarations on Oct 30, 2025 and Jan 28, 2026 saw mild negative price reactions. Overall, shares have often reacted modestly, with some divergence between fundamentally positive items like dividends and the short-term price response.
Market Pulse Summary
This announcement highlights mixed fundamentals: 4Q 2025 net sales grew to $64.571M and full-year sales to $244.419M, but full-year net income declined to $11.383M and EBITDA contracted. The company ended 2025 with $43.512M in cash and no debt, plus free cash flow of $14.923M, underscoring balance sheet strength. Recent history shows similar patterns of revenue resilience and profit pressure. Investors may watch future margins, cash generation, and the execution around the proposed MasterCraft combination.
Key Terms
non-gaap financial
ebitda financial
ebitda margin financial
free cash flow financial
basis points financial
participating securities financial
restricted stock financial
AI-generated analysis. Not financial advice.
* Non-GAAP measures, including EBITDA, EBITDA margin, adjusted net income, adjusted net income 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 4Q:24 unless stated otherwise.
Fourth Quarter 2025 Results
- Net sales increased
35% year-over-year to$64.6 million - Net income was
$2.4 million 45% year-over-year, and diluted Earnings Per Share (EPS) was$0.07 3.7% - Adjusted net income, was
$3.4 million $0.10 - Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was
$4.5 million 3% year-over-year; EBITDA margin decreased 220 basis points to7.0% - The Company generated strong operating and free cash flow, ending the quarter with approximately
$43.5 million
Full Year 2025 Results
- Net sales increased
3% year-over-year to$244.4 million - Net income was
$11.4 million 36% year-over-year, and diluted Earnings Per Share (EPS) was$0.32 4.7% - Adjusted net income was
$12.4 million $0.35 - Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was
$17.2 million 18% year-over-year; EBITDA margin decreased 190 basis points to7.0%
4Q:25 Consolidated Financial Results (year-over-year comparisons versus 4Q:24)
Net sales were
Gross profit was
Selling, general and administrative expenses were
Interest income of
Income tax provision was
Net income and diluted EPS were
EBITDA was
Balance Sheet, Cash Flow and Capital Allocation
Cash and cash equivalents were
Net cash provided by operating activities and free cash flow were
Payment of dividends totaled
Conference Call Information
Due to this morning's joint announcement with MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT), the Company will not be hosting a conference call to discuss results for the quarter.
About Marine Products
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. For more information on Marine Products Corporation visit our website at www.marineproductscorp.com, charparralboats.com, and robalo.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, those relating to the proposed transaction with MasterCraft. Risk factors that could cause such future events not to occur or our strategies not to succeed as expected include the following: our ability to consummate the pending combination with MasterCraft on the proposed terms or on the proposed timeline, or at all, including risks and uncertainties related to securing the necessary regulator and stockholder approvals and the satisfaction of other closing conductions; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement relating to the transition with MasterCraft, effects relating to the announcement of the pending combination with MasterCraft, including on the market price of our common stock and our relationships with customers, employees, dealers and suppliers, and the risk of potential stockholder litigation associated with the pending combination with MasterCraft; negative economic conditions, including increased tariffs, unavailability of credit and possible decreases in the level of consumer confidence impacting discretionary spending; business interruptions due to, e.g., adverse weather conditions, supply chain disruptions and/or further increased interest rates; our retail incentives and allowances may not successfully increase consumer demand as anticipated; due to negative impacts to the overall economy, industry; competition; our adjustments to production levels may not match demand; increased cost of boat ownership makes it more difficult to raise prices in the future to compensate for increased costs; our new model launches may not match dealer and consumer preferences, which are inherently uncertain; and our ability to manage manufacturing costs may be constrained in light of lower production levels and/or higher materials costs due to unexpected or increased tariffs and/or higher inflation. 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
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 | Year Ended | ||||||||||||
December 31, | 2025 | 2024 | 2025 | 2024 | |||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||
Net sales | $ | 64,571 | $ | 47,818 | $ | 244,419 | $ | 236,555 | |||||
Cost of goods sold | 51,886 | 38,660 | 197,644 | 191,057 | |||||||||
Gross profit | 12,685 | 9,158 | 46,775 | 45,498 | |||||||||
Selling, general and administrative expenses | 8,946 | 5,567 | 32,747 | 27,376 | |||||||||
Gain on disposition of assets, net | — | (93) | — | (144) | |||||||||
Operating income | 3,739 | 3,684 | 14,028 | 18,266 | |||||||||
Interest income, net | 376 | 512 | 1,737 | 2,876 | |||||||||
Income before income taxes | 4,115 | 4,196 | 15,765 | 21,142 | |||||||||
Income tax provision (benefit) | 1,750 | (71) | 4,382 | 3,289 | |||||||||
Net income | $ | 2,365 | $ | 4,267 | $ | 11,383 | $ | 17,853 | |||||
EARNINGS PER SHARE (1) | |||||||||||||
Basic | $ | 0.07 | $ | 0.12 | $ | 0.32 | $ | 0.50 | |||||
Diluted | $ | 0.07 | $ | 0.12 | $ | 0.32 | $ | 0.50 | |||||
AVERAGE SHARES OUTSTANDING (1) | |||||||||||||
Basic | 34,999 | 34,707 | 34,965 | 34,689 | |||||||||
Diluted | 34,999 | 34,707 | 34,965 | 34,689 | |||||||||
(1) | Earnings per share reflects a reduction of |
MARINE PRODUCTS CORPORATION AND SUBSIDIARIES | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(in thousands) | ||||||
December 31, | December 31, | |||||
2025 | 2024 | |||||
(Unaudited) | ||||||
ASSETS | ||||||
Cash and cash equivalents | $ | 43,512 | $ | 52,379 | ||
Accounts receivable, net | 6,865 | 4,176 | ||||
Inventories | 54,691 | 49,960 | ||||
Income taxes receivable | 2,208 | 439 | ||||
Prepaid expenses and other current assets | 3,302 | 3,040 | ||||
Total current assets | 110,578 | 109,994 | ||||
Property, plant and equipment, net | 22,650 | 24,247 | ||||
Goodwill | 3,308 | 3,308 | ||||
Other intangibles, net | 465 | 465 | ||||
Deferred income taxes | 5,217 | 9,729 | ||||
Retirement plan assets | — | 18,489 | ||||
Other long-term assets | 5,014 | 5,015 | ||||
Total assets | $ | 147,232 | $ | 171,247 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Liabilities | ||||||
Accounts payable | $ | 6,648 | $ | 5,499 | ||
Accrued expenses and other liabilities | 13,960 | 13,425 | ||||
Total current liabilities | 20,608 | 18,924 | ||||
Retirement plan liabilities | — | 21,667 | ||||
Other long-term liabilities | 1,659 | 1,653 | ||||
Total liabilities | 22,267 | 42,244 | ||||
Stockholders' Equity | ||||||
Preferred stock | — | — | ||||
Common stock | 3,500 | 3,471 | ||||
Capital in excess of par value | — | — | ||||
Retained earnings | 121,465 | 125,532 | ||||
Total stockholders' equity | 124,965 | 129,003 | ||||
Total liabilities and stockholders' equity | $ | 147,232 | $ | 171,247 | ||
MARINE PRODUCTS CORPORATION AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(in thousands) | |||||||
Year Ended December 31, | 2025 | 2024 | |||||
(Unaudited) | |||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 11,383 | $ | 17,853 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 3,138 | 2,786 | |||||
Working capital | (7,818) | 6,036 | |||||
Other operating activities | 9,761 | 2,851 | |||||
Net cash provided by operating activities | 16,464 | 29,526 | |||||
INVESTING ACTIVITIES | |||||||
Capital expenditures | (1,541) | (4,596) | |||||
Proceeds from benefit plan financing arrangement | 20,715 | — | |||||
Distribution from benefit plan financing arrangement | (23,855) | — | |||||
Proceeds from sale of assets | — | 163 | |||||
Net cash used for investing activities | (4,681) | (4,433) | |||||
FINANCING ACTIVITIES | |||||||
Payment of dividends | (19,595) | (43,733) | |||||
Cash paid for common stock purchased and retired | (1,055) | (933) | |||||
Net cash used for financing activities | (20,650) | (44,666) | |||||
Net decrease in cash and cash equivalents | (8,867) | (19,573) | |||||
Cash and cash equivalents at beginning of period | 52,379 | 71,952 | |||||
Cash and cash equivalents at end of period | $ | 43,512 | $ | 52,379 | |||
Non-GAAP Measures
Marine Products Corporation has used the non-GAAP financial measures of adjusted net income, adjusted net income margin, adjusted earnings per share, EBITDA, 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 these non-GAAP measures enables investors to compare our operating performance consistently over various time periods without regard to changes in our 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 | Year Ended | ||||||||||
December 31, | 2025 | 2024 | 2025 | 2024 | ||||||||
Reconciliation of Net Income to Adjusted Net Income (In thousands) | ||||||||||||
Net income | $ | 2,365 | $ | 4,267 | $ | 11,383 | $ | 17,853 | ||||
Adjustments: | ||||||||||||
Add: Taxes on company owned life insurance liquidation | 1,039 | — | 1,039 | — | ||||||||
Adjusted net income | $ | 3,404 | $ | 4,267 | $ | 12,422 | $ | 17,853 | ||||
(Unaudited) | Three Months Ended | Year Ended | ||||||||||
December 31, | 2025 | 2024 | 2025 | 2024 | ||||||||
Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share | ||||||||||||
Diluted earnings per share | $ | 0.07 | $ | 0.12 | $ | 0.32 | $ | 0.50 | ||||
Adjustments: | ||||||||||||
Add: Taxes on company owned life insurance liquidation | 0.03 | — | 0.03 | — | ||||||||
Adjusted diluted earnings per share | $ | 0.10 | $ | 0.12 | $ | 0.35 | $ | 0.50 | ||||
Weighted average shares outstanding (in thousands) | 34,999 | 34,707 | 34,965 | 34,689 | ||||||||
Appendix B | |||||||||||||
(Unaudited) | Three Months Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||
(In thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||
Reconciliation of Net Income to EBITDA and Net Income Margin to EBITDA Margin | |||||||||||||
Net income | $ | 2,365 | $ | 4,267 | $ | 11,383 | $ | 17,853 | |||||
Adjustments: | |||||||||||||
Add: Income tax provision (benefit) | 1,750 | (71) | 4,382 | 3,289 | |||||||||
Add: Depreciation and amortization | 777 | 698 | 3,138 | 2,786 | |||||||||
Less: Interest income, net | 376 | 512 | 1,737 | 2,876 | |||||||||
EBITDA | $ | 4,516 | $ | 4,382 | $ | 17,166 | $ | 21,052 | |||||
Net sales | $ | 64,571 | $ | 47,818 | $ | 244,419 | $ | 236,555 | |||||
Net income margin(1) | 3.7 % | 8.9 % | 4.7 % | 7.5 % | |||||||||
Adjusted net income margin(1) | 5.3 % | 8.9 % | 5.1 % | 7.5 % | |||||||||
EBITDA margin(1) | 7.0 % | 9.2 % | 7.0 % | 8.9 % | |||||||||
(1) Net income margin is calculated as Net income divided by Net sales. Adjusted net income margin is calculated as Adjusted net income divided by Revenues. EBITDA margin is calculated as EBITDA divided by Net sales. |
Appendix C | |||||||
(Unaudited) | Year Ended | ||||||
December 31, | December 31, | ||||||
(In thousands) | 2025 | 2024 | |||||
Reconciliation of Operating Cash Flow to Free Cash Flow | |||||||
Net cash provided by operating activities | $ | 16,464 | $ | 29,526 | |||
Capital expenditures | (1,541) | (4,596) | |||||
Free cash flow | $ | 14,923 | $ | 24,930 | |||
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SOURCE Marine Products Corporation
FAQ
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