Marine Products Corporation Reports Second Quarter 2025 Financial Results And Declares Regular Quarterly Dividend
Marine Products Corporation (NYSE: MPX) reported its Q2 2025 financial results, showing a 3% decrease in net sales to $67.7 million and a 25% decline in net income to $4.2 million. The company's diluted EPS was $0.12, down from $0.14 in Q2 2024.
Key metrics include a 13% decrease in boats sold, offset by a 10% price/mix increase. The company maintained strong financials with $50.2 million in cash and no debt. Gross margin improved to 19.1%, up 20 basis points year-over-year. The Board declared a regular quarterly dividend of $0.14 per share payable September 10, 2025.
Management noted stabilizing demand and expressed optimism about 2026 model year introductions, while acknowledging ongoing challenges from tariffs and macroeconomic uncertainties.
Marine Products Corporation (NYSE: MPX) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando un calo del 3% nelle vendite nette a 67,7 milioni di dollari e una riduzione del 25% dell'utile netto a 4,2 milioni di dollari. L'EPS diluito è stato di 0,12 dollari, in calo rispetto a 0,14 dollari nel secondo trimestre 2024.
I dati chiave mostrano una diminuzione del 13% nelle barche vendute, compensata però da un aumento del 10% nel prezzo/mix. L'azienda ha mantenuto una solida posizione finanziaria con 50,2 milioni di dollari in liquidità e nessun debito. Il margine lordo è migliorato raggiungendo il 19,1%, con un incremento di 20 punti base rispetto all'anno precedente. Il Consiglio ha dichiarato un dividendo trimestrale regolare di 0,14 dollari per azione, pagabile il 10 settembre 2025.
La direzione ha segnalato una domanda in fase di stabilizzazione ed espresso ottimismo riguardo alle novità previste per il modello 2026, pur riconoscendo le sfide continue legate ai dazi e alle incertezze macroeconomiche.
Marine Products Corporation (NYSE: MPX) presentó sus resultados financieros del segundo trimestre de 2025, mostrando una disminución del 3% en las ventas netas hasta 67,7 millones de dólares y una caída del 25% en el ingreso neto a 4,2 millones de dólares. Las ganancias diluidas por acción (EPS) fueron de 0,12 dólares, frente a 0,14 dólares en el segundo trimestre de 2024.
Las métricas clave incluyen una reducción del 13% en las embarcaciones vendidas, compensada por un aumento del 10% en precio/mezcla. La compañía mantuvo una sólida posición financiera con 50,2 millones de dólares en efectivo y sin deuda. El margen bruto mejoró a 19,1%, aumentando 20 puntos básicos interanuales. La Junta declaró un dividendo trimestral regular de 0,14 dólares por acción, pagadero el 10 de septiembre de 2025.
La gerencia señaló una demanda en estabilización y expresó optimismo sobre las novedades del modelo 2026, aunque reconoció los desafíos continuos derivados de los aranceles y las incertidumbres macroeconómicas.
Marine Products Corporation (NYSE: MPX)는 2025년 2분기 재무 실적을 발표하며, 순매출이 3% 감소한 6,770만 달러, 순이익은 25% 줄어든 420만 달러를 기록했습니다. 희석 주당순이익(EPS)은 0.12달러로, 2024년 2분기의 0.14달러에서 하락했습니다.
주요 지표로는 판매된 보트가 13% 감소했으나, 가격 및 믹스가 10% 상승하여 상쇄되었습니다. 회사는 5,020만 달러의 현금과 무부채 상태로 견고한 재무 상태를 유지했습니다. 총이익률은 19.1%로 전년 대비 20베이시스 포인트 상승했습니다. 이사회는 2025년 9월 10일 지급 예정인 주당 0.14달러의 정기 분기 배당금을 선언했습니다.
경영진은 수요가 안정되고 있음을 언급하며 2026년 모델 출시를 낙관적으로 보고 있으나, 관세와 거시경제 불확실성으로 인한 지속적인 도전 과제도 인정했습니다.
Marine Products Corporation (NYSE : MPX) a publié ses résultats financiers du deuxième trimestre 2025, affichant une baisse de 3 % du chiffre d'affaires net à 67,7 millions de dollars et une réduction de 25 % du bénéfice net à 4,2 millions de dollars. Le BPA dilué s'est établi à 0,12 dollar, contre 0,14 dollar au T2 2024.
Les indicateurs clés montrent une diminution de 13 % des bateaux vendus, compensée par une hausse de 10 % du prix/mix. L'entreprise a maintenu une solide situation financière avec 50,2 millions de dollars de liquidités et aucune dette. La marge brute s'est améliorée à 19,1 %, en hausse de 20 points de base en glissement annuel. Le conseil d'administration a déclaré un dividende trimestriel régulier de 0,14 dollar par action, payable le 10 septembre 2025.
La direction a noté une stabilisation de la demande et s'est montrée optimiste quant aux lancements des modèles 2026, tout en reconnaissant les défis persistants liés aux tarifs douaniers et aux incertitudes macroéconomiques.
Marine Products Corporation (NYSE: MPX) meldete seine Finanzergebnisse für das zweite Quartal 2025 mit einem 3%igen Rückgang des Nettoumsatzes auf 67,7 Millionen US-Dollar und einem 25%igen Rückgang des Nettogewinns auf 4,2 Millionen US-Dollar. Das verwässerte Ergebnis je Aktie (EPS) lag bei 0,12 US-Dollar, nach 0,14 US-Dollar im zweiten Quartal 2024.
Wichtige Kennzahlen zeigen einen 13%igen Rückgang der verkauften Boote, ausgeglichen durch einen 10%igen Anstieg des Preis-/Mixfaktors. Das Unternehmen behielt eine starke Finanzlage mit 50,2 Millionen US-Dollar an liquiden Mitteln und keiner Verschuldung bei. Die Bruttomarge verbesserte sich auf 19,1%, ein Anstieg um 20 Basispunkte im Jahresvergleich. Der Vorstand erklärte eine reguläre Quartalsdividende von 0,14 US-Dollar je Aktie, zahlbar am 10. September 2025.
Das Management bemerkte eine Stabilisierung der Nachfrage und zeigte sich optimistisch hinsichtlich der Einführung der Modelle für das Jahr 2026, räumte jedoch weiterhin Herausforderungen durch Zölle und makroökonomische Unsicherheiten ein.
- Strong balance sheet with $50.2 million cash and no debt
- Gross margin improved 20 basis points to 19.1%
- 10% increase in price/mix effectiveness
- Field inventory 11% below previous year, indicating healthy dealer stock levels
- Generated $9.2 million in operating cash flow year-to-date
- Net sales decreased 3% year-over-year to $67.7 million
- Net income declined 25% to $4.2 million
- 13% decrease in number of boats sold
- SG&A expenses increased 9%
- Net income margin decreased 190 basis points to 6.1%
Insights
MPX reported declining Q2 results with net sales down 3%, net income down 25%, but maintained strong balance sheet with $50.2M cash.
Marine Products Corporation's Q2 2025 results reveal a mixed but stabilizing picture in the recreational boating industry. Net sales decreased
Looking deeper at the sales metrics, we see contradicting trends that tell an important story about the market dynamics. Unit sales declined
Margin analysis shows both positives and challenges. Gross margin improved slightly to
The company maintains excellent financial health with
Management's commentary indicates cautious optimism amid continuing challenges. The reference to field inventory being
The uncertain interest rate outlook and potential tariff impacts remain key risk factors that could affect both dealer and consumer behavior in coming quarters, but the sequential improvement in sales suggests the worst may be behind them.
* Non-GAAP measures, including EBITDA, EBITDA margin, and free cash flow are reconciled to the most comparable GAAP measures in the appendices of this earnings release.
* All comparisons are year-over-year to 2Q:24 unless stated otherwise.
Second Quarter 2025 Results
- Net sales decreased
3% year-over-year to$67.7 million - Net income was
$4.2 million 25% year-over-year, and diluted Earnings Per Share (EPS) was$0.12 6.1% - Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was
$5.6 million 13% year-over-year; EBITDA margin decreased 100 basis points to8.3% - The Company generated strong operating cash flow and free cashflow and ended the quarter with approximately
$50.2 million - Effective management of field inventory has allowed us to maintain reasonable production levels and manage operational efficiencies during the quarter
Management Commentary
"Second quarter results reflected a stabilization of demand and a more balanced environment," stated Ben M. Palmer, Marine Products' President and Chief Executive Officer. "Second quarter sales were down
"Tariffs and macro risks remain top of mind, with dealers and retail consumers remaining cautious overall. Thus far, supplier cost increases have been manageable, alleviating the concern that the 2026 model year pricing would be up significantly, but risks still persist as tariff policies continue to evolve. The interest rate outlook continues to be cloudy although there are market expectations for rate cuts later this year."
"We are extremely proud of the responsiveness and resiliency our employees, operations, and dealers have shown in this environment. Our strong balance sheet, cash position and disciplined management of production levels relative to retail demand and field inventory afford us the ability to continue to invest in the business internally and through strategic opportunities," concluded Palmer.
2Q:25 Consolidated Financial Results (year-over-year comparisons versus 2Q: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
Marine Products Corporation will hold a conference call today, July 24, 2025, at 8:00 a.m. Eastern Time to discuss the results for the quarter. Interested parties may listen in by accessing a live webcast in the investor relations section of Marine Products' website at www.marineproductscorp.com. Additionally, the live conference call can be accessed by calling (888) 660-6357, or (929) 201-6127 for international callers, and using conference ID number 9979064. A replay will be available in the investor relations section of Marine Products' website beginning approximately two hours after the call and for a period of 90 days.
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 SURF Series. Chaparral's outboard offerings include OSX Luxury Sportboats and the SSi Outboard Bowriders. 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. With these premium brands, a solid capital structure, and a strong independent dealer network, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and generate superior financial performance to build long-term shareholder value. 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: our belief in demand stabilization and a more balance environment; our excitement about the model year 2026 introductions; our belief in product enhancements and our thoughtful approach to the market; our belief that tariffs and macro risks remain top of mind causing dealers and retail consumers to remain cautious overall; our belief that supplier cost increases have been manageable and have alleviated pricing concerns that the 2026 model year pricing would be up significantly; our belief that tariffs remain a risk as tariff policies continue to evolve; our belief that the interest rate outlook remains cloudy and that the market expects rate cuts this year; our belief in the responsiveness and resiliency our employees, operations, and dealers in the current environment; our belief that our strong balance sheet, cash position and disciplined management of production levels relative to retail demand and field inventory afford us the ability to invest in the business internally and through strategic opportunities; our expectation that full year 2025 capital expenditures will be approximately
For information about Marine Products Corporation or this event, 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 | Six Months Ended | ||||||||||||
June 30, | 2025 | 2024 | 2025 | 2024 | |||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
Net sales | $ | 67,698 | $ | 69,547 | $ | 126,700 | $ | 138,887 | |||||
Cost of goods sold | 54,789 | 56,373 | 102,838 | 111,729 | |||||||||
Gross profit | 12,909 | 13,174 | 23,862 | 27,158 | |||||||||
Selling, general and administrative expenses | 8,098 | 7,424 | 16,438 | 16,166 | |||||||||
Operating income | 4,811 | 5,750 | 7,424 | 10,992 | |||||||||
Interest income, net | 476 | 879 | 918 | 1,730 | |||||||||
Income before income taxes | 5,287 | 6,629 | 8,342 | 12,722 | |||||||||
Income tax provision | 1,125 | 1,044 | 1,974 | 2,540 | |||||||||
Net income | $ | 4,162 | $ | 5,585 | $ | 6,368 | $ | 10,182 | |||||
EARNINGS PER SHARE | |||||||||||||
Basic | $ | 0.12 | $ | 0.14 | $ | 0.18 | $ | 0.28 | |||||
Diluted | $ | 0.12 | $ | 0.14 | $ | 0.18 | $ | 0.28 | |||||
AVERAGE SHARES OUTSTANDING | |||||||||||||
Basic | 34,985 | 34,708 | 34,931 | 34,670 | |||||||||
Diluted | 34,985 | 34,708 | 34,931 | 34,670 | |||||||||
MARINE PRODUCTS CORPORATION AND SUBSIDIARIES | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(in thousands) | ||||||
June 30, | December 31, | |||||
2025 | 2024 | |||||
(Unaudited) | ||||||
ASSETS | ||||||
Cash and cash equivalents | $ | 50,171 | $ | 52,379 | ||
Accounts receivable, net | 6,053 | 4,176 | ||||
Inventories | 51,185 | 49,960 | ||||
Income taxes receivable | 154 | 439 | ||||
Retirement plan assets | 19,064 | — | ||||
Prepaid expenses and other current assets | 4,509 | 3,040 | ||||
Total current assets | 131,136 | 109,994 | ||||
Property, plant and equipment, net | 23,210 | 24,247 | ||||
Goodwill | 3,308 | 3,308 | ||||
Other intangibles, net | 465 | 465 | ||||
Deferred income taxes | 10,126 | 9,729 | ||||
Retirement plan assets | — | 18,489 | ||||
Other long-term assets | 5,000 | 5,015 | ||||
Total assets | $ | 173,245 | $ | 171,247 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Liabilities | ||||||
Accounts payable | $ | 7,154 | $ | 5,499 | ||
Retirement plan liabilities | 22,252 | — | ||||
Accrued expenses and other liabilities | 14,880 | 13,425 | ||||
Total current liabilities | 44,286 | 18,924 | ||||
Retirement plan liabilities | — | 21,667 | ||||
Other long-term liabilities | 1,728 | 1,653 | ||||
Total liabilities | 46,014 | 42,244 | ||||
Stockholders' Equity | ||||||
Preferred stock | — | — | ||||
Common stock | 3,499 | 3,471 | ||||
Capital in excess of par value | — | — | ||||
Retained earnings | 123,732 | 125,532 | ||||
Total stockholders' equity | 127,231 | 129,003 | ||||
Total liabilities and stockholders' equity | $ | 173,245 | $ | 171,247 | ||
MARINE PRODUCTS CORPORATION AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(in thousands) | ||||||||
Six Months Ended June 30, | 2025 | 2024 | ||||||
(Unaudited) | (Unaudited) | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | 6,368 | $ | 10,182 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,576 | 1,384 | ||||||
Working capital | (1,192) | 6,799 | ||||||
Other operating activities | 2,413 | 1,372 | ||||||
Net cash provided by operating activities | 9,165 | 19,737 | ||||||
INVESTING ACTIVITIES | ||||||||
Capital expenditures | (523) | (1,661) | ||||||
Net cash used for investing activities | (523) | (1,661) | ||||||
FINANCING ACTIVITIES | ||||||||
Payment of dividends | (9,795) | (33,990) | ||||||
Cash paid for common stock purchased and retired | (1,055) | (907) | ||||||
Net cash used for financing activities | (10,850) | (34,897) | ||||||
Net decrease in cash and cash equivalents | (2,208) | (16,821) | ||||||
Cash and cash equivalents at beginning of period | 52,379 | 71,952 | ||||||
Cash and cash equivalents at end of period | $ | 50,171 | $ | 55,131 | ||||
Non-GAAP Measures
Marine Products Corporation has used the non-GAAP financial measures of 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 EBITDA and EBITDA margin 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 | Six Months Ended | |||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||
(In thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||
Reconciliation of Net Income to EBITDA | |||||||||||||
Net income | $ | 4,162 | $ | 5,585 | $ | 6,368 | $ | 10,182 | |||||
Adjustments: | |||||||||||||
Add: Income tax provision | 1,125 | 1,044 | 1,974 | 2,540 | |||||||||
Add: Depreciation and amortization | 787 | 702 | 1,576 | 1,384 | |||||||||
Less: Interest income, net | 476 | 879 | 918 | 1,730 | |||||||||
EBITDA | $ | 5,598 | $ | 6,452 | $ | 9,000 | $ | 12,376 | |||||
Net sales | $ | 67,698 | $ | 69,547 | $ | 126,700 | $ | 138,887 | |||||
Net income margin(1) | 6.1 % | 8.0 % | 5.0 % | 7.3 % | |||||||||
EBITDA margin(1) | 8.3 % | 9.3 % | 7.1 % | 8.9 % | |||||||||
(1) | Net income margin is calculated as net income divided by net sales. EBITDA margin is calculated as EBITDA divided by net sales. |
Appendix B | |||||||
(Unaudited) | Six Months Ended | ||||||
June 30, | June 30, | ||||||
(In thousands) | 2025 | 2024 | |||||
Reconciliation of Operating Cash Flow to Free Cash Flow | |||||||
Net cash provided by operating activities | $ | 9,165 | $ | 19,737 | |||
Capital expenditures | (523) | (1,661) | |||||
Free cash flow | $ | 8,642 | $ | 18,076 | |||
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SOURCE Marine Products Corporation
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