Marine Products Corp. reports 1Q resultsPosted on
Marine Products Corp. said it generated first-quarter net sales of $71 million, an 11.6 percent increase from the same quarter last year that the company attributed to a 12.1 percent increase in unit Chaparral H20 and Robalo sales, as well as an increase in parts and accessories sales.
That was offset somewhat by a slight decrease in the average selling price per boat, the Atlanta-based parent company of Chaparral and Robalo said today.
A first-quarter gross profit of $14.9 million — a 17.5 percent increase from the year-earlier quarter — was attributable to higher net sales and improved production efficiencies, the company said.
Operating profit for the quarter, which ended March 31, was $6.9 million, an increase of 22.2 percent.
Net income was $5.3 million, or 15 cents a diluted share, a 34.2 percent increase from $3.9 million, or 10 cents a share, in the quarter last year.
“Our first-quarter 2017 financial results reflect the beginning of another strong retail selling season,” Marine Products president and CEO Richard Hubbell said in a statement.
“Our Robalo outboard sportfishing boats continued to sell well, especially the Robalo 302, the Robalo 246 and our new Robalo 200 ES, which features extra seating. In addition, our Chaparral H2O models generated higher sales, and we began to sell some of our Chaparral models with the new Surf Series option.”
Chaparral announced in August that it would be the first to license Malibu’s wake-surf technology on sterndrive boats in conjunction with Volvo Penta’s Forward Drive. It debuted optional surf packages on five of its models on Sept. 8 at Surf Expo in Orlando, Fla.