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Earnings: a roundup of late-fall financial reports

• Marine Products Corp., manufacturer of Chaparral and Robalo boats, announced a decline in sales for the third quarter. Marine Products reported net sales of $31.6 million, a 39.8 percent decline from net sales of nearly $52.5 million in the same period last year. The company says there was a 47.7 percent decrease in the number of boats sold, partially offset by an 11.8 percent increase in the average selling price.

• Caterpillar Inc. reported record third-quarter sales and revenues of nearly $13 billion, 13 percent higher than the $11.4 billion reported in the 2007 quarter. Despite the revenue increase, Caterpillar reported a 6 percent drop in profit to $868 million, from $927 million in the year-ago quarter, and profit per share of $1.39, compared to $1.40 per share in 2007. The decrease was the result of higher manufacturing costs, primarily for materials, according to the company.

• MarineMax, the Clearwater, Fla.-based boat retailer, reported a decline in revenue and same-store sales for the fourth quarter, as well as a net loss for the fiscal year of more than $134 million. Revenue for the quarter was $165.6 million, compared to $318.2 million for the comparable quarter last year. Same-store sales declined approximately 45 percent, compared to a 1 percent decrease in the comparable quarter last year. The net loss for the fourth quarter was $11.1 million, or 60 cents per share, compared to net earnings of $6.6 million, or 35 cents per diluted share, for the comparable quarter last year. For the fiscal year ending Sept. 30, revenue was $885.4 million, compared to $1.26 billion for fiscal 2007.

• U.K.-based Raymarine says sales for the nine-month period ending Sept. 30 were down 8.5 percent from the comparable period in 2007. As a result, the company expects its results will be “significantly below” the lower end of the market’s expectations for the year ending Dec. 31.

• Garmin Ltd. says total revenue for the third quarter, which ended Sept. 27, was $870 million, up 19 percent from $729 million in the same period of 2007. In the marine segment, however, revenue decreased 8 percent to $44 million. Garmin reported earnings per share of 82 cents, compared with 88 cents in third quarter 2007. Excluding foreign exchange, EPS was 87 cents, compared to 89 cents in the same quarter of 2007. For the year-to-date, total revenue was $2.45 billion, up 25 percent from $1.96 billion in year-to-date 2007. The marine segment was flat at $171 million in year-to-date 2008.

This article originally appeared in the December 2008 issue.



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