Marine Products Stock Price, News & Analysis

Marine Products Corporation (NYSE: MPX) reported a strong performance for Q2 2022, with net sales reaching $95.8 million, a 42% increase from $67.3 million the previous year. This growth was driven by a 22% rise in average selling prices and a 15% increase in the number of boats sold. Gross profit improved to $23.0 million with a gross margin of 24%. Net income also increased to $10.0 million, reflecting a 72% growth year-over-year. Despite overcoming some supply chain issues, the company noted ongoing challenges with component shortages impacting delivery schedules.

Marine Products Corporation (NYSE: MPX) will release its financial results for the second quarter ended June 30, 2022 on July 27, 2022, before the market opens. A conference call to discuss the financials will be held on the same day at 8:00 a.m. Eastern Time. Interested participants can join via toll-free numbers or through a webcast. Marine Products is recognized for manufacturing fiberglass boats under the brands Chaparral and Robalo, aiming to enhance its market share and shareholder value through innovation and a strong dealer network.

Marine Products Corporation (NYSE: MPX) announced leadership changes effective immediately. Richard A. Hubbell transitions from President and CEO to Executive Chairman, while Ben M. Palmer, previously CFO, is now President and CEO. Gary W. Rollins steps down as Non-Executive Chairman but remains a Director. Michael L. Schmit is appointed as CFO and Corporate Secretary. The changes aim to ensure management continuity and leverage deep industry knowledge for strategic growth and shareholder returns.

Marine Products Corporation (NYSE: MPX) announced a quarterly cash dividend of $0.12 per share, payable on June 10, 2022, to shareholders of record as of May 10, 2022. The company, a leader in fiberglass boat manufacturing under brands like Chaparral and Robalo, emphasizes its commitment to product innovation and market share growth. With a solid capital structure and a robust dealer network, Marine Products aims to enhance long-term shareholder value.

Marine Products Corporation (NYSE: MPX) reported unaudited results for Q1 2022, revealing net sales of $76.6 million, a 2.2% decline from the previous year. The decrease stemmed from a 20.9% drop in boats sold, despite a 23.3% rise in average selling prices due to cost increases. Gross profit remained stable at $18.4 million, with a gross margin improvement to 24.0%. Operating profit and net income fell by 8.7% and 12.8% respectively, reflecting increased operating expenses. The company continues to face supply chain challenges but sees strong demand in the recreational boating sector.

Marine Products Corporation (NYSE: MPX) announced the appointment of John F. Wilson to its Board of Directors, effective April 26, 2022. Wilson, currently Vice Chairman at Rollins, Inc., brings extensive operational and leadership experience from his previous roles, including President of Rollins and Orkin, LLC. His addition to the board is expected to enhance strategic insights for the Company. Marine Products Corporation continues to innovate its product lines with premium brands such as Chaparral and Robalo, positioning itself for increased market share and long-term shareholder value.

Marine Products Corporation (NYSE: MPX) will release its financial results for Q1 2022 on April 27, 2022, before market open. A conference call will follow at 8:00 a.m. Eastern Time on the same day to discuss these results. The company, a manufacturer of fiberglass boats under the Chaparral and Robalo brands, emphasizes product innovation and plans to leverage its strong dealer network for market growth. Interested participants can join the call or access the archived webcast through the company's investor website.

Marine Products Corporation (NYSE: MPX) has announced a regular quarterly cash dividend of $0.12 per share, payable on March 10, 2022. The dividend will be distributed to stockholders of record as of the close of business on February 10, 2022. As a leading manufacturer of fiberglass boats under the Chaparral and Robalo brands, the company aims to enhance its market share and financial performance through product innovation and a robust dealer network.

Marine Products Corporation (NYSE: MPX) reported a 7.6% increase in net sales for Q4 2021, totaling $76.5 million, driven by a 21.1% rise in average selling prices despite an 11.1% decline in units sold due to supply chain issues. Q4 gross profit rose 9.9% to $19.2 million, with a gross margin of 25.0%. Net income grew 20.8% to $8.4 million, yielding diluted EPS of $0.25. For the fiscal year, net sales hit $298 million, up 24.3%, with record net income of $29 million and diluted EPS of $0.85.