Marine Products Stock Price, News & Analysis

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.

Marine Products Corporation (NYSE: MPX) declared a regular quarterly cash dividend of $0.14 per share, payable on June 9, 2023, to shareholders on record by the close of business on May 10, 2023.

The company is a prominent manufacturer of fiberglass boats under the brands Chaparral and Robalo. Its product range includes sterndrive models, outboard offerings, and a variety of fishing boats. Marine Products Corporation is committed to diversifying its product lines through innovation, leveraging a solid capital structure and a strong dealer network to enhance its market share and financial performance, ultimately focusing on long-term shareholder value.

Marine Products Corporation (NYSE: MPX) will present at the 26th Annual Burkenroad Reports Investment Conference on April 28, 2023, at the Ritz Carlton New Orleans. This event, hosted by the A. B. Freeman Business School at Tulane University, allows institutional investors and the public to hear from executives of Gulf South public companies. The conference is free, but registration is required at freeman.tulane.edu/Burkenroad-conference. Marine Products Corporation manufactures fiberglass boats under the Chaparral and Robalo brands, continually innovating to expand its product lines. With a solid capital structure and a strong dealer network, the company aims to enhance market share and long-term shareholder value. For further information, visit MarineProductsCorp.com.

Marine Products Corporation (NYSE: MPX) will announce its Q1 2023 financial results on April 26, 2023, before market hours. A conference call to discuss the results is scheduled for the same day at 8:00 a.m. ET. Participants can join via phone or watch the webcast archived for 90 days on the company's investor website. Marine Products is known for manufacturing fiberglass boats under the Chaparral and Robalo brands, and is focused on product innovation to enhance market share and financial performance. For more details, visit MarineProductsCorp.com.

Marine Products Corporation (NYSE: MPX) declared a regular quarterly cash dividend of $0.14 per share, set to be paid on March 10, 2023, to stockholders recorded by February 10, 2023. As a leader in fiberglass boat manufacturing, MPX operates well-known brands like Chaparral and Robalo, focusing on premium quality and innovation. The company is strategically positioned to enhance its market share and strengthen long-term shareholder value through diverse product offerings and a robust dealer network.

Marine Products Corporation (NYSE: MPX) reported record net sales of $108.5 million for Q4 2022, a 42% increase from $76.5 million in Q4 2021. This growth was driven by a 29% rise in unit sales and a 12% increase in average selling price per boat. Q4 gross profit reached $27.3 million with a gross margin of 25%. Net income also hit a record $11.9 million, up 40% year-over-year. For the full year, net sales totaled $381.0 million, representing a 28% increase. The company noted improvements in supply chain issues, enhancing dealer demand for new models in 2023.

Marine Products Corporation (NYSE: MPX) will release its financial results for the fourth quarter and year ended December 31, 2022, on January 25, 2023, before market opening. A conference call to discuss the operating results will be held on the same day at 8:00 a.m. Eastern Time. Interested participants can join via phone or listen to the broadcast on the investor website. Marine Products offers a range of fiberglass boats and continues to innovate and diversify its product lines, positioning itself for market share growth.

Marine Products Corporation (NYSE: MPX) has appointed Amy Rollins Kreisler to its Board of Directors. Kreisler, a former attorney with a strong background in governance and philanthropy, is expected to enhance board effectiveness. With an English and Law degree, she has held significant roles, including Executive Director of the O. Wayne Rollins Foundation. Chairman Richard A. Hubbell noted her past contributions to various boards. Marine Products Corporation manufactures fiberglass boats under the Chaparral and Robalo brands and aims to increase its market share through innovation.