Marine Products Stock Price, News & Analysis

Marine Products Corporation (NYSE: MPX) reported a robust fourth quarter for 2020, with net sales of $71.1 million, a significant 47.6% increase from $48.2 million year-over-year, driven by a 27.8% rise in unit sales and a 14.1% uptick in average selling prices. Gross profit rose to $17.4 million, reflecting a 65.7% increase, while net income reached $7 million, up from $3.5 million in Q4 2019. However, full-year net sales declined by 17.9% to $239.8 million, and net income fell to $19.4 million from $28.2 million in the prior year. The company is optimistic about continued consumer interest in boating despite challenges from the pandemic.

Marine Products Corporation (NYSE: MPX) has declared a 25% increase in its regular quarterly cash dividend from $0.08 to $0.10 per share. This dividend is payable on March 10, 2021 to shareholders of record as of February 10, 2021. The company, known for its fiberglass boats under the brands Chaparral, Robalo, and Vortex, continues to innovate and diversify its product lines, aiming to enhance market share and shareholder value.

Marine Products Corporation (NYSE: MPX) will announce its fourth-quarter financial results for the period ending December 31, 2020, on January 27, 2021, before market opening. Following this, a conference call will take place at 8:00 a.m. Eastern Time to discuss the results. Interested participants can join by calling (833) 968-2235 or (825) 312-2057 internationally, using conference ID 5458273. The call will also be available via webcast for 90 days on the Company’s investor website.

Marine Products Corporation (NYSE: MPX) appointed Patrick J. Gunning to its Board of Directors effective January 1, 2021. Gunning, with a robust background in financial leadership, retired from EY in 2020 after 40 years, where he served as Partner and Southeast Region Leader. He replaces James B. Williams, who has been on the Board since 2001. CEO Richard A. Hubbell expressed optimism regarding Gunning's strategic insights to enhance the company. Marine Products specializes in fiberglass boats, boasting a diverse product line and a strong market position.

Marine Products Corporation (NYSE: MPX) announced the appointment of Susan Bell to its Board of Directors, effective January 1, 2021. Bell brings over 36 years of public accounting experience from Ernst and Young, where she held leadership positions and advised on various financial matters. She fills a vacancy left by Bill Dismuke, who served on the board since 2005. The company continues to focus on product innovation and market growth, leveraging its premium brands and strong dealer network to boost long-term shareholder value.

Marine Products Corporation (NYSE: MPX) announced a quarterly cash dividend of $0.08 per share and a special year-end cash dividend of $0.04 per share. Both dividends will be paid on December 10, 2020, to stockholders on record as of November 10, 2020. The company, a leader in manufacturing fiberglass boats under brands like Chaparral and Robalo, is focused on product innovation and market expansion to enhance shareholder value.

Marine Products Corporation (NYSE: MPX) reported third-quarter 2020 results with net sales of $68.8 million, down 4.8% from $72.2 million year-over-year, attributed to a 10.4% drop in unit sales, partially offset by a 7.8% rise in average selling prices. Gross profit increased by 3.1% to $16.2 million, with a gross margin of 23.6%. Operating profit fell 14% to $8.35 million, while net income decreased by 16.8% to $6.54 million. The effective tax rate rose to 21.8%. The company noted a strong consumer demand for recreational boating amid the COVID-19 pandemic and plans to evaluate production increases.

Marine Products Corporation (NYSE: MPX) announced it will release its financial results for Q3 2020 on October 28, 2020, before the market opens. A conference call will follow at 8:00 a.m. ET to discuss these results. As a leading manufacturer of fiberglass boats, Marine Products operates under the brands Chaparral, Robalo, and Vortex. The company emphasizes product innovation and has a robust dealer network, positioning it for growth and long-term shareholder value.

Marine Products Corporation (NYSE: MPX) announced the purchase of 97,940 shares as part of its share repurchase program during Q3 2020. The company is recognized for its fiberglass boats, marketed under brands like Chaparral, Robalo, and Vortex. Marine Products aims to enhance market share and shareholder value through product innovation and a robust dealer network, positioning itself for superior financial performance. This buyback may signal confidence in the company's financial health and commitment to returning value to investors.