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 Corp (MPX) delivers innovative fiberglass powerboats through its Chaparral and Robalo brands, serving recreational and sportfishing markets. This news hub provides investors and industry stakeholders with essential updates about the company's operations and market position.
Access timely press releases covering earnings announcements, product innovations, manufacturing developments, and strategic partnerships. Our curated collection ensures you stay informed about MPX initiatives in marine technology and dealer network expansions without needing to track multiple sources.
Discover updates across key business areas including new boat model launches, quarterly financial results, sustainability initiatives in fiberglass production, and leadership updates. Content is organized for quick scanning while maintaining depth for thorough analysis.
Bookmark this page for convenient access to MPX's latest corporate communications. Check back regularly to monitor how the company navigates evolving marine industry trends through its focused manufacturing strategy and brand-specific market approaches.
Marine Products Corporation (NYSE: MPX) announced its unaudited financial results for the quarter ending March 31, 2023, reporting record net sales of $118.9 million, a 55% increase from $76.6 million in Q1 2022. This growth was driven by a 40% rise in the number of boats sold and a 12% increase in average selling prices. Gross profit rose to $29.0 million from $18.4 million, while net income increased by 64% to $11.5 million, translating to diluted earnings per share of $0.34. Operating profit, including a pension settlement charge, was $14.5 million, up 58% from the previous year. Despite increased selling, general, and administrative expenses attributed to the pension charge, Marine Products remains optimistic about near-term demand, though monitoring consumer sentiment amidst higher interest rates.
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